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What isBinance Coin?
Binance Coin (BNB) is the cryptocurrency coin that powers the Binance ecosystem. As one of the world’s most popular utility tokens, not only can you buy or sell BNB like any other cryptocurrency, but BNB comes with a wide range of applications and benefits.
Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.
Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
BNB began as an asset sold in Binance’s initial coin offering (ICO), becoming a way Binance exchange users could pay less trading fees on the platform once the exchange launched. Since then, BNB has retained a role in Binance’s growing ecosystem as Binance has expanded into more than a digital asset exchange.
What does Binance Coin do?
Just like other evolving cryptocurrencies, the Binance Coin offers several uses that go beyond the Binance exchange, such as
Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so.
Credit card payments: BNB can be the form of payment for crypto credit card bills on Crypto.com.
Payment processing: Merchants can offer BNB as a means of payment for customers, offering more flexibility in payment methods.
Booking travel arrangements: BNB can be used to book hotels and flights on select websites.
Entertainment: From paying for virtual gifts to buying lottery tickets, BNB serves several purposes in the entertainment space.
Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.
Loans and transfers: BNB can be used as collateral for loans on certain platforms. Also, there are apps that allow users to split bills and pay friends and family through Binance Coin.
How to buyBinance Coin?
BNB can be purchased at crypto exchanges such as Binance, Bithumb, KuCoin, and FTX. But, as BNB is the native asset of the Binance exchange, several competitors have not listed the coin on their platforms. Coinbase, Huobi, Bitfinex, Bitstamp, and Kraken, among others, don’t offer BNB trading.
As Binance Coin is also the native blockchain asset of the Binance Chain and Binance Smart Chain (BSC), decentralized exchanges (DEX) like PancakeSwap and BakerySwap running on the BSC offer BNB swaps to other BSC-based tokens. Solely Ethereum-based DEXs like Uniswap don’t support BNB swaps on their protocols, as BNB is an asset that is foreign to Ethereum’s blockchain. Other DEXs such as SushiSwap and 1inch, which previously were Ethereum-only services, have switched to a multi-chain approach. They now offer their services on the Binance Smart Chain as well and allow for BNB swaps as long as users are connected to the protocol with a Binance Smart Chain wallet.