[ad_1]
BNB stands for Binance Coin, the token used in the Binance cryptocurrency exchange. It is issued on the cryptocurrency exchange Binance, with its trading symbol being BNB. After initially running on the Ethereum blockchain, it is now native to the Binance Smart Chain.
Binance Coin has a total of two hundred million tokens available on the network. Today, it is the most popular and largest cryptocurrency exchange globally, backed by a truly impressive efficiency rate of over a million transactions every second.
The Binance platform uses a fifth of its gross profit to burn its Binance coin holdings four times per year, i.e. every quarter. The last burning was on April 15, 2021 when 1,099,888 Binance coins were burned. To put this in perspective, the dollar equivalent of these tokens is just over half a billion dollars.
History and Overview of Binance Coin
The word Binance is derived from the words Finance and Binary. Today, Binance is one of the leading cryptocurrency exchanges in the world, with its Binance coin being the preferred utility token for the exchange. BNB is used as an intermediary with transactions involving fiat currencies and other cryptocurrencies.
The history of Binance and its Binance coin can be traced back to 2017, when Chinese founder ChangPeng Zhao Beijie Technology founded the company that operates and operates cryptocurrency exchange Binance. The company is headquartered in Hong Kong, China.
When creating the exchange platform, the founder and his team of developers created the Binance Coin token, raising sufficient funds via the Initial Coin Offering (ICO). This initial coin offering process lasted up to one month, during which about fifteen million dollars were raised as a result. The resulting funds were directed to startup expenses, such as paying new developers, marketing, and securing the exchange’s servers.
A truly innovative creation, Binance Coins quickly grew after that. There was a 50% bonus for users who purchased the token, using it as a bidding for the trading fee. On the exchange, Binance coins are burned periodically, which reduces the supply and increases the value automatically.
What can you do with Binance Coin
Binance coins are some of the most popular crypto tokens out there today. As a cryptocurrency, it can be used for a variety of purposes:
- Binance Coin can be used to fund trading fees on Binance Smart Chain, Binance DEX, and Binance.com
- It can be used to pay transaction fees while converting currencies, such as converting Bitcoin to Litecoins.
- Binance coin can be used to make payments on Crypto.com, HTC and Monetha. Payments can also be made for the purpose of booking a travel accommodation on sites such as TravelbyBit. In addition, you can take out loans, for example via ETHLend.
- You can also buy Binance Coin and use it for charitable donations.
How Binance Coin Works
It uses ERC20 tokens and is generated on the Ethereum blockchain. However, tokens cannot be mined, because the initial coin offering ensures that all tokens have been distributed and mined beforehand.
Traders use Binance coins to pay transaction fees on the network, while its developers use them to generate computing power for applications on the Binance Network – the Binance Smart Chain.
In fact, it is this smart chain that makes Binance Coin unique from other trading tokens across various cryptocurrency exchanges.
The network is programmable and implements smart contracts, serving as a platform for other cryptocurrency and applications.
How to buy Binance Coin (BNB)
First of all, you can buy BNB tokens with your credit or debit card. To purchase BNB tokens with your credit or debit card, go to the Binance website, go to buy cryptocurrency, And choose your preferred payment method. Payment can be made with MasterCard or Visa Card.
Also, there are two other ways to do this, depending on whether or not you own other coins, such as Bitcoin. If you already own Bitcoin or altcoins, it is a simple matter of converting what you have into BNB equivalent.
On the other hand, if you do not have any cryptocurrency, you will have to buy a currency other than Binance coins since Binance exchange does not allow fiat currency purchases.
How to buy Binance coin if you have crypto
As a crypto veteran, you will have to follow the following Steps to get BNB coins:
Step 1: Create a Binance account
As a first step, you must create an account on Binance if you don’t already have one. Log in to the Binance website and create an account with a valid email address and strong password.
After completing the process, you will receive an email with a link to verify your new account. Make sure to go through this email carefully, as it will provide you with some basic and easy security tips.
Step 2: Enable Two Factor Authentication
This verification method is to ensure that only the owner of the account, that is, you can access the account at any time. This provides an extra layer of protection for your account, which helps keep your account safe from hackers and frequent scammers violating the virtual space.
Since Binance is a bank account of some sort and only this time the funds are encrypted, security is expected to be a major issue on the platform.
To enable two-factor authentication (2FA), install the Binance app on your mobile device and log in with your details.
Step 3: Verify the account
This verification step will involve submitting and submitting a clear photo of yourself (time stamped), along with a valid identification document. You can skip this step entirely if you are not going to withdraw Binance coins yet.
Step 4: Make a purchase
After creating your new account, you can now make the purchase. This can be done by ordering the market which takes into account how many Binance coins you want for the current exchange rate.
You can also fix a specific order that automatically waits until the cost reaches a certain limit, after which the exchange takes place.
Step 5: Deposit the coin
As it is assumed that you already have some crypto reserves, all you have to do is deposit the existing funds into your new Binance Coin wallet by copying your wallet address.
Step 6: Exchange Your Altcoins for BNBs
After completing the deposit, you can quickly go to the Binance trading platform, and click exchange Then find a good trade. Choose BNBs, because you want to convert your coins into Binance coins. You will then use the percentages to calculate the direct equivalent of the money you want to change into BNBs.
How to Buy Binance Coin If You Don’t Have Crypto
If you have no crypto at all, you will have to buy some coins before you can buy actual BNB because the Binance platform does not use fiat currencies like the dollar. Since it is your first purchase of cryptocurrencies, you are better off buying a stablecoin, such as Bitcoin and Ethereum.
To do this, however, you will have to obtain it from a legal exchange platform in your country. A good example is Coinbase, Coinmama is also perfect. After the purchase, you can then follow the steps in the previous section in order to buy Binance Coins.
How to buy Binance coin from CoinStats
CoinStats is an app that you can use to search cryptocurrency, exchange platforms, and Keep track of your cryptocurrency wallets.
Buying BNB from CoinStats is very easy. Wyre is integrated into the platforms, allowing you to buy coins. Payment can be made with your debit card or Apple Pay. The job is only available to users residing in the USA. Additionally, you cannot make payments more than $250 per day.
However, there will be increased support for more countries at a later date.
Why you should buy Binance Coin
Now that I know How to buy Binance Coins, there is a possibility that some Important , Skeptical readers are still not sure if they want to delve into it or not. If you are not sure, here are four reasons why BNB is a good investment for you:
- Cost: Binance coins have a low price compared to other coins. Trading on the Binance cryptocurrency exchange is very easy.
- Supply and Demand: In any digital exchange, what determines the value and growth of a token is demand and supply. As its popularity increases, supply decreases and therefore its value increases.
- Reputation: Most investors prefer to subscribe to trustworthy coins, as they cannot afford to lose coins and incur big losses. Binance is one of the most trusted cryptocurrencies because it is easy to operate. The $30,000 drawdown threshold is also very attractive.
- Versatility of the exchange: Other than its obvious use as a valuable token, its parent exchange platform, Binance, allows you to make currency exchanges with many other tokens, such as Cardano, Bitcoin Cash, ChainLink, Litecoin, Ethereum, EOS, VeChain, and Cosmos.
- Participation in the ICO: Binance Lauchpad hosts sales of new tokens that can be purchased with Binance coins, before they are available for trading on the Binance platform.
conclusion
Binance Coin is very promising as you see how its success does not depend on it being an alternative cryptocurrency. It can be used as a cryptocurrency to run applications and generate computing power for the network.
[ad_2]