for Beginners on Binance what is BNB??

$BNB (Binance Coin) is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. Initially launched as an ERC-20 token on the Ethereum blockchain in 2017, BNB later transitioned to the Binance Chain after Binance created its own blockchain, known as the Binance Smart Chain (BSC), in 2020.

BNB has multiple use cases, including:

Transaction Fees: Binance users can use BNB to pay for transaction fees on the Binance exchange, often receiving a discount for doing so.

DeFi and DApps: With the Binance Smart Chain (BSC), BNB is used in decentralized finance (DeFi) applications and other decentralized apps (DApps).

Token Burns: Binance conducts periodic token burns, where a portion of the total supply of BNB is destroyed to reduce its supply over time, which could potentially increase its value.

Staking and Yield Farming: BNB holders can stake their tokens on various platforms or participate in yield farming to earn rewards.

BNB's value is influenced by various factors, including its utility on the Binance platform, its role in DeFi, and the overall market conditions for cryptocurrencies.