BNB Coin is a cryptocurrency that is used primarily to pay transaction and trading fees on the Binance exchange. BNB is built on Ethereum blockchain and uses ERC20 tokens which can store and hold value. However, you can’t mine tokens as they have been pre-mined and distributed through ICO. Tokens in circulation are used for discounted trading on Binance Exchange. The discount rate started at 50% in the first year, but it’s scheduled to be cut in half every year.
Binance Coin Price
What is Binance (BNB)?
1. Who Controls Binance (BNB)?
BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. Binance Coin, now called BNB, surged roughly 1,300% last year.
2. Who Created Binance (BNB)?
Changpeng Zhao, commonly known as “CZ”, is a Chinese-Canadian business executive. Zhao is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume as of April 2018. CZ was born in Jiangsu, China and moved to Canada at a young age with his family. He is currently based in Singapore.
3. Binance (BNB) Pros and Cons
Binance (BNB) Pros:
- A Great Utility Token: Because of the current landscape of the crypto world and the progress of Binance, BNB is considered an excellent utility token. Along with its use of making transactions on Binance exchange, you can invest in this coin to earn profit. Moreover, you can also make online purchases such as gift cards, crypto credit card bills, entertainment, travel, and more.
- Unique Burndown Policy: In order to maintain stability and continuous growth, the burning of a BNB is a critical feature of this cryptocurrency. Binance uses a unique policy (that we’ll discuss later in this article) to burn BNB that reduces the total supply.
- Discount Coupon: One of the most significant benefits of Binance Coin is that the users get discounts on the charged fee. It also works great to grow the community.
- Low Fees and Fast Transactions: The transactions of BNB on Binance are completed instantly, where the fee is only 0.1 percent for everyone.
Binance (BNB) Cons:
- Potentially Affecting Regulation: Many crypto critics and experts suggest that the regulatory bodies in China can affect the BNB token in the long run. Moreover, Binance has launched a dedicated exchange for users from the US, and the relationship with that platform is also a complication that can also affect US users.
- Dependent on Binance Exchange: One of the biggest cons of BNB is that its progress is directly linked to the reputation of Binance exchange. It means that it’s very difficult for this cryptocurrency to move forward on its own and any effect on the exchange directly affects the BNB reputation.
- Stability isn’t Guaranteed: No one can say with certainty how BNB will perform in the future and whether it’s capable of sustaining its current performance or not. That’s because it only has about 4 years of experience under its belt.
4. The Difference Between Binance (BNB) and Traditional Currencies
The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market.
- Flexibility
With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.
- No Fraudulent Activity
If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.
- Reduced Cost
In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.
5. Is It Safe To Use Binance (BNB)?
Binance Coin’s usage comes in line with Binance’s growth. The asset initially started out as a vehicle to raise funds for the Binance exchange. Binance quickly gained significant traction as a cryptocurrency exchange following its 2017 launch. Binance grew from an exchange platform to more of an ecosystem under the Binance brand umbrella.
Over the years, Binance has launched a DEX, two blockchains, a peer-to-peer (P2P) crypto trading option, an option for crypto borrowing and more. BNB has grown in line with Binance’s expansion.
Users can use BNB coins to pay for transactions on the Binance Exchange. The BNB coin has historically served as a method of fee reduction on the Binance crypto exchange, with customers of the exchange paying lower fees by holding BNB and paying platform fees in BNB. Binance will extend the option of receiving a 25% reduction on trading fees when paying using BNB until July 13, 2022, at 11:59:59 pm UTC. In addition, BNB has also become a component of other Binance products.
Additionally, merchants can accept BNB as a form of payment, giving customers more options in terms of payment methods. Furthermore, BNB is used for various things in the entertainment industry, from paying for virtual gifts to purchasing lottery tickets.
Binance Coin may be used to invest in stocks, exchange-traded funds (ETFs), and other assets on a variety of platforms. On some platforms, BNB can be used as collateral for loans. Some apps allow users to use Binance Coin to split expenses and pay friends and relatives.
6. Is Binance (BNB) Legal?
BNB was developed by Binance – one of the largest cryptocurrency exchanges in the world. BNB was launched through an initial coin offering (ICO) of 100 million BNB tokens in 2017, whereby Binance raised approximately 15 million US dollars in the ICO.
BNB is a utility token on Binance, which main function is to reduce the transaction fees of Binance’s customers when they use Binance’s services. In layman’s terms, when a customer uses Binance’s services, his transaction fees will be lower if he pays for them in BNB rather than in fiat currency or other cryptocurrencies.
BNB can also be used as a payment method and for participation in token sales on Binance. In addition, BNB powers the Binance decentralized exchange.
Lastly, though the BNB supply was initially capped at 200 million tokens, Binance has committed to burn (as in permanently remove) 100 million tokens to battle inflation. This makes BNB – in principle – deflationary provided that tokens are burned as initially informed.
How Does Binance (BNB) Work?
BNB is a crypto asset similar to other digital assets on the market in that it rises and falls in value as people use and trade it. People can hold BNB in compatible wallets off crypto exchanges and send the coin directly to others for payments or otherwise.
One might also wonder how to buy Binance Coin? People can buy BNB via a number of avenues such as Binance’s own crypto exchange, for example. As always, though, be sure to research and abide by any applicable jurisdictional laws.
On a more technical level, the layer-1 blockchain of Binance is merged to form the BNB Chain (previously the Binance Smart Chain and the Binance Chain).
When constructing the BNB chain, Binance tailored the blockchain for optimal performance when it came to trading on-chain, basing Binance DEX, Binance’s decentralized exchange (DEX), on this newly formed chain. Moreover, BNB chain transactions are fueled by a blockchain gas token called BNB, which stands for “Build and Build” (previously known as Binance Coin).
The BNB chain consists of the BNB beacon chain and BNB Smart Chain. The former is focused on BNB Chain governance that allows BNB holders to participate in staking and voting. The latter is a consensus layer, Ethereum Virtual Machine compatible, and has hubs to multi-chains.
How to Make Money with Binance (BNB)?
Here are quite a few approaches for us to make money with Binance (BNB), such as Mining, Buying & Hold Bitcoins, Accept Payments in Binance (BNB), Earning Binance (BNB) by turning into an Affiliate, Lending Binance (BNB), and Micro Earnings, and Trading.
- Binance (BNB) Mining
- Buy & Hold Binance (BNB)
- Accept Payments in Binance (BNB)
- Determine how you’ll use Binance (BNB)
- Find a Binance (BNB) wallet
- Find a Binance (BNB) payment processor
- Accept Binance (BNB) payments
- Becoming an Affiliate
- Lending Binance (BNB)
- Micro Binance (BNB) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
- Binance (BNB) Games
- Micro Binance (BNB) Tasks
- Trade Binance (BNB)
Read More: How to Make Money With Binance (BNB)?
How to Buy Binance (BNB)?
1. Things To Know Before You Buy Binance (BNB)
Buying Binance (BNB) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with Binance (BNB), since it’s still a very risky investment.
The most important thing to keep in mind when buying Binance (BNB) is to make sure to buy only from exchanges that have proven their reputation.
Another key tip is to make sure you don’t buy all of your Binance (BNB)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most Binance (BNB) when it’s on the rise, and less when it’s going down in price.
2. How to Buy Binance (BNB) on a Crypto Exchange
- Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
- eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
- Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
- Binance – Low trading fees, a generously wide range of leverage, and high liquidity.
- KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies
Read More: What is a Crypto Exchange?
3. How to Buy Binance (BNB) with Cash
- Find a seller in your area who accepts cash.
- Select amount of coins and place an order.
- Receive account number from the seller.
- Deposit cash into the seller’s account.
- Upload your receipt to prove you made the deposit/trade.
- Receive Binance (BNB)!
4. How to Buy Binance (BNB) with Credit Card
Not all platforms will allow you to use a credit card to make your Binance (BNB) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
5. How to Buy Binance (BNB) with Paypal
- Login to Paypal and Select Cryptocurrency
- Select ‘Binance (BNB)’
- Select ‘Buy’
- Choose How Much You Want to Buy
- Select Payment Method
- Hit the ‘Buy’ button
6. Should I Buy Binance (BNB) In 2022?
Read More: How to Buy Binance (BNB)
How to Sell Binance (BNB)?
1. Things to Know Before You Sell Binance (BNB)
To get started with Binance (BNB), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy Binance (BNB), but the other two are still important. The exchange allows you to buy Binance (BNB) from sellers, and the wallet gives you somewhere to store it long term.
When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.
On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.
2. Sell Binance (BNB) in Cryptocurrency Exchanges
- Step 1: Set up an exchange account
- Step 2: Transfer your Binance (BNB) to your exchange wallet
- Step 3: Place a sell order
3. Sell Binance (BNB) in P2P Trading
- Step 1: Go to the P2P Trading Page
- Step 2: Choose to Sell and Set Your Currencies
- Step 3: Find a Buyer
- Step 4: Choose How Much You Want to Sell
- Step 5: Send the Offer
- Step 6: Confirm the Release
4. Sell Binance (BNB) in Binance (BNB) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose Binance (BNB) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send Binance (BNB) to given address QR code
- Step 5: Receive cash immediately as Binance (BNB) transaction is propagated on the network
Read More: How to Sell Binance (BNB)
Can Binance (BNB) Be Mined?
BNB (Binance coin) is not a proof-of-work coin. It doesn’t get mined. Instead, it’s a proof-of-stake coin. So you can buy some BNB, then invest it as a stake.
How to Get Free Binance (BNB)?
Most genuine websites that allow you to earn free Binance (BNB) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.
In other words, they offer free Binance (BNB) as an advertisement for their services. Otherwise, it takes time and effort to get free Binance (BNB) given its current high value.
- Binance (BNB) Faucet
- Binance (BNB) PTC Sites
- Binance (BNB) Airdrop
- Binance (BNB) GameFi
- Binance (BNB) Bounties
- Learning About Binance (BNB)
- Shopping Reward
- Binance (BNB) Interest
- Owning a Binance (BNB) Faucet
- Write about Binance (BNB)
- Binance (BNB) Affiliate Program
- Free Binance (BNB) Cloud Mining
Read More: How to Earn Free Binance (BNB)?
What is a Binance (BNB) Wallet?
You can pay your trading fees on Binance with BNB to receive a discount. You can also use it as collateral for loans, stake to earn rewards and as a BNB holder you gain exclusive access to opportunities on Binance such as investment in Binance Launchpad events.
BNB operates on Binance Chain and the recently released Binance Smart Chain. Binance Smart Chain is a smart contract blockchain that is compatible with the Ethereum Virtual Machine. In basic terms, that means that decentralized applications that work with Ethereum are relatively simple to migrate to Binance Smart Chain.
Ethereum tools like Remix, Truffle and Metamask work with Binance Smart Chain, which means that those developers familiar with building on Ethereum can transition their DApps to Smart Chain. Infrastructure like ChainLink and Band Protocol are already integrated.
Trust Wallet is the best BNB wallet for Android and iOS phones. Not only does it allow you to use your BNB to trade on the Binance DEX, you can also interact with Smart Chain DApps in the built-in DApp browser.
1. Binance (BNB) Wallets for Beginners
You probably know that there are many cryptocurrencies out there. A place that can store those currencies is called a crypto wallet or a Web3 wallet. Generally speaking, there are two kinds of crypto wallets: hot and cold crypto wallets. The latter is offline storage. However, hot wallets refer to online applications that enable users to interact with different blockchains. As such, it depends on how you look at things – a BNB wallet could be referred to as a cold crypto wallet that stores BNB. However, “BNB wallet” commonly refers to a hot crypto wallet that can store BNB coins. Nonetheless, note that every blockchain address that supports BNB can be used as a BNB wallet. This is definitely something to keep in mind when addressing the “how to set up a BNB wallet?” question.
We must also tell you that Binance has its own crypto wallet. It is available in the form of a browser extension and a mobile application. According to online reviews, the former is a solid choice for Binance’s exchange users. However, as mentioned above, Web3 developers and anyone looking to become a blockchain developer should focus on using MetaMask.
2. How To Make A Binance (BNB) Paper Wallet?
Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes.
Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet.
3. Ways To Set Up a Binance (BNB) Wallet
There are many Binance (BNB) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.
Set up a Binance (BNB) Software Wallet
- Mycellium
- Bread (BRD) wallet
- Bitcoin wallet
- Electrum
- Samourai
Set up a Binance (BNB) Web Wallet
- Coinbase
- Blockchain.info
- BTC.com
- Rahakott
- BitGo
Set up a Binance (BNB) Hardware Wallet
- Ledger
- Trezor
- BitLox
- KeepKey
How to Buy and Sell Binance (BNB) In Different Area?
1. How to Buy and Sell Binance (BNB) in India?
You can get Binance (BNB) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.
- It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
- Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
- KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
- Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days
After the verification is complete, you can start trading Binance (BNB) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.
2. How to Buy and Sell Binance (BNB) in Canada?
- Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
- Deposit CAD to the exchange directly from your bank account.
- Buy Binance (BNB).
- Store Binance (BNB) on your exchange account or transfer it to a wallet.
3. How To Buy and Sell Binance (BNB) In The UK?
- Create a Coinbase account.
- Complete identity verification to access fiat payment options.
- Navigate to the Accounts and select the GBP wallet.
- Fund your account using Bank Transfer or other methods.
- Once the deposit is complete, go to the Buy/Sell page and select GBP to Binance (BNB).
4. How To Buy Binance (BNB) in the United States?
The best way to buy and sell Binance (BNB) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.
Binance (BNB) FAQs
1. Binance (BNB) History
Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.
As mentioned in the Binance whitepaper, every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, destroying them completely. Binance has consistently performed quarterly burns, the latest being the 13th quarterly burn on October 17, 2020.
Binance will continue to perform quarterly burns until it buys back and destroys 100 million Binance coins – 50% of the total supply. The practice ensures that the supply of Binance Coin remains finite, making it scarce and more valuable.
2. What is BNB Used For?
BNB can also be used for payments (at sites like Crypto.com, Monetha, and HTC); to book travel accommodations (at sites like TravelbyBit, Trip.io, and Travala.com); for entertainment (virtual gifts, card packs, and lotteries); to pay for online services (BitTorrent, Canva, and Storm).
It can even be used for financial purposes (at sites like Crypto.com, Monetha, and HTC) (take out a loan at ETHLend or make investments at Moeda).
Binance coins can also be used to invest in some ICOs listed on Binance’s Launchpad program. Binance is a smooth marketplace for trading in a range of established and new virtual tokens. New cryptocurrencies list on the Binance exchange, and using Binance provides a seamless marketplace for trading in a variety of established and new virtual tokens.
Other collaborations have backed the crypto coin, which has helped it gain traction. It includes a relationship with Uplive, Asia’s leading high-end live video streaming platform, which distributes virtual gifts to Uplive’s 20 million users in exchange for BNB tokens.
3. Is BNB a Good Investment?
BNB can be a great investment in 2022 for all long-term investors. Remember, it’s a highly volatile cryptocurrency that can help you to maximize your profits in a short time, but at the same time, you can also lose a lot of money.
4. Is it Worth Using BNB on Binance?
As the cryptocurrency market continues to exponentially, leading crypto exchanges like Binance have the potential to grow.
If institutional investors and big banks continue to enter the cryptocurrency market in the coming years, this will likely increase demand for Binance Coin.
An additional factor is that Binance has promised to use about 20% of profit to buy back the Binance Coin about 50% units. This should also give prices a big boost in the future if Binance delivers on its promise!
In the end, let’s not forget that digital currencies tend to follow bull and bear cycles, so one should always keep an eye on technical indicators, fundamentals, crypto news, and market sentiment.
5. Is BNB a Stablecoin?
Unlike Bitcoin and Ethereum, both of which have seen peaks and valleys of sorts since their inception, Binance Coin (BNB) has been relatively stable.
6. How Do I Get BNB on Binance?
- Create a free account on the Binance website or the app.
- Choose how you want to buy the BNB asset.
- Create a free account on the Binance website or the app.
- Store or use your BNB(BNB) in Binance.
7. Is BNB Good for the Long Term?
Binance Coin has a lot of things going for it. Not only is it the token for a popular cryptocurrency exchange, it’s also a programmable crypto, so a number of applications and other cryptocurrencies are built on its network. That also means it has competition on all sides, from other smart contract cryptos to cryptocurrency exchanges.
The BNB token has a clear use case, which is important in the crypto world. Plus, Binance is an important industry figure. For example, it owns CoinMarketCap — a much-used data provider.
8. Is BNB Smart Chain BEP20?
Binance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard.
9. Is Smart Chain and BNB the Same?
Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal. The number one crypto exchange by trading volume, Binance, has renamed its blockchain network. The Binance smart chain will now be known as the BNB Chain.
10. How can I Buy BNB without Binance?
There are a couple of ways to buy BNB without going through Binance. You can buy BNB on eToro, but you don’t actually own the token. Additionally, eToro doesn’t like it when people try to withdraw its crypto to third-party wallets, and has made it quite difficult to do so. If you’re just interested in buying and selling BNB, however, then eToro could still work for you.
Some of the more obscure cryptocurrency exchanges offer BNB as well. KuCoin, a very small exchange based out of Seychelles that has less than $3 billion in total trading assets, is one of them.
How do I Convert Bitcoin to BNB?
Get Started: Now you’re ready to take the next step and earn some Binance Coins!
Earn free Binance Coin (BNB) with BtcAdv by doing multiple tasks such as filling out Surveys, offerwalls, watching videos, Faucet, shortlink and much more! Additional features like achievements, lottery, and a referral system await!
