Binance Coin (BNB) Exchange Rate
Bitcoin and Ethereum are usually considered sure values, which they have proven with their increasing prices and longevity. However, there are several promising cryptocurrencies that are quickly becoming community favorites globally. Binance Coin (BNB) is one of them, which has risen to the top 5 coins by market cap since the beginning of 2021.
What Is BNB Coin?
Awesome addition to the market, Binance Coin is a utility token of the Binance company. It was released at the peak of the 2017 crypto boom. Initially, it was an ERC-20 Ethereum token. This changed in 2019 when it migrated to its proprietary project Binance Chain and became a BEP-2 token.
The man behind the coin is Changpeng Zhao, a self-made Chinese businessman who started at McDonald’s! He launched the ICO in July 2017 and released 100 million tokens to the public, for a BNB coin price of $0.15 per token. He managed to raise $15 million, which were used to fund the Binance Exchange, and the rest is history.
The BNB coin was designed to fulfill internal functions on the Binance Exchange, including:
- Binance trading fees are up to 25% cheaper.
- Covering transaction fees on Binance DEX and travel arrangements on Travala.com.
- Use it to participate in public token sales (IEO), which opens opportunities for investors to get in early on promising projects using the Binance Launchpad.
- Used for savings and loans on the Binance platform.
However, only recently the value of the BNB coin literally exploded. Together with the release of the Binance Smart Chain in fall of 2020, the use cases for BNB increased exponentially, triggering a buying frenzy with investors.
Not to be confused with the original Binance Chain, the BSC brought smart contract capability to the BNB ecosystem and a staking mechanism for BNB. Consequently, users that stake BNB on the BSC to secure the network receive rewards for their effort.
The BNB currency can now be used to provide liquidity on major DEX platforms, making it an important player in the decentralized finance ecosystem. It’s also a major factor in yield farms based on the BSC protocol, essential for providing liquidity.
Binance Coin Price Live Data
Now that you know what BNB coin is, let’s check its price data. The Binance chart on this page shows us the price action for the BNB crypto on a daily time frame. Consequently, each candle on the chart represents 1 day of BNB coin price action.
The BNB value was steadily increasing, with the price reaching around $40 at the beginning of 2021. However, the following bull run took the BNB coin price to new heights of over $690 at the beginning of May 2021.
The price has since retraced and is now (June 2021) hovering around the $350 mark, probably preparing for another leg up.
How to Convert Binance Coin
BNB is a proprietary coin of Binance Exchange, and very few exchanges propose any methods to convert it.
Fortunately, Godex offers more than 100 different market pairs for BNB. The most popular tokens for exchanging BNB are :
The process of a Binance Coin exchange is extremely simple on Godex. Follow the guide below to learn how to buy Binance coins:
- Step 1: Start an exchange by selecting the market pairs in the drop-down menus. Select BNB in the “You send” field and the destination token that you wish to receive.
- Step 2: Type in the amount of BNB you wish to exchange. The converter will automatically calculate the number of target tokens you will receive.
- Step 3: Enter the address of the tokens that you wish to receive. Always ensure to double-check it, as an erroneous entry could mean a total loss of funds.
- Step 4: Start the transaction and follow the instructions to complete the BNB conversion. Depending on the saturation of the networks involved, the transfer may take between 5 and 30 minutes. Rest assured that the exchange rate remains the same during this time.
Can You Mine Binance Coin?
It is not mineable. Its 200 million tokens were premined and released into circulation at launch. Since then, almost 50 million BNB have been destroyed through the “coin burn” function of the network.
If you wish to acquire BNB tokens, there are two surefire ways of how to do it:
- Buy them on an exchange like Godex.
- Your BNB holdings can be used for staking on the Binance Smart Chain. Thus, you can receive more BNB through staking rewards.