What Is Binance/Binance Coin?
Binance is currently the world’s fastest-growing cryptocurrency exchange. It is capable of processing a whopping 1.4-billion orders per second. The exchange offers basic and advanced exchange interfaces. This makes it easy for beginners to execute simple trades, while professional traders can access complex options like margin trading. The exchange’s rising popularity is because of its impressive coin offerings and insanely low trading fees.
Binance’s own signature token is called “Binance Coin” (BNB) and only 200 million BNB can ever exist. The distribution of the BNB is as follows: 10% went to the Angel investors, 40% to the founding team, and the remaining 50% was distributed through the initial coin offering (via the official Binance web site, RenRenICO, and Btc9.com). The Binance coin can be used to pay the exchange fee, listing fee, and any other fees on the Binance exchange.
The advantage of using BNB to pay for fees is that you can get notable discounts; 50% for the first year, 25% for the second, 12.5% for the third, and 6.75% for the fourth. There is no discount for the fifth year. In the future, Binance hopes to build a decentralized exchange, where BNB will be used as one of the key base assets as well as gas to be spent. (Source: “Binance Coin (BNB),” Binance, June 2017.)
Cryptocurrencies Supported by Binance
In addition to BNB, there are many other cryptocurrencies supported by Binance. To be precise, there are about a hundred coins and over 260 pairings. The table below (last updated on February 16, 2018) shows the top cryptocurrencies supported by Binance, their pairings, the volume traded in the past 24 hours, the price, and the volume percentage.
|#||Currency||Pair||Volume (24h)||Price||Volume (%)|
|13||Ethereum Classic||ETC/BTC||$39.36 million||$34.12||1.71%|
|18||Binance Coin||BNB/USDT||$30.04 million||$10.80||1.31%|
|20||Bitcoin Cash||BCC/USDT||$26.23 million||$1,472.31||1.14%|
|21||Bitcoin Cash||BCC/BTC||$26.07 million||$1,483.67||1.14%|
|22||Binance Coin||BNB/BTC||$24.98 million||$10.87||1.09%|
|29||INS Ecosystem||INS/BTC||$14.75 million||$3.04||0.64%|
Data courtesy of CoinMarketCap.com
While the list of coins is of huge interest to new users, many people interested in Binance are also curious about the Binance “Community Coin per Month.”
Binance Community Coin per Month
This is an interesting competition held every month by Binance. It shows that Binance is interacting with the community and is adding coins based on the collective voice of the community.
The idea is simple. People get to vote on which coin will be added to Binance’s growing list of supported currencies every month. All they have to do is go to the Binance web site and register. Each registered user can vote for as many candidates as they want from the list of candidates for the month but can give only one vote per candidate. Voters will have to pay 0.1 BNB per vote.
After the voting is complete, Binance lists the coin that gets the most number of votes and includes the coin in its portfolio within a reasonable time frame. So far, five rounds of voting have been completed and the last two winning coins were LEND and XRB.