BTCST is an acronym for “Binance Token Sale”. BTCST is a way for users to buy Binance tokens (BNB) during the Initial Coin Offering (ICO) period. The ICO price of a BNB token is set at 1 ETH = 20 BNB.
Users can buy a minimum of 0.1 ETH worth of BNB tokens (2 BNB).
The BTCST period lasts for 7 days, starting from July 14th, 2017 at 8:00 AM UTC and ending on July 21st, 2017 at 8:00 AM UTC. During the ICO period, users can buy BNB tokens with either ETH or BTC.
However, all ETH and BTC deposits made during the ICO period will be converted into BNB at a rate of 1 ETH = 20 BNB.
After the ICO period ends, all unsold BNB tokens will be burned and no new BNB tokens will be created. The total supply of BNB tokens will be reduced by the percentage of unsold tokens burned.
NOTE: Warning! BTCST is a high risk, high reward platform on Binance. It allows users to borrow and lend digital assets to earn rewards, but it also carries a high risk of loss due to market volatility. If you choose to participate in BTCST, please be aware of the risks involved and make sure you are comfortable with them before investing.
The remaining BNB tokens will be distributed to participants in the ICO according to their proportionate share of ETH or BTC contributed.
The purpose of the BTCST is to raise funds to help finance the development of the Binance platform. By buying BNB tokens during the ICO, users are supporting the development of the platform and will be able to use the tokens to pay for transaction fees on the platform when it launches.
In addition, users who hold BNB tokens will be eligible for certain privileges and discounts on the platform.
The ICO is open to everyone, but is not available to residents of China or South Korea due to regulatory restrictions in those countries.
Conclusion:
BTCST is a way for users to buy Binance tokens (BNB) during the Initial Coin Offering (ICO) period.
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