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Complete Review of Binance Coin: Advantages, Functions, and How to Get It

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Complete Review of Binance Coin: Advantages, Functions, and How to Get It

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Binance Coin is one of the most popular crypto assets created by the world’s largest crypto exchange platform, Binance. This type of crypto asset has many enthusiasts, such as Bitcoin and Altcoins.

It goes by the symbol of BNB, the Binance coin is used as a “utility token” to obtain discounts when paying trading fees on the platform.

This coin was released back in 2017 on the Ethereum blockchain network, with a maximum supply of 200 million tokens. What are the advantages of BNB tokens and how to buy them? Let’s see the full review below.

Who is the Founder of Binance Coin?

As explained earlier, this token was launched in 2017. Its creator is Changpeng Zhao, with the initial aim as a means of payment in the Binance ecosystem.

Referring to the Binance exchange white paper, as much as 10% or around 20 million BNB at the beginning of its launch was sold to investors who finance Binance.

Then, as much as 80 million BNB (approximately 40%) was distributed to the team that built the platform.

The remaining 100 million BNB or approximately 50% of this token was put on offer for the public through an ICO or Initial Coin Offering scheme.

What are the advantages of Binance Coin?

  1. Connect to the Binance ecosystem

In this case, BNB is linked to the rest of the Binance platform as a default currency.

  1. Have a Quarterly Burning policy

Another plus is that Binance has its own policy, which is Quarterly Burning.” Through this policy, Binance will periodically destroy or burn coins on its platform.

As mentioned earlier, BNB has a limited coin supply—200 million tokens. The burning of BNB itself is scheduled to be carried out every three months, up to 100 million BNB will be destroyed. That amount is about 50% of the total BNB ever issued.

  1. Compatible with Ethereum

Initially, the coin was created on Ethereum’s ERC-20 technical standard. Then, Binance also launched BEP-2 (Bincance Chain) and BEP-20 (Binance Smart Chain) as its own technical standards. Thus, the two tokens are interchangeable and compatible with Ethereum’s ERC-20 standard.

BNB function

  1. Giving freedom to developers

Its first function is to provide freedom for developers in the Binance ecosystem. Binance Smart Chain is a blockchain created to run applications with smart contracts and is compatible with EVM or Ethereum Virtual Machines.

Thus, developers will have the freedom to build various dApps or Decentralized Applications, including DeFi or Decentralized Finance.

In this case, the Binance coin will be used as a utility token for all applications in the BSC ecosystem, including games and some DeFi applications.

  1. Can use the Binance exchange platform

BNB can also be used to use the Binance exchange platform. If you have BNB coins you will get a discount on service fees using this money exchange platform.

  1. Become a means of payment

Of course, BNB can also be a means of payment. For example at Crypto.com, HTC, or also Monetha. In fact, this coin can also be used to book travel accommodations (on sites, including, Trip.io, Travala.com, and TravelbyBit.

In addition, this token is also used as a means of payment for online services, such as Canva, BitTorrent, and Storm.

BNB as Future Investment

So, can BNB be an investment asset for the future? Of course. As for now, BNB is still one of the largest crypto assets in the world.

This coin also has huge potential. This can be seen from Binance’s steps to expand and develop their services. The price jumped sharply after the launch of the Binance Smart Chain (BSC). For additional information, BNB has hit its highest price of $675.68, which occurred in May 2021.

How to Buy BNB on Indodax

The steps to buy BNB crypto assets on Indodax are as follows:

  1. For those of you who are not yet a member, you can click the following Register Indodax.
  2. Then, make a deposit. For those who are not sure about how to deposit Indodax.
  3. After your deposit and balance come in, you can return to the market Indodax.
  4. Look for BNB in the Rupiah market, then click
  5. If you have entered, you can make a purchase by filling in the balance and at what price you want to buy BNB. You can buy it instantly or directly at the current price
  6. Next, you need to be patient waiting for the price to increase for some time
  7. After the price increases, you can sell it at a higher price with the instant method
  8. If you sell using the limit method, you can place orders after buying. Make sure you enter a higher number when selling it

To monitor the price of Binance Coin (BNB to IDR), you can go to this link.

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