Cryptpcurrency is a borad term, there are different types of cryptos classified as per their application. Like the payment cryptocurrency which is only dedicated to executing payment, and exchange coin like BNB. Binance Coin (BNB) is the most popular native token of Binance, the largest cryptocurrency exchange in the world. It was launched in 2017 as an ERC-20 token to give traders on the exchange discounts on trading fees and to give investors dividends from the fees collected by the company. Learn More Visit this site
With the advancement of technological aspects and market demand, Binance Coin is gradually evolving into something much greater. Below, this article explains what Binance Coin is, how to buy it, where you can spend it, and more! Read on to know more in detail!
An Introduction To Binance Coins
So, what is a Binance coin? Simply put, it’s the official currency of the world’s largest cryptocurrency exchange. According to Business Insider, Since its launch in 2017, it has consistently been one of the top 10 coins with a market cap of over USD 1 billion. But that doesn’t justice just how influential and integral it is to use on the platform.
For starters, BNB can be used to access 50% of trading fees. Additionally, users can reduce their trading fee by half if they choose to pay with BNB tokens. For example, if you purchase one of their limited edition shirts or hoodies, they’ll take 50% off with BNB tokens!
A Short History of Binance Coins
Founded in 2017, the Binance cryptocurrency exchange has grown to one of the largest in the world, with over 9 million registered users and a trading volume exceeding $2 billion. In early 2018, they announced plans to launch their token called the BNB.
The token is currently ranked among the top 10 largest cryptocurrencies by market cap, with each unit valued at nearly $10 at the time of writing. There are over 50 trading pairs available against BNB, including BTC, ETH, and USDT.
How Does Binance Coin Work?
The best way to think about the coin is as an in-platform currency. Anyone using the exchange needs to pay a transaction fee, which can be paid with any other cryptocurrency, but if you're looking for speed, using BTC or ETH will ensure your transactions are clear quicker than paying with something like LTC.
Crypto Superstar offers a really easy way to start buying and trading cryptocurrencies. If you check the homepage, you will see the platform offers dozens of countries worldwide and allows anyone to purchase Bitcoin or Ethereum using their local currency. They also offer great tutorials if you need help getting set up or simply want to understand more about how it all works. Binance Coin can also be used for other transactions within Binance.
How to Buy Binance Coins?
The easiest way to buy Binance Coins is through their platform. You'll need to register and log in, deposit some funds, and find the correct trading pair - look for ETH/BNB or BTC/BNB. After that, all you need to do is complete the transaction!
You'll need to deposit BTC or ETH. After clicking Deposit, you will be shown your Deposit Address, which you should send coins to from any external wallet to fund your trading account. It takes a few minutes for transactions to process, so don't panic if it doesn't show up immediately.
How To Secure Binance Coins?
The most important step in securing your funds on any exchange is always setting up two-factor authentication. This provides an extra layer of security, safeguards against hackers, and protects your account even if you lose your phone or forget your password. This is how you can choose to secure your traded Binance Coins.
Conclusion
That concludes the guide to all things Binance Coins. You now know everything you need to know about it: what it is, how to buy and sell it, what are some popular exchanges where you can purchase it, the different uses for it, and finally, why owning at least a little bit of it might be a smart investment strategy. So with this information in hand, go out there and use your new knowledge about Binance Coins for good!
