Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, the world's largest cryptocurrency exchange. It was created in 2017 as a utility token for discounted trading fees but has expanded to numerous applications, including payments for transaction fees, travel bookings, entertainment, online services, and financial services. BNB can be used to pay for goods and services, settle transaction fees on Binance Smart Chain, participate in exclusive token sales, and more. It is traded with the BNB symbol and has a market capitalization of over $87 billion, ranking behind only Bitcoin, Ethereum, and USD Tether.
Binance Coin (BNB) is used in a variety of ways, including:
- Payment Method: BNB can be used to purchase goods and services at participating vendors, such as Monetha, HTC, and over 60 million merchants worldwide through the Binance Visa Card.
- Transaction Fees: BNB is used to pay for transaction fees on the Binance Exchange, Binance DEX, and Binance Chain, offering discounts on trading fees for users.
- Investments: BNB can be used to invest in ICOs listed through Binance’s Launchpad program and to participate in token sales on Binance Launchpad.
- Financial Services: BNB can be used for financial purposes such as taking out loans at ETHLend or making investments at Moeda.
- Entertainment: BNB can be used for entertainment purposes, such as buying music or game rewards.
- Travel: BNB can be used to book travel accommodations at sites like TravelbyBit, Trip.io, and Travala.com.
- Online Services: BNB can be used to pay for online services such as BitTorrent, Canva, and Storm.
- Staking and Governance: BNB holders can participate in staking and voting on the BNB Chain, which helps secure the network and allows users to earn rewards.
- Gas Fees: BNB is used to pay gas fees on the BNB Chain, with a portion of these fees being burned to reduce the total supply of BNB.
These uses highlight the versatility and utility of Binance Coin within the Binance ecosystem and beyond.
To store Binance Coin (BNB) tokens, you have several options:
Trust Wallet: A safe and popular choice for managing BNB tokens, supporting over 1 million crypto assets.
MyEtherWallet (MEW): As BNB runs on the Ethereum blockchain, MEW is a suitable option. You can transfer BNB from Binance to MEW and manage it securely.
Binance Chain Wallet: The official wallet for Binance, integrated with the Binance DEX, allowing you to store and manage your BNB and other coins. It also supports Ledger hardware wallets for added security.
Ledger Hardware Wallets: Ledger offers a range of hardware wallets, such as the Nano S Plus and Nano X, which provide offline storage and protection against malicious attacks. You can manage your BNB using the Ledger Live App.
Guarda Wallet: A multi-functional wallet that supports multiple devices, allowing you to store, send, and receive BNB tokens.
Remember to always follow security best practices, such as using strong passwords, keeping your private keys secure, and being cautious of phishing attacks.
To buy Binance Coin (BNB) tokens, follow these steps:
Choose a Reliable Platform:
- CEX.IO: A global crypto exchange with over 4 million users, supporting numerous fiat payment methods and over 80 cryptocurrencies. You can use Visa and Mastercard payment cards, international bank transfers, and online wallets like Skrill and AdvCash.
- MoonPay: Offers a fast and easy way to buy BNB with credit cards, supporting purchases in over 160 countries using local currencies. It also supports bank transfers, Apple Pay, and Google Pay.
- Binance: You can buy BNB directly on Binance.com by navigating to the "Buy BNB" page, selecting BNB and your preferred fiat currency, and choosing the "Card" payment method.
Set Up Your Account:
- CEX.IO: Create an account, verify your email, and ensure your bank card supports international transactions and currency conversions.
- MoonPay: Enter the amount you wish to purchase, provide your BNB wallet address, and verify your email and basic information.
- Binance: Create an account, verify your identity, and deposit funds using various payment methods.
Purchase BNB:
- CEX.IO: Use the Instant Buy service, selecting BNB and your preferred fiat currency. Enter the amount, and confirm the transaction using your bank card details.
- MoonPay: Enter the amount, select your payment method, and complete the purchase. Your BNB will be sent to your wallet.
- Binance: Navigate to the "Trade" page, select BNB and your preferred fiat currency, and place a buy order.
- Secure Your BNB:
- Transfer to a Hardware Wallet: Consider transferring your BNB to a hardware wallet like Ledger for secure storage and management.
Remember to always do your own research and consider the risks involved in purchasing cryptocurrencies.
