Binance Coin appeared with the goal of being an intermediary. It helps the transaction between 2 other coins go smoothly with a lower fee than elsewhere. Binance is founded in 2017. These days, Binance already has over 200 million registered users and an average daily trading volume for billions of dollars worth of crypto assets traded each day.
What is Binance Coin?
Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.
Binance was founded by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency.
In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.
In February 2022, Binance donated $10 million for humanitarian needs in Ukraine amid 2022 Russian invasion of Ukraine.
Alt: BNB
How does Binance Coin 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, BNB works in tandem with two specific blockchains — Binance Chain and Binance Smart Chain (BSC). BSC is a separate blockchain built in addition to Binance Chain, running parallel to BC and carrying different features such as smart contract capability.
When constructing BC, Binance tailored the blockchain for optimal performance when it came to trading on-chain, basing Binance DEX, Binance’s decentralized exchange (DEX), on BC. However, BC is limited in terms of the blockchain’s potential for developers to build solutions on it. BEP-2 tokens are assets constructed on the Binance Chain.
Adding further capabilities to its ecosystem, Binance went on to launch Binance Smart Chain in 2020, giving developers more functionality when building their blockchain projects on BSC versus BC. BEP-20 tokens are assets made on Binance Smart Chain.
BSC hosts smart contract functionality, for example, while BC does not. Binance Smart Chain is a separate blockchain from Binance Chain, but both chains operate parallel to each other. BSC is also able to work with the Ethereum Virtual Machine (EVM).
Interacting with either blockchain (BSC or BC) requires payment for network fees in BNB.
How to buy BNB?
How to buy BNB using Coin98 Exchange
You can use Coin98 Exchange to swap other tokens for BNB following these simple steps with: https://exchange.coin98.com/
Step 1: Connect Coin98 Extension Wallet.
Step 2: Select PancakeSwap
And step 3: Choose coin/token for trading:
- Search BNB.
- If the search does not come up, you can paste the contract of BNB into the search box: 0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c
Step 4: Adjust the amount you want to swap.
Step 5: Adjust the gas fee, then click Approve.
Alternatively, you can apply the same steps for Coin98 Wallet to buy or swap BNB.
There are also other options to buy, swap or earn tokens:
- DEX: Uniswap, Pancakeswap, Sushiswap…
- CEX: Binance, Huobi, OKEX…
- Referral Program: Binance rewards its users when they invite friends to join the Binance community.
- Earning in-game rewards: Another way to earn Binance tokens is by playing games and earning bonuses from platforms such as VIBEHub.
Alt: Coin98 exchange
How to store BNB token on Coin98 wallet
You can store BNB token on Coin98 Wallet with these below steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search BNB Token.
And step 3: Click on the correct result, copy the wallet address and send BNB to this address.
What is Binance Coin used for?
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.
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