Binance Coin is a crypto coin called BNB created by the Binance exchange. BNB has a limited supply of 200 million BNB tokens and is the company’s own blockchain-based coin. Binance Smart Chain became one of the best-performing networks in 2021, with rapidly expanding ecosystems and enormous development potential.
It’s one of the most valuable digital currencies globally, based on market capitalization. BNB has now been a popular alternative for crypto asset investors, as the Binance exchange backs it. In this detailed guide, you’ll go through how to get Binance Coin on trading exchanges.
Basics You Need to Know about Binance Coin
Binance, an exchange company, created its coin, BNB, in 2017 as an ERC-20 token on Ethereum and accomplished an ICO to generate cash (ICO). The firm provided angel investors 10% of the stock, the founding team 40% of the stock, and the rest to the public. Now, BNB is the native currency of Binance’s own blockchain. This currency operates as a Binance utility token. That’s why it allows users to pay for transactions and trading fees at a lesser rate than other tokens.
Do you want to start with cryptocurrency, but don’t know where to buy it? You have numerous options to get Binance Coin and swap it for another coin. Instant exchange functions as a middleman between crypto exchanges and clients, making it quick and straightforward to swap cryptos.
The crypto trading pair BNB/ONE is no exception! LetsExchange is a platform that allows you to convert your BNB into ONE in just a few clicks. Take advantage of the better prices on these crypto-assets on LetsExchange for quick operations.
You’re probably used to using coins just to trade. In fact, as one of the growing cryptos, this one provides various opportunities outside trading, including:
- Binance exchange transaction fees. You can use this to pay for Binance Exchange transactions, and users receive a discount.
- Payment processing. Sellers can accept the coin as a form of payment for their consumers, providing better choices in payment options.
- Booking travel arrangements. On certain websites, this one may be used to book hotels and flights.
- Entertainment. From purchasing virtual presents to buying lottery tickets, BNB fulfills various functions in the entertainment arena.
- Investing. Several platforms let users use this crypto to invest in stocks, ETFs, and other assets.
- Loans and transfers. On specific platforms, the coin may be used as collateral for loans. Some apps enable users to share expenditures and pay friends and family with this coin.
Eventually, the BNB currency is supposed to improve the efficiency of the Binance exchange and its ecosystem. It supports a variety of utilities on the exchange, including trading costs, exchange fees, listing fees, and any other expenses. The Binance currencies have received backing from various collaborations, which has aided in expanding their usage.
Is It a Good Idea to Buy BNB?
All in all, the history of BNB coins is all about extraordinary growth, both in price and utility. If the Binance ecosystem continues to grow, offering BNB tokens new use cases, the cost of these tokens should rise. That’s why many traders start to buy and swap one crypto for a BNB coin. With LetsExchange, you can likewise exchange MATIC to BNB fast.
After all, this coin provides numerous advantages. Not only it’s the token for a prominent cryptocurrency exchange, but it’s also crypto. Thus, it’s the foundation for various apps and additional cryptocurrencies. That means it faces competition from all directions, from competing for smart contract cryptos to cryptocurrency exchanges. As a result, in the medium to long term, Binance Coin remains a good investment.
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