![]() ![]() To combat this, Binance has pledged to spend 20% of its profits every quarter to buy back BNB coins and destroy them forever. However, this only applies if the coin supply remains the same. This means that the BNB coin should technically depreciate in value as fee discounts shrink. The fee discounts for using Binance Coins fall annually. Participation in the token sale with LaunchPad These are actually more cryptocurrencies than most exchanges even offer. Over 75 different cryptocurrencies can be traded with BNB coins. The other three trading pairs available on the exchange are: The third way to use BNB Coins is through trading.īinance only offers four different trading pairs and the BNB-Coin is one of them. Buying and selling cryptocurrencies with the BNB Coin That means if you had a 2,9 BNB coin you would only get 2 voting rights. Decimal BNB coins are always rounded down.Essentially, the more BNB coins you have, the more voting rights you have. This means that if an investor wants to vote for "cryptoX Coin" and has a balance of 300 BNB coins, he casts 300 votes for the coins. A voter receives their votes multiplied by the number of BNB coins they own (up to a maximum multiple of 500).The Voting costs are 0,1 BNB coins per candidate. All votes must be made within the specified period (usually four days).The coin with the most votes is listed on Binance.If your cryptocurrency has been successfully nominated for a vote, you can go to the Binance Coin Of The Month voting page and cast your vote. ![]() Unfortunately, only members of the core team of a coin can apply. Unfortunately, this function is no longer active at the moment, but if you come back online it will work as follows:įirst, you need to nominate your cryptocurrency for the Binance vote. How does the Binance Coin of the Month competition work? In June 2018, Binance introduced the "Community Coin of the Month" competition. For this reason, ICO founders are trying to get their coins public. Almost every Cryptocurrencyever listed on Binance has seen a sharp rise in price. Since Binance is the largest crypto exchange in the world, it is widely considered to be the holy grail of listings. The Binance Community Coin of the Month competition This way you can get a maximum discount of 85%. ![]() Both discounts are stacked on top of each other. With the Binance VIP program, you can still take advantage of the 25% fee discount by using your BNB coins to pay fees. The Binance coin is currently at $ 11,93 per coin and to buy 11.000 of them you need $ 131.230 numbers). Also, 11.000 BNB coins are quite expensive. (However, it is very unlikely that you will convert 30 Bitcoin in 150.000 days. You can automatically pay BNB fees with BNB coins by going over your account area and activating the 'Using BNB to pay fees' option.įrom the above VIP analysis, you can see that a discount of 80% on the manufacturer fees and 60% on the participant fees is possible The first and easiest way to get a discount on your Binance fees is to pay them directly with BNB coin. How can you save fees by using BNB-Coins?īinance started a new discount program in July 2018. In this way you can automatically use the discounts of the BNB coin users. Every time a fee is paid, you have the option to pay with the Binance coin instead. The good news for Binance customers is that they can get up to 85% off all fees. Fees are usually charged when depositing into an exchange, trading or withdrawing to a wallet. It's no secret that cryptocurrency exchanges make a lot of money by charging fees. This means that the coin can be used on a company's platform in this case Binance. In contrast to Cryptocurrencies like bitcoin the BNB-Coin is actually a utility token. This means that BNB coins are in popular Ethereum wallets like MyEtherWallet can be kept. The token is actually based on the Ethereum blockchain and is therefore an ERC20 token. The BNB-Coin is a digital token that is issued by the Binance exchange. ![]()
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