Binance Coin: The Next Big Thing In Cryptocurrency? What To Know

Binance Coin: The Next Big Thing In Cryptocurrency? What To Know

Ever since bitcoin was first introduced back in 2009, cryptocurrency has taken the world by storm. When it was released, it stood at 0 USD. However, its value skyrocketed very quickly and it soon became an extremely valuable asset. Investors from around the globe started seeing the potential in bitcoin and decided to take the chance with it. 

On one hand, bitcoin was receiving great attention, while on the other hand, other forms of cryptos also started seeing great attention. Speculators started using platforms such as Cryptocurrency to invest in these cryptos as well. 

Amongst these emerging cryptos, one of the most popular ones was Binance Coin (BNB). Binance Coin (BNB) has been one of the hottest topics in cryptocurrency since it launched in 2017. Cryptocurrency investors are drooling over the potential returns from this coin, but how do you buy Binance Coin? 

What will BNB be worth in the future? What should you keep in mind when trading BNB? If you’ve asked yourself any of these questions, you’re in the right place! In this beginner’s guide to Binance Coin, we cover everything from how to use it to its potential upsides and downsides.

What is Binance Coin (BNB)?

Binance Coin (BNB) is a cryptocurrency that is a favorite among investors. It was introduced by Binance Exchange and is known in the market by the BNB symbol.  

When BNB was first released in the market, 100 million of these tokens were presented to the ICO. However, this stock has now lowered significantly. The Binance exchange uses a significant amount of its profit to buy back and ultimately permanently destroy its coins, which is known as the ‘burning’ process. 

What are the uses of Binance coins?

In the year 2017, Binance was introduced with a very specific purpose, to save trading fees. However, since then, it has expanded into various domains and has acquired more uses than its initial purpose. 

  • BNB can be used to pay the fees incurred on transactions on various online platforms.
  • It can be used to pay the bills for travelling and lodging on online platforms.  
  • Binance Coins are also used for virtual gifts, lotteries and other such items. 
  • It can be used to pay on platforms such as BitTorrent, Canva and Storm.
  • It can also be used for other financial purposes such as withdrawing a loan or making other investments. This is not widespread use and is still restricted to only some platforms.
  • It can also be used to invest in other ICOs which have been listed under the Binance Launchpad program. The list of cryptos on its exchange gives a smooth and hassle-free experience while exchanging a range of different tokens.  

What does converting to BNB mean?

Converting to BNB refers to converting the dust that you have accumulated into Binance Coins. In the cryptocurrency world, dust is a more technical term. This dust refers to the insignificant amounts of crypto that you have accumulated. These amounts are usually so small that they can easily be ignored since they hardly carry any value at all.

This is an extremely beneficial feature of Binance since it allows us to make use of the small crypto that we get a hold of and do not have any use for. This way, all our money is put to use and can garner some returns in the future. By converting, your money can rightfully act as an asset instead of a liability. 

What is the Binance market?

The Binance market is where all the exchanges of Binance Coin occur. This is where BNB tokens are exchanged. Just like most cryptos, the major exchange of Binance occurs on a secondary market. 

Is a Binance Coin legal in the US?

The short answer is ”Yes”, Binance Coin is still considered legal in the United States. However, recently, back in May 2021, it was reported that the legalities of Binance have been taken into consideration. As of now, there is no problem with dealing in Binance within the US.

Conclusion

Binance is an extremely popular and sought-after cryptocurrency that more and more investors have been paying attention to recently. The Binance market is where you can exchange BNB, which is the symbol of the Binance coin. Although the uses for Binance were limited in the initial days, they have expanded quite well now. Thus, Binance Coin is considered a good investment option. 

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