What is BNB
Binance Coin (BNB) comes from the Binance exchange and is the native token of the Binance Chain and Binance Smart Chain.
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Binance Coin held its initial coin offering (ICO) from June 26 to July 3, 2017 and was officially listed on the Binance exchange 11 days later. The issue price was 1 Ethereum (ETH) equal to 2,700 Binance Coins (BNB) and 1 Bitcoin (BTC) equal to 20,000 Binance Coins.
Although Binance Coin is issued through ICO, investors in Binance Coin do not necessarily invest in the Binance exchange at the same time. Binance Coin is not just a cryptocurrency, but also plays an important role in the development of the entire Binance ecosystem.
What are the main uses and advantages of Binance Coin (BNB)?
1. Binance Coin can be used to pay for transaction fees on Binance Exchange, Binance DEX (decentralized exchange), Binance Chain, and Binance Smart Chain. Because users pay with Binance Coin, they can enjoy a discount on transaction fees.
2. Pay for goods and services online and in-store (for example, using Binance Card or Binance Pay), or book hotels and flights, purchase goods on Travala.com, etc.
3. Community utility tokens for the Binance Smart Chain ecosystem (e.g., games and DApps), or to participate in token auctions held on Binance Launchpad.
4. Donate to Binance Charity using BNB.
5. Provide liquidity for Binance Liquid Swap.
How to Buy Binance Coin (BNB)
Create a free account on the Binance website or app.
Binance is a centralized exchange where you can buy a variety of cryptocurrencies, including BNB. Before using the Binance platform, you need to open an account and verify your identity.
1. Register through the Binance app
Register through the website using your email and mobile number
2. Choose how you want to purchase BNB assets.
Click on the “Buy Crypto” link at the top of the Binance site navigation to learn about the available options for buying BNB in your country.
A. Credit and Debit Cards
If you are a new user, this is the easiest option to buy BNB. Binance supports Visa and MasterCard.
B. Bank deposits
Transfer fiat currency from your bank account to Binance, then use that amount to buy BNB.
C. P2P transactions
D. Third-party payment
There are many options for third-party payment methods. Please visit the Binance FAQ to see which services are available in your region.
Buy BNB directly from other users through Binance’s peer-to-peer service.
3. Check payment details and fees.
You have 1 minute to confirm your order at the current price. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to view the new order amount.
4. Store or use your BNB in Binance.
Now that you have purchased cryptocurrency, you can store it in your personal crypto wallet or keep it directly in your Binance account. You can also trade it for other cryptocurrencies or hold it on Binance Earn for passive income. If you want to trade BNB to a decentralized exchange, you may want to check out Trust Wallet which supports millions of assets and memblockchain.