What is the Bancor Network Token (BNT)? Complete collection of virtual currency BNT

By F | Coins & Tokens

What is Bancor Network Token BNT?

A series of articles about Coin and Token's Coin98, today, let's find out about the Bancor Network Token (BNT)!

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Bancor Network Token (BNT) is a token built on Ethereum's ERC-20 platform.

In the Bancor Network, the BNT Token acts as the Hub token to help connect all the tokens participating in the Bancor network.

BNT Token has been put into operation in Bancor Network since June 6.

Basic information about Bancor Network Token (BNT)

  • Ticker: BNT
  • Contract: 0x1f573d6fb3f13d689ff844b4ce37794d79a7ff1c
  • Decimal: 18
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Token type: Utility
  • Avg. Transaction time:
  • Total Supply: 74,249,544 BNT
  • Circulating Supply: 63,524,057 BNT

Bancor Network Token (BNT) exchange rate today

What is the Bancor Network Token (BNT) used for?

Before talking about what BNT Token is used for, I will mention a little bit about Bancor network.

Bancor network is Blockchain Protocol, allowing users to switch between tokens directly without having to go to exchanges to buy and sell.

One of Bancor Network's (BNT) rivals is Kyber Network (KNC) - which has the same feature.

BNT Token is called Smart Token. It acts as a reserve fund for all other tokens participating in the Bancor Network (BNT) system.

BNT Token is an intermediary token that switches between tokens within the Bancor network.

Bancor Network Token BNT

For example: You want to convert from BNB to GTO.

Option 1: move BNB to the floor, then sell BNB to get BTC Then use BTC to buy GTO.

Thus, you will have to perform at least 4 transactions and transfer.

Option 2: Bancor Net work (BNT) Convert solution.

You just need to log in your wallet BNT Token (MEW, Meta Mask, Ledger, ..) on the Bancor Network.

Then use the Convert function to convert BNB to BNT, then Bancor's system will convert BNT to GTO.

According to the Bancor Network (BNT), the transition is fast and almost instantaneous.

You do not need to know that the system has made the conversion from BNB to BNT Token, and from BNT Token to GTO, because they are done almost instantly.

Bancor Network Token (BNT) transaction fee

Bancor Network (BNT) is a token built on Ethereum's ERC-20 platform.

When trading or transferring BNT Token, you will be charged the following fees:

When performing withdrawal / loading of the floor (Binance Exchange)

  • Desposit fee: Free
  • Withdrawal Fee: 1.5 BNT

When switching between wallets, you will have to pay Ethereum's Transaction Fee.

Refer to Transaction Fee at the following link.

Notice: Different exchanges will have different withdrawal fees for BNT Token.

How to earn and own Bancor Network Token (BNT)

Buy BNT Token directly on the exchanges

You can own the BNT Token by buying it on Crypto-to-Crypto exchanges as coins. Cryptocurrency usually, common, normal.

Or you can exchange (Convert) it with other cryptocurrencies right on the Bancor Network (BNT) platform.

Bancor Network Token BNT direct purchase

Receive BNT Token from Airdrop programs

Bancor Network Token (BNT) storage wallet

The Bancor Network (BNT) is an ERC-20 platform token that can be stored on all ERC-20 supported wallets.

Soft wallet: Bancor Network's wallet, MyEtherWallet wallet, Ethereum wallets, For Meta Mask, Wallets on exchanges have listed BNT as Binance, Gate.io, OKEx...

Hard wallet: Ledger, Trezor, imToken

Bancor Network Token (BNT) exchange

Currently, there are many exchanges listing BNT Token coins such as Binance, LAToken, Bittrex, Coinbene, HitBTC, ...

Below is a list of exchanges with the largest BNT Token trading volume:

  • 44.6% of Bancor Network
  • 20.22% of Binance
  • 17.56% LAToken
  • 28.96% Others
Bancor Network Token BNT floor volume

Trading volume in pairs of trading pairs:

48.46% BNT / ETH

28.66% BNT / BTC

3.88% BNT / USDT

19% Others

volume currency Bancor Network Token BNT

The future of the Bancor Network Token (BNT)

The solution of Bancor Network (BNT) is similar to Kyber Network (KNC). However, the implementation is different.

In the future, as the number of tokens joining the Bancor Network (BNT) increases, the demand for BNT Token will also increase.

Currently, Bancor Network (BNT) has supported the tokens of both EOS and Ethereum, allowing users to cross-chain conversation.

Bancor Network (BNT) does not stop at the above 2 Blockchain Platform but will grow with many other tokens and Blockchain.

The solution of Bancor Network (BNT) will be increasingly developed, along with the need to quickly and conveniently convert tokens of users.

Should you invest in Bancor Network Token (BNT)?

I repeat the information about the total amount of BNT Token circulated for your convenience to follow: Circulating Supply is 63,524,057 of the total supply of 74,249,544 BNT.

Notice: A BNT is created when a token is deposited into a Smart Contract to convert (convert) to the desired token.

And BNT Token is burned when users sell their BNT to the contract. Therefore, the traffic volume of BNT Token is constantly changing (Dynamic Supply).

Below is information about the amount of traffic to the website of Bancor Network (BNT): https://www.bancor.network/
Bancor Network Token BNT information

Notice: Traffic to https://www.bancor.network/ partly reflects the need to use Bancor Network's solution.

Based on the above figures, you should make your own judgment about the potential and investment opportunities in Bancor Network (BNT)!


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