How to buy Binance Coin (BNB) — A Beginner’s Guide

How to Buy Binance Coin Summary

  1. Get a Binance coin wallet (Ledger, Exodus).
  2. Locate your BNB address.
  3. Sign up to Binance.
  4. Buy BNB with another crypto or a credit card.
  5. Withdraw your coins (or leave them on Binance if you plan on using them)
  1. What is Binance Coin?
  1. Buying Binance Coin in 3 Steps
  1. Conclusion

1.What is Binance Coin?

  • Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
  • BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
  • Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or “burn,” Binance coins held in its treasury.
  • Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.

What is Binance Coin Used For?

  • 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.

2. How to buy Binance Coin?

Step 1: Get a Binance Coin wallet

Step 2: Find a BNB exchange

Step 3: Withdrawing your BNB coins

3. Conclusion

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