Binance Coin, also commonly known as BNB, made headlines in 2021 for its incredible growth on the cryptocurrency market. BNB is the native coin of well-known and widely used Binance exchange, which is one of the world’s most popular cryptocurrency exchange platforms. Exchanges have become commonplace, but not all of them have their own in-house coin that has become such a hot commodity among investors. The BNB cryptocurrency is an exception to this and has become among the best ways of trading within the Binance exchange. Especially when we consider the lower fees attached to BNB when compared to many of the other cryptocurrencies that are available on the market.
BNB has continued to expand within the Binance exchange and ecosystem, and has since gained enormous value, making it a highly sought-after coin. Like many other in-house coins, the idea behind BNB is to give buyers and sellers access to a low-cost native coin. Today, BNB is among the most popular around, and more buyers than ever before are flocking to the Binance exchange ecosystem to be a part of the promising future of BNB.
As one of the world’s leading coins, BNB should be on the radar of every investor, regardless of how deep their pockets are. If you’re interested and have found every other how to buy BNB article lacking, consider this a comprehensive, all-you-need-to-know cryptocurrency guide suitable both those new to the crypto world as well as experienced investors that have been doing it for years.
An important part of making the most use of BNB is by first understanding its history. But it’s a history that’s almost impossible to tell without knowing the context in which the coin was created. The Binance exchange is arguably the world’s most well-known cryptocurrency exchange platform, and much like other exchanges, releasing their own coin was considered a smart move. Binance coin was first released during the month of July in 2017 and was done so with an ICO. The first BNB tokens were then dispersed throughout the participants of the program, which also included the founding team of Binance.
100 million BNB tokens were made available to purchase when the ICO was announced to the public, and the tokens were sold for 15 cents apiece. It didn’t take long for Binance to raise the $15 million they needed in both Ethereum and Bitcoin from the ICO. Around 35% of the money that the company earned was then reinvested into the platform itself, while almost half of the rest of the money was used for branding, marketing, and for bringing in new investors. The rest of the cash generated was put into a reserve for emergency usage.
BNB was initially built on top of the Ethereum blockchain, but would release their native blockchain in 2019, which they called Binance Chain. The release of the blockchain also allowed BNB coins to enter the market, and holders of the original BNB tokens were able to swap them out for the new coins through a token swap.
BNB is just like any other crypto asset. It falls and rises in value as it’s being traded around, and most people will keep their BNB coins secured safely in a wallet. These wallets can then be used to send the coin to other users or service providers, which is becoming a more common way of making a payment. On top of that, more and more services and shops are now accepting direct cryptocurrency transfers, meaning that a coin can be used to buy a VPN service for a year, as an example.
BNB is also one of the most performant tokens available on the market at the moment. Binance ensured that the blockchain technology that BNB relies on is extremely fast and reliable, especially when it comes to on-chain trading. The transactions are powered by a gas token that’s known as Build and Build, which is the basis of the acronym of BNB that most traders are familiar with.
Among the many reasons that cryptocurrencies have become so popular in recent years is the sheer flexibility that they offer. They aren’t just a currency, they are a tool for trading, for making exchanges, for purchasing goods and services, and so much more. And BNB is no exception to this. In fact, the BNB cryptocurrency is one of the more versatile available.
These are some of the use cases that a BNB holder can expect from the coin:
Thanks to the popularity of BNB, it’s extremely easy to find and buy. It’s available to anyone that has a Binance US or regular, international Binance account. Binance US is a Binance affiliate that is regulated by FinCEN, which is the US Financial Crimes Enforcement network. While there are a lot of different platforms where BNB can be bought, most people recommend sticking to the main Binance exchange, especially for investors still learning the ropes.
There are, however, some ways of getting a hold of Binance coins outside of the primary exchange for those that don’t want to create their own Binance account. Two of the more well-known and widely used exchanges that support the purchasing and trading of BNB include Trust Wallet, and gate.io. Trust Wallet is an independent subsidiary of Binance, and only works on mobile operating systems. Gate.io is a competitor of Binance, although they have an otherwise cordial relationship with Binance, proven by the fact that they offer BNB.
Now that we’ve covered the different ways that BNB can be used and where to find it, let’s explore the available options for buying it and putting the tokens into a wallet. The easiest and most efficient method of acquiring BNB tokens is by buying them on the main Binance exchange platform. This is by far the most popular way that investors get their hands on BNB coins, and the one that comes as recommended for people new to the cryptocurrency sphere.
These are the best ways of buying BNB:
Most people are likely to use either a debit or credit card to make purchases. And while this is probably the most comfortable way to buy BNB coins, it’s worth keeping in mind that there are also some heavy fees to using a card.
Transaction fees can go up to 10% of the total cost of the purchasing transaction in some cases, making it the most expensive way to buy BNB. But for those that aren’t particularly interested in starting up separate accounts or using 3rd party payment methods, using a card is perfectly acceptable.
Without further ado, let’s take a look at the steps that a new investor will typically need to go through in order to buy BNB and transfer it over to a crypto wallet of some kind. Consider keeping this cryptocurrency guide bookmarked for an easy-to-understand how to buy BNB guide for quick reference.
Step one is not much more than creating a new account. In most cases, this means creating an account with the Binance exchange platform. This can be done by visiting the home page of Binance and then following the sign-up process. Along with adding the necessary information and financial credentials, it will also be necessary to verify personal identities as needed. Those that already own an account with Binance only need to log in using their username and password, along with the necessary two-factor authentication data. Two-factor authentication is highly recommended as it adds an important layer of security to an account, stopping any would-be attackers in their tracks even if they do manage to guess the username and password correctly.
Once the necessary information has been added and a new account has been successfully created, the user is advised to look around the site and become comfortable with it. There are lots of different options available, but the one that most people will want to be concerned with is the purchasing tab, which is where the various payment options will be. Clicking on the “Debit/Credit Card” option will then take the user to a page where they need to add their card details.
Before the transaction can be made, it’s important to choose the right cryptocurrency to buy – in this case, BNB. This is also where the buyer can choose how much BNB they would like to purchase, as well as the currency they will be using to complete the purchase. It’s also possible to make this purchase a recurrent event, meaning that a certain amount of the BNB cryptocurrency will be bought within specific time frames. These time frames can be:
• Once a day
• Once a week
• Once a month
Recurring purchases are best suited for those that have an understanding of how they work, which is closely tied in with the values of various cryptocurrencies on the market at any given time.
Once all the relevant options have been chosen, the next step will be to make the payment in order for the BNB to be transferred. This is the point where the investor will need to add the necessary details, such as the information on their debit or credit card.
After everything has been filled in, the correct options and amounts have been chosen, and a default payment method has been selected, now it’s time to confirm the transaction.
Once clicked, Binance will automatically ask for multi-factor authentication confirmation, which would have been set up during the account creation process. Having a Binance account means that all the relevant information will be stored on the account for all future transactions, making it easy to do it again as many times as needed.
Anyone who uses their smartphone for more than just texting or watching videos will know that Android and iOS are powerful platforms for investing in cryptocurrencies and watching the markets. Trust Wallet is a popular crypto digital wallet application that’s only available on mobile devices. It’s one of the easiest methods around of purchasing BNB, especially considering that it can be done through the convenience of a smartphone. All that’s needed is the Trust Wallet app, which can be downloaded for free from either the Play Store or the App Store, depending on the mobile operating system being used.
It should be kept in mind that using Trust Wallet means signing up for 3rd-party services and potentially giving them access to personal details, like financial information. Make sure to use strong passwords for all accounts created and to use two-factor authentication wherever it’s available.
Storing coins is another vital part of the equation. Thankfully, BNB is an exceptionally versatile crypto, and can be moved around to different kinds of wallets with ease. Most people prefer to keep their BNB stored with the Binance exchange, meaning that it’s always accessible. Others might prefer a third-party wallet application or service, but always ensure that it’s safe to use.
BNB is a powerful and flexible coin that most investors should consider adding to their portfolio. Remember to double check all terms and conditions before signing up, make sure that all details are correct before confirming, and always use well-known and reliable exchanges and wallets. As cryptocurrencies continue to grow around the world both in popularity and value, the best time to invest is right now, and there are few better investments than BNB.
Binance coin went live in July 2017.
100 million BNB tokens were made available to purchase for 15 cents apiece.
BNB initially used the Ethereum blockchain, but released its own native blockchain in 2019, called Binance Chain.
It’s the acronym for Build and Build.
