Word of the Day | BNB


BNB, or Binance Coin, is a utility coin and is the main currency used on the BNB Chain Ecosystem (which includes the BNB Smart Chain and BNB Beacon Chain). This means you will use BNB for paying transaction fees (gas) on the BNB Chain. BNB can also be used as a purchase currency with some merchants within the crypto space as well as travel and entertainment. BNB is also needed to participate in exclusive token sales on Binance Launchpad.

BNB also acts as a discount coin for Binance exchange (as if you shop online, you might have loyalty programs that give you discounts). BNB works in a similar way on the Binance cryptocurrency exchange. Holding BNB can get you discounts on trading fees, which can save you money when you buy or sell other cryptocurrencies.

https://www.dbm.academy/faq for more blockchain vocabulary.