Ever since its ICO (Initial Coin Offering), Binance has shown maximum growth. As a result of this, the platform operational token Binance Coin (BNB) has appreciated too. So, for this reason, we’ve decided to show you how to buy Binance coins (BNB) yourself on this page.
Meanwhile, Binance coins (BNB) currently have a market cap of over $90 billion. While it is also among the leading crypto exchange platform in the world. Based in the Seychelles islands, the crypto mega-influencer Changpeng Zhao (CZ) owns Binance. Over the pond, Binance.us satisfies customers stateside with a limited suite of features appreciation to U.S. regulations.
Additionally, we’ve disclosed many things about Binance herein, including the Binance smart chain blockchain. Do take your time to learn them and also endeavor to learn how to buy Binance coins for yourself.
What Are Binance Coins?
The Binance token (BNB) is the native token of the Binance Smart Chain (BSC). We also refer to it as the unit of payment needed for on-chain activities such as using the Binance DEX or making transactions. Interestingly, the Binance platform discounts trading fees by 25% when paid in BNB.
Furthermore, the Binance Smart Chain (BSC) uses a proof of staked authority (PoSA) alliance mechanism. Whereas they select the top 21 users with the biggest amount of staked BNB every 24 hours to validate blocks onto the chain for 1 day.
More so, Binance token (BNB) has a total of 200 million tokens with the distribution as follows;
Meanwhile, to retain the BNB value and make it relatively deflationary, Binance intends to use 20% of the organization’s profit each quarter to purchase back BNB tokens. This will remain so until only 100 million BNB will remain on the market. It will then destroy the 100 million BNB they secured.
In the future, Binance will develop a decentralized exchange, where will would use BNB as one of the key assets, and as a gas fee.
Where Can I Buy Binance Coins?
Notwithstanding the popularity of Binance, not all exchanges make/list Binance Coin (BNB). Even popular exchanges like Gemini and Kraken don’t offer BNB trading.
Meanwhile, a plethora of Cryptocurrency exchanges enable users to buy and sell BNB with either fiat currency or other cryptocurrencies. A few among them include:
Furthermore, some investors search for trading pairs, where they pair cryptocurrency token like Binance Coin (BNB) with a stablecoin like Tether (USDT). So, exchanges that pair Binance Coin (BNB) and Tether include:
How To Buy Binance Coins
Time Needed : 10 minutes
The Binance coin has proven its worth as a valuable crypto asset. So, great coin to invest in. If you want to learn how to buy Binance coin (BNB) carefully follow the steps below.
Open an online account
One of the easiest places online you can buy Binance coins is in Binance. However, each geographical region has its respective requirements for registration and verifications.
Meanwhile, if you reside in the U.S. you will have to sign up for a Binance.us account and obey all the know your customer (KYC) standards. This standard serves all U.S. exchanges and thus, includes uploading your Social Security number, driver’s license, and some biometric information to verify your identity.
Buy a wallet (optional).
Once you’ve registered and verified your Binance account and probably before you buy your expected amount of BNB tokens, you’ll have to decide where you want to store them based on your aim of use.
However, if you frequently use Binance and transact in BNB frequently, then it makes sense to leave some of your position on your BNB exchange wallet. However, one best practice to exercise includes moving any large sums of money to a wallet where you manage the private key.
They exist several options of wallets where you can store your BNB. They include both software and hardware wallets.
Make your purchase.
Now that you’ve everything set up, you have to place a byy order in the Binance platform to buy your purchase BNB.
- PC or Phone/Tablet
What Can You Purchase With Binance Coins?
Binance Coin is one token with many uses. Beyond being used for paying transaction fees on the Binance exchange, you can also use BNB to do the myriads of tasks like the examples below;
Even more, some retailers and online merchants approve BNB as a payment method. Some of the companies that allows this includes; Travala, Zap Hosting, and more.
Frequently Asked Questions About How To Buy Binance Coin
Why buy Binance Coin?
They exist many reasons why you should buy BNB. Yes, some reasons are relative. But, since the launch of the Binance Smart Chain (BSC) in September 2020, the need for BNB has risen constantly. BNB serves as the “gas” for transactions and DeFi applications on the BSC. Thus, making it currently the second-largest DeFi platform behind Ethereum.
BNB has a 24-hour trading volume of more than $148.4 billion and has maintained its position as the #4 most valuable cryptocurrency with a market cap of over $22.9 trillion. The max supply of BNB tokens is 200 million BNB.
Can I buy BNB with credit card?
Yes you can buy Binance Coin (BNB) with Visa, Mastercsrd, and almost all kind If debit and credit cards in minutes.
Just ensure that your broker/crypto exchange permits it.
You can also buy Binance Coin (BNB) with bank transfers, Google pay, and Apple Pay.
What can Binance Coin be used for ?
We use BNB as both a store of value and a currency. People who invest in BNB also receive a discount of 25% on the Binance Exchange, which makes it very popular among traders. We also use BNB in Binance Smart Chain DeFi protocols such as staking nodes and yield aggregator vaults.
What is Binance Smart Chain?
Binance Smart Chain is a smart contract-facilitated blockchain network that utilizes BNB as its native token. Binance Smart Chain launched in 2020 helps to create a decentralized financial (DeFi) ecosystem that appears both developer-friendly and accessible to users.
Also, Binance Smart Chain (BSC) uses a hybrid consensus mechanism that deploys both delegated Proof-of-Stake (PoS) and Proof-of-Authority (PoA) to verify the blockchain network.
Finally, as Binance grows in popularity, Binance coin (BNB) appreciates it as well. Unlike most other utility tokens out there, BNB offers substantial value to Binance users in the form of saving on trading fees. So, even if you don’t see BNB has a coin with a bright future ahead of it, you will still find some value in it through the discounted fees it gives. Hence, if Binance certainly comes through with its plans for creating a decentralized exchange, BNB will see renewed interest and an additional rise in its value.
Therefore, ensure to learn how to buy Binance coins (today). However, BNB may seem popular but think carefully before investing your money in the token or any cryptocurrency. Cryptocurrencies are usually very volatile, with rapid price increases and decreases. Thus, set a budget of how much you want to invest, and only risk money you can afford to lose.