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Jager
Jager is the smallest denomination of the cryptocurrency BNB (Binance Coin) which is divisible by 8 decimal places. [1][2]
Overview
Binance Coin (BNB) is the native cryptocurrency of the Binance exchange. It was created in 2017 to fuel the Binance ecosystem and is used to pay for various fees on the platform, including trading fees, listing fees, and withdrawal fees. [4]
A standard crypto unit measures the value of one token or currency. All crypto units consist of a base or main unit and subunits, also called denominations. This is the same as most fiat currencies today. For example, in the United States, $1 is the base unit, while a denomination is 100 cents. Also, for Bitcoin, 1 BTC is the base unit, while the subunits are called Satoshis (named after Satoshi Nakamoto). [1]
The term “Jager” originated from the Telegram handle of the then Binance Community Manager, Jager, who has been a Binance Angel since the launch of Binance. Later, Changpeng Zhao decided on the usage of the term Jager for the smallest denomination of a BNB. [3]
Use of Denomination
The denomination of a cryptocurrency is crucial as it defines the unit of measurement used to represent the value of the asset. This denomination can influence how the value of the asset is calculated and traded, as well as its usability and accessibility in various contexts. [2][3]
The denomination of a cryptocurrency is important because it influences how users perceive the value of the asset. Cryptocurrencies are highly volatile, and even minor fluctuations in their value can significantly impact their purchasing power. Choosing a denomination that is either smaller or larger can assist users in understanding the asset's value and making informed decisions when buying, selling, or trading. [3]
Jager
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December 18, 2023
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REFERENCES
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