Welcome to the world of Binance Coin (BNB) – one of the heavy hitters of the cryptocurrency market and the cornerstone of the ever-evolving Binance ecosystem.
This digital dynamo has catapulted from its humble origins as a straightforward token on the crypto exchange Binance to becoming a multi-purpose asset with an array of applications.
Today, we’re taking you on a guided tour of the BNB world. From understanding what sets BNB apart from other tokens to exploring its various use cases and weighing its pros and cons, we’ve got you covered.
This handy guide will arm you with all the tips and tricks you need to buy BNB on Binance and introduce you to some alternative platforms where you can get your hands on this gem. And of course, we won’t leave you hanging when it comes to storing your newly-acquired BNB. Buckle up and get ready to delve into the intricate world of Binance Coin.
What is Binance Coin (BNB)?
BNB is the superstar of the Binance universe. It’s used in all sorts of ways, from paying transaction fees on the Binance Exchange and the Binance Decentralized Exchange (DEX) to staking on the BSC blockchain and even making payments on the Binance Pay service.
It’s also used as collateral for crypto loans on the Binance Lending and Loans platform and to earn token holders’ participation rights to the exclusive Binance Launchpad events. It’s even used to farm liquidity on the Binance Launchpool.
But, like every asset, BNB isn’t without its drawbacks. While it’s an eco-friendly, widely supported deflationary asset with unparalleled utility within the vast Binance ecosystem, its utility outside the Binance ecosystem is limited.
Buying Binance Coin (BNB)
So, where can you buy BNB? The most straightforward answer is on its homeland: Binance and Binance.US. However, if you like to shop around, you can also find BNB on Coinbase, Bybit, and Trust Wallet, a subsidiary of Binance.
On Binance customers have a chance to buy BNB via bank transfers, credit or debit cards, crypto deposits Peer-to-peer (P2P), and third-party payment channels, including Paxos and Simplex.
Now, let’s break down the process of buying BNB on Binance into five simple steps:
- Create a Binance account: Start by signing up and verifying your identity on the Binance homepage. If you already have an account, just log in using your username, password, and second-factor authentication credentials.
- Navigate to the crypto purchase page: From the Binance home page, select the <Credit/Debit Card< option from the <Buy Crypto> drop-down list.
- Provide transaction details: Select the cryptocurrency you want to purchase, in this case, Binance Coin (BNB), and the fiat currency supported by your payment method.
Fill in the amount you want to transact, then click <Continue> to set up your payment method.
- Make payment: Link your payment card to Binance, then click on the <Next> button to add the payment card to your Binance account.
- Confirm the transaction: Check the purchase details, click <Confirm>, provide the second-factor authentication code, and voila! Your BNB tokens will be deposited into your <Fiat and Spot> wallet.
Storing BNB Tokens
But where should you store your shiny new BNB? You have two options: keep it on the crypto exchange Binance or move it to an external wallet like Trust Wallet.
If you’re planning to use your BNB within the Binance ecosystem, it might be more convenient to keep it on the crypto exchange. But if you’re looking for more security, you might want to consider an external wallet.
Trust Wallet is a top pick for storing BNB, given its wide array of features that mirror the Binance crypto exchange. These features include swapping and exchanging tokens, investing in NFTs, staking various assets, participating in DeFi ecosystems, and browsing dApps on the BSC network. Plus, it’s available worldwide, even where Binance is restricted or banned.
Why You Should Invest in Binance Coin (BNB)?
In the digital currency realm, Binance Coin (BNB) stands tall, shoulder-to-shoulder with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA), boasting its status as a blue-chip crypto asset. Its credibility stems from the multiple advantages it brings to the table.
Being the brainchild of Binance, the largest crypto exchange in the world, BNB benefits from a strong, reliable foundation. This connection cements its place as the third most sought-after non-stablecoin cryptocurrency in the bustling digital market.
But BNB’s utility stretches beyond being just a valuable asset; it’s integral to the functionality of the Binance blockchain. Think of it as the fuel that keeps the Binance blockchain engine purring. Just like you would use ETH to pay for gas on the Ethereum network, BNB serves the same purpose in its own ecosystem.
Last but not least, BNB holders enjoy an added perk: trading fee discounts on the Binance crypto exchange. This cost-saving advantage amplifies BNB’s appeal, making it a valuable ally in every crypto enthusiast’s arsenal.
So, there you have it – a comprehensive guide to buying and storing Binance Coin (BNB). This crypto heavyweight is a versatile asset that’s worth considering for any crypto portfolio. Whether you choose to buy it via Binance or another crypto exchange, using your credit/debit card or bank transfers, BNB offers a wealth of opportunities for any crypto enthusiast.