Here is a clear explanation of BNB Coin (Binance Coin) in simple English:
#BNB Coin (Binance Coin) is a major cryptocurrency created by Binance, one of the world’s largest crypto exchanges. It was launched in 2017 and is now a core part of the Binance ecosystem.
BNB is mainly used to pay trading fees on Binance, where users get discounts when paying fees with BNB. It is also used on the BNB Smart Chain (BSC), a blockchain that supports smart contracts, DeFi apps, NFTs, and crypto games. Many decentralized applications use BNB to pay gas fees.
Originally, #BNB was an ERC-20 token on Ethereum, but later it moved to its own blockchain called BNB Chain. Binance regularly performs BNB burn events, meaning a portion of BNB coins are permanently destroyed to reduce supply, which can help increase long-term value.
#BNB is one of the top cryptocurrencies by market capitalization and is widely traded on many exchanges. It is considered much more established and trusted compared to small or unknown tokens.
