Binance coin is the native token to the Binance exchange, an exchange that probably most people in the crypto space has heard about. It can be used to pay for transactions fees, getting a nice discount. As well as being used for it's Binance Smart Chain network that has a ocean full of different tokens, unlike other network tokens, token itself isn't necessarily the network as it exists on the Ethereum network as well.. The chain itself is kinda infamous for the tokens it hosts and we'll take a dive into this token that used to be number three but has been fighting with Cardano that has seen a surge lately.
The start of the coin is with the exchange that is it's father, Binance was founded in July 2017 with a starting fund of 15 million dollars by the CTO if OKcoin. This funding was raised to offer an initial coin with the launch of the plattform, that coin being BNB. The orginal function of the coin remains the same as today with having or trading the coin offers discounts on fees as well as the smart chain hosted with the coin. The Binance smart chain launched in 2019, however at first this was the Binance chain which didn't offer smart contracts or function as it's smarter older brother, the chain was later upgraded as Binance was unhappy with the slow adoption.
The chain is host to a great deal many tokens utilizing the BSC-20 smart contract to perform actions. This is similar to Ethereum however the coin is a staking coin, requiring no miners but instead validators of the coin. The Network itself is fairly centralized as it is tied to Binance itself and all the validators are picked by the company itself. The chain itself has marginally lower transaction fees, usually being lower than 40 cents. The network can also handle roughly 50 transactions per second, leagues above Ethereum today. This is the two main reasons as to why there are so many tokens on the network, quick to use and cheap. The chain offers launch pools (liquidity mining) along with stakeing and their smart contracts.
As stated the coin itself is mainly used for it's network where there's a great deal of coins hosted on it. Most of these are tokens and stablecoins. Apart from this, Binance sees a great deal of use from this coin as the exchange itself is one of, if not, the largest exchange. The main reason for this is their low transaction and trade fees which attracts a great number of traders.
A good use case is the use for payment of goods and services with the coin. This can be done with most crypto cards including Binance's own Visa card that allows users to hold BNB and sell it for purchases. Depending on how many coins a user has on their card, the see a greater reward cashback. This also helps promote the coin and keep it healthy with more frequent usage.
The coin is staying strong today despite the many uncertainties around Binance lately, it is still struggling against Cardano however which has been the steadier coin lately. The coin has a fairly high price per coin, thanks to the quarterly burning of the coins by Binance to keep the coin healthy and inflationary. BNB will most likely remain the largest exchange token in the forseeable future
