What is BNB token and BNB Smart Chain? | Learn about the token and platform supported by Binance exchange | Get Started with Bitcoin.com (2024)

FAQs

What is BNB token and BNB Smart Chain? | Learn about the token and platform supported by Binance exchange | Get Started with Bitcoin.com? ›

BNB Smart Chain supports EVM-compatible smart contracts and protocols, facilitating cross-chain transfers and other communications. The native token, BNB, is used for smart contract execution and staking. There is no inflation of the BNB token, which means that validators do not earn a block reward.

BEP-20 is the token standard for creating and deploying all kinds of tokens on the Binance Smart Chain (BSC). Simply put, it defines a set of rules that all BEP20 tokens launched on the BSC must conform to within the ecosystem. It dictates how the tokens can be spent and who can spend them.

BNB is the native token on the BNB Beacon Chain. It can be used to pay for goods and services within and outside of the network. BNB is also used to pay gas fees on the BNB Smart Chain. Outside of this, BNB has a range of useful functions on the BNB Chain.

You can buy Binance-Coin with a credit or debit card on a crypto exchange like Coinbase or Coinmama. You'll need to create a Binance-Coin wallet (an account) and get it approved before being able to buy.

The conversion value for 1 BNB to 532.79 USD. BeInCrypto is currently using the following exchange rate 532.79. You can convert BNB to other currencies like SOL, STETH or USDC. We updated our exchange rates on 2024/09/11 21:09.

Ultimately, whether using BEP2 or BEP20 tokens, both standards offer reliable and secure ways to transfer digital assets. However, depending on your needs—whether you require a basic Binance Chain wallet or a more feature-rich BEP20 wallet—one may prove more suitable than the other.

Uses of Binance Coin

Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so. Credit card payments: BNB can be the form of payment for crypto credit card bills on Crypto.com.

BNB Smart Chain supports BNB, BNB Beacon Chain's native cryptocurrency of BNB Beacon Chain, as well as BEP20 tokens. The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators. Validators will get transaction fees as a reward for each block validated.

How do I create a BNB token? ›

If you have a rental property that you would like to list for guests using the platform, then you need to begin by registering with the site. Once that is done, you can then log in and begin to create your listing. Your listing is the presentation of your rental property and what it has to offer.

According to Binance, the BNB token has continuously evolved since its debut. It was initially created as an ERC-20 token on the Ethereum network in 2017. By 2019, it switched over to the Binance Chain and fueled the establishment of the BSC network, which was officially launched in September 2020.

What does BEP20 Wallet mean? A BEP20 Wallet is a digital tool for managing assets on the BNB Chain, supporting various cryptocurrencies and integrating with blockchains for versatile use. A BEP20 wallet is an essential tool for navigating the BNB ecosystem, designed to securely manage digital assets.

Then, select BNB Chain (i.e., Binance Smart Chain). Next, click on the three-dot icon by the top right corner, then select “Account details.” You should see your BEP-20 address and a QR code, with which you can send only BEP-20 standard tokens to your wallets.

Sending a BEP-20 token is in fact informing the token contract that a transfer is required. To execute this transfer, the contract will require a fraction of BNB. That's why you are using BNB as the network fee when sending BEP-20 tokens.

Binance Chain Wallet

Developed by Binance, the Binance Chain Wallet is specifically designed for Binance Smart Chain and supports BEP-20 tokens.