BNB, also known as Binance Coin, is the native cryptocurrency of the Binance exchange used in the Binance blockchain. Binance coin has been one of the most profitable cryptocurrencies in the past years. An investment of $1,000 in 2017 would have reached 4.5 million as of May 2021. So you do the math, how many other coins have seen such return over their lifetime. Now Binance coin is considered one of the five most valuable virtual assets in the cryptocurrency market. Read on to understand everything about this coin and start and new investment.
What is BNB?
Binance coin or BNB is the native token of the Binance blockchain and first was running on the Ethereum blockchain in 2017. Back then, for every ETH, you would receive 2700 Binance coins. BNB gets its reputation from the Binance exchange itself. Binance is the most popular cryptocurrency trading platform regarding daily trading volume in the world. Users in this platform use BNB to pay the trading fee.
Binance coin is considered a utility token, and holders can claim to reduce trading fees. Years after years, Binance launched different blockchain networks as well. Binance Chain and Binance smart chain are two other blockchains that serve the same purpose. Therefore, there are three different versions of the Binance coin in the market.
You should know the difference as a trader because you don’t want to lose your tokens between transfers.
The use cases of the Binance coin
Suppose you’re interested in buying Binance coins from cryptocurrency trading platforms such as Bitunivex. In that case, you should know that it has different use cases. We all know that traders can use this cryptocurrency to pay the trading fee on the Binance exchange and receive a discount for using the native token of the Binance blockchain. But it’s not the end of the story; you can trade it for other cryptocurrencies on online exchanges.
Besides, it can also be used as a form of payment for crypto credit cards, and merchants can add BNB as a means of payment for customers. So it is possible to book hotels and flights on specific websites using Binance coin too.
How to Mine Binance coin?
Suppose you have been trading bitcoin for quite some time. In that case, the Bitcoin approach was to gradually increase the number of coins using the mining process to reward members for validating bitcoin transactions. But Binance coin doesn’t need to be minded. During the first initial coin offering, the entire supply of 200 million coins was issued.
In this process, there is a new concept for traders called ” burning. ” Burning means the network will systematically burn or destroy Binance coins, and participants cannot recover them. The system eliminates Binance coins every four months until the supply is 100 million. To put it simply, the process of burning avoids the risk of inflammation in the network. In this process, tokens will be taken out of circulation.
How does burning work?
First, a cryptocurrency holder will call for a burning function. Then a smart contract verifies that the person who has called for the burning process has the coins in their wallet, and the request is valid. After approving the request, the coins will be subtracted and destroyed permanently.
How to invest in BNB?
Binance coin is not available on any exchanges; you can find it on the Bitunivex platform. It is possible to trade Binance coins in Bitunivex for various currencies such as Bitcoin and Tether (USDT).
Bitunivex is the most reliable and famous crypto trading platform in Australia. It will provide you with wallet services, and you need a wallet for investing in Binance coin. So you can hold your cryptocurrencies directly on the Bitunivex wallets. However, you are responsible for keeping keys and passwords secure. The choice is yours, and there are various wallets to offer.
Benefits of BNB
Here we are going to talk about some of the benefits associated with the Binance coin.
One of the most important benefits of using this cryptocurrency is the discount it offers to the holders. Binance users can use Binance Coin to pay for transaction fees. By doing so, they will get a 25% discount on a spot and Martin market and a 10% discount on future trading. If you are familiar with the concept of staking, you should know that there is a staking reward waiting for Binance coin holders. Now you can use BSC to stake your coins to secure the blockchain and earn rewards in Binance coin tokens.
Take your chance with BNB
The fast-growing market of cryptocurrency creates opportunities that have never existed before. Today winning in a trade is not limited to Bitcoin and Ethereum. One of the best cryptocurrencies on the market to invest in is the Binance coin.
It provides you with many benefits; for example, you will enjoy a discount on transaction fees. At the same time, you can hold on to a cryptocurrency that is among the most profitable cryptocurrencies on the market. Now, if I have your attention, don’t lose time.
In 2017 Binance coin was 15 cents; today, the growth it has experienced is more significant than any other cryptocurrencies.
So are you looking to have a profitable investment in Australia or any other country? First, you need to open an account in a reliable crypto platform exchange such as Bitunivex. In the next step, we will offer you popular wallets to keep your assets safe and secure. Have you ever thought about investing in Binance coin? You still have time to do so. Open your free account today and enjoy trading.