Binance Coin (BNB) – Binary.com review

binance coin

Binance coin is a token created by the developers of one of the largest exchanges in terms of volume in the world – Binance. Binance coin is a token in ERC20 format. However, over time, it will become an independent cryptocurrency with its own blockchain, which will definitely allow it to develop stronger and become more independent.

Binance coin is a utility token that allows users to pay a lower fee when trading on the Binance exchange. By using Binance coin, we get the following discounts on trading fees:

In the first year, 50%,

In the second year, 25%,

In the third year, 12.5%,

In the fourth year, 6.75%,

In the fifth year and still no discount,

After switching to its own blockchain, Binance coin will be used to pay for emerging ICOs on its blockchain. In addition, exchange users will use it to express their opinion (in the form of a vote) during, for example, listing new cryptocurrencies on the Binance exchange.

Usage of the Binance Coin (BNB)

binance coin binary.com review

Binance Coin (BNB) was created as a utility token. Users could use it to pay transaction fees on the Binance exchange and receive a 50% discount in return. This was the case in 2017. However, its use has since expanded to many other applications. Among the uses of the Binance Coin (BNB) cryptocurrency, we can mention:

It is used to pay for the transaction fees on Binance.com, Binance DEX, and Binance Chain / Binance Smart Chain.

It can also be used for payments (at places like Crypto.com, Monetha, and HTC); for booking accommodation (on sites such as TravelbyBit, Trip.io and Travala.com); entertainment purposes (virtual gifts, lotteries); to pay for online services (BitTorrent, Canva, Storm); and even for financial purposes (borrowing with ETHLend or investing in Moeda). Binance Coin can also be used to invest in some ICOs that are listed under the Binance Launchpad incubator.

The token has gained support from many partners. This helped him popularize its use. An example is the partnership with the Asian video streaming platform Uplive. Uplive sells virtual gifts for BNB tokens to its user base of 20 million people. Binance Coin can also be used as a payment method with Binance Card – a debit card issued in partnership with Swipe.

Where to store the BNB cryptocurrency?

Before choosing a BNB wallet, it is worth mentioning that this token was originally built in the ERC-20 standard. This means it could be stored in any Ethereum compatible wallet. However, with the transition to the native blockchain, BNB has evolved into the BEP2 standard. That is why it is best to keep BNB in a wallet that supports this type of tokens.

As with any cryptocurrency, your choice of wallet will depend on how much you invest and how you intend to spend your funds. If you intend to invest a larger amount and expect a profit in the long term, a hardware wallet will be the best choice. The best hardware wallet for storing Binance Coin cryptocurrency is Binary which is also the broker. Read more about it on binary.com review.

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