Binance Coin (BNB) is a cryptocurrency created by the Binance exchange, which is one of the largest cryptocurrency exchanges in the world. Binance Coin was initially launched as an ERC-20 token on the Ethereum blockchain in 2017, but it has since migrated to its own blockchain called the Binance Chain.
BNB has multiple use cases within the Binance ecosystem. For example, users can use BNB to pay for trading fees on the Binance exchange, which results in a discount on the fees. Binance also uses a portion of the trading fees it collects to buy back and "burn" (permanently destroy) BNB tokens, which helps to reduce the total supply of BNB over time.
In addition to its use on the Binance exchange, BNB is also accepted by various merchants and services that partner with Binance. Binance has also developed various other products and services that use BNB, such as Binance Smart Chain, a decentralized blockchain platform that allows developers to build decentralized applications (dapps) and smart contracts.
Overall, Binance Coin has become a popular cryptocurrency due to its usefulness within the Binance ecosystem, as well as its potential as a speculative investment. However, like all cryptocurrencies, the value of BNB is subject to volatility and can fluctuate rapidly based on market conditions.
How to Create Binance account ?
Creating a Binance account is a simple and straightforward process. Here's how you can do it:
- Visit the Binance website at www.binance.com.
- Click on the "Register" button at the top right corner of the homepage.
- Enter your email address and create a strong password.
- Check the box to agree to Binance's terms of use and privacy policy.
- Click on the "Register" button.
- Verify your email address by clicking on the verification link sent to your email.
- Complete the remaining steps by providing your personal information, such as your name, date of birth, and address.
- Choose your preferred security settings, such as two-factor authentication and anti-phishing code.
- Submit the required documents for identity verification (if necessary).
Once your account is set up, you can start trading on Binance. However, before you start trading, make sure to enable two-factor authentication and familiarize yourself with Binance's security features to keep your account safe.
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