Binance Smart Chain (BSC) is action packed and is improving day by day with activity. It ranges from token swaps to decentralized money markets and cute NFTs. There are different options to earn yield or simply to have fun. Those who are looking to get started can check the introductory content on the overview of the technology behind BSC.
Also, it is important to have a wallet to interact with the applications on BSC. Also, users should understand a few other concepts like MetaMask, Trust Wallet, Binance Chain Wallet, withdrawing from Binance, understanding Binance Bridge, Binance Smart Chain (BSC) Dapps and more.
For those who are hearing about Binance for the first time, FxEmpire states, Binance comes from the words “Binary” and “Finance.” It has 2 meanings. It is one of the world’s leading cryptocurrency exchanges. The BNB Coin is a cryptocurrency which can be used as an intermediary when exchanging money, from one crypto-coin to another.
It is possible to convert BNB to BTC. Binance Coin is the native token of Binance Exchange and it can be traded in several exchanges. BNB was used to fund the creation of the Binance exchange itself through an ICO and it provides users with a potentially useful range of features.
Also, provides discounts when used to pay Binance fees, it can be traded on Binance for other coins, and it is the native coin of the decentralized Binance exchange. BNB is a deflationary currency and will eventually shrink down to a cap of 100 million over the course of five years.
The process is deflation is ensured through Binance’s purchase of 20% of the remaining public supply every quarter. And, the coin that is bought-back is then burned.
The major purpose for which BNB has been created is to provide users with a discount on the fees which they incur when the fee is paid with BNB. This can be withdrawal fees, trade fees or anything other fee.
Since the discount will decrease each year for the 20% bought back in the order of 50%, 25%, 12.5%, 6.75%, and 0% fee discount, BNB will eventually become less useful with time and this will discourage hoarding of BNB by users ahead of the buy-back.
Those who are regular users and are however looking to cut down on large fees will want to stock up even at high prices, which will prove useful for those making large trades and withdrawals.
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