NERDBOT
    Facebook Twitter Instagram YouTube
    Subscribe
    NERDBOT
    • News
      • Reviews
    • Movies & TV
    • Comics
    • Gaming
    • Collectibles
    • Science & Tech
    • Nerd Culture
    • About Us
      • Want to Write for Nerdbot?
    NERDBOT
    Home»Nerd Voices»NV Finance»Binance Coin: The Sleepy Giant of the Crypto World
    Unsplash
    NV Finance

    Binance Coin: The Sleepy Giant of the Crypto World

    Nerd VoicesBy Nerd VoicesDecember 14, 2022Updated:December 14, 20224 Mins Read
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email

    When it comes to the world of cryptocurrency, there are thousands of coins that have flooded the market in recent months and years. One particularly promising one among these cryptocurrencies is Binance Coin, which has seen its value skyrocket along with the soaring popularity of the coin’s associated trading platform. For more detail: https://www.bitcoin-buyer.app/

    But what exactly makes this coin so special? Why do people keep referring to it as the sleeping giant of the cryptocurrency world? And how can you benefit from owning this unique virtual currency? These answers and more await in our comprehensive look at Binance Coin!

    What Is Binance Coin (BNB)? A Brief Overview

    BNB is the native token of one of the world’s fastest-growing and most popular cryptocurrency exchanges, Binance. BNB was developed to provide traders and investors with a means to reduce their trading fees on Bincance’s platform. For example, if you buy 10,000 worth of BTC or ETH on Binance for USDT (Tether), you would pay 0.1% in fees. 

    But if you use Bitcoin as your trading pair, you would only pay 0.05%. This incentivizes traders looking to make quick trades on an exchange to use BNB instead of USDT as their base currency because they will save money in fees.

    How does Binance Coin (BNB) Work?

    Binance coin is an ERC-20 token on the Ethereum blockchain. Similar to other cryptocurrencies, it has a finite supply and can be used as a digital currency or a means of exchange. However, BNB is unique because it gives its owners several advantages and incentives not present in other tokens. 

    For one thing, if you use BNB to pay your trading fees on Binance, you get discounted rates–there’s an 80% discount for every trading fee paid with BNB. Secondly, holding enough BNB will allow you to obtain exclusive benefits such as quarterly snapshots of the company’s profits and voting rights for new coin listings.

    How to Buy it and Store Binance Coin (BNB)?

    The exchange’s proprietary BNB token, built on Ethereum ERC20 standards, provides myriad benefits. The token is currently up over 70% since May and is traded against BTC, ETH, and USDT markets. There are two ways to buy BNB tokens: purchase them on one of the major exchanges with BNB pairs or use the ‘BNB Relay’ feature on Binance exchange.

    If you choose to purchase from a trading platform other than Binance then make sure you move your coins off once purchased to avoid hacking risks with third-party services! As for storing your coins – all you need is a private key for either storage option.

    Use Cases of Binance Coin (BNB)- Points To Note

    BNB is a utility token with a host of use cases on the Binance exchange, including fee reduction, account management and trading. 

    Exchange coins have been successful in other markets before Binance. For example, Kucoin offers KCS tokens that can be used to buy discounted trading fees, as well as receive dividends from their daily trade volume. 

    In addition to benefitting traders on its platform, BNB allows them to convert their crypto back into fiat currency at competitive rates – even if they don’t want to withdraw their money from the exchange.

    Profit from Binance Coin (BNB) as an Investment

    Binance coin is a cryptocurrency that, like bitcoin, has surged in value. But unlike bitcoin, it’s not just for trading. It’s also used to pay for things on Binance, which could make it more useful and valuable than other cryptocurrencies.

    Although BNB is traded like a digital currency, it’s not intended to be used as such. That makes it an unusual bird in a world where most cryptocurrencies are created with one purpose: to facilitate trade between other cryptocurrencies (such as bitcoin) or fiat currencies (such as USD). Instead, Binance Coin was created specifically for use on Binance.

    Conclusion

    Binance has stated that it plans to create more offices worldwide and apply for licences in each country where it functions in response to heightened regulatory scrutiny. Anyone with the help of Immediate Connect, can trade Binance. Besides expanding its personnel and compliance skills, Binance is also phasing out or limiting the number of high-risk items.

    Author

    Nerd Voices
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous ArticleWhy Incorporate Crypto Into Your Investment Portfolio? Points To Note
    Next Article Decrypting Bitcoin Mining: How It Works- Here’s What You Should Know
    Nerd Voices

    Here at Nerdbot we are always looking for fresh takes on anything people love with a focus on television, comics, movies, animation, video games and more. If you feel passionate about something or love to be the person to get the word of nerd out to the public, we want to hear from you! Visit the "Write For Nerdbot" Tab Above to learn more!

    Related Posts

    Is there a way to avoid casino verification?

    January 27, 2023

    Top 8 Bitcoin Wallets That Guarantee Anonymity

    January 27, 2023

    Here Are 10 Things to Look For While Hiring a Nursing Assistant

    January 27, 2023

    Basics of software development for beginners: what do you need to know to start your first project?

    January 27, 2023

    Where to Find the Best New Online Casinos in Canada

    January 27, 2023

    Top 19 Services To Buy YouTube Views

    January 27, 2023
    • Trending
    • Latest
    • Movies
    • TV

    Christian Activist Suing The NFL For $867 Trillion Over Half-Time Show

    February 5, 2020

    Marvel Eyeing GOT Star Nathalie Emmanuel To Play The MCU’s Storm

    June 27, 2019

    Rumor: Charlie Hunnam In Talks For New Wolverine Movie

    May 20, 2019

    Scientists Are Actually Trying to Open a Portal to a Mirror Universe(Yes Really)

    December 28, 2019

    J.Lo’s “Shotgun Wedding” is an “I Don’t” [Review]

    January 27, 2023

    Tobey Maguire Would LOVE to Do 5th “Spider-Man”

    January 27, 2023

    Jay Leno Suffers Another Accident- Multiple Broken Bones

    January 27, 2023
    "Children of the Corn"

    “Children Of The Corn” Remake Finally Gets Release Date

    January 27, 2023

    J.Lo’s “Shotgun Wedding” is an “I Don’t” [Review]

    January 27, 2023

    Tobey Maguire Would LOVE to Do 5th “Spider-Man”

    January 27, 2023
    "Children of the Corn"

    “Children Of The Corn” Remake Finally Gets Release Date

    January 27, 2023

    Ayo Edebiri Joins Marvel Studios’ “Thunderbolts” in Mystery Role

    January 26, 2023
    "Jay Leno's Garage"

    Jay Leno’s 30-Year NBC Run Comes to an End

    January 27, 2023

    Phoebe Waller-Bridge Writing Amazon’s “Tomb Raider” Series

    January 27, 2023

    “Frasier” Revival Reveals Son of Niles and Daphne

    January 27, 2023

    HBO Orders Season 2 of “The Last of Us”

    January 27, 2023
    Related Posts

    None found

    San Diego Comic-Con
      • auction
      • carnivorous plant
      • dinosaur
      • pennyworth
      • San Diego Comic-Con
    NERDBOT
    Facebook Twitter Instagram YouTube
    © 2023 NERDBOT Media

    Type above and press Enter to search. Press Esc to cancel.