Binance Coin (BNB)?
A decentralized cryptocurrency exchange, a peer-to-peer cryptocurrency trading infrastructure, plus two parallel blockchains, known as Binance Smart Chain (BSC) or Binance Chain, have all been introduced by Binance. Binance claims that its cryptocurrency exchange is the biggest in the globe as measured by the number of transactions that take place there.
The cryptocurrency known as Binance Coin serves as the fuel that drives the whole Binance community. BNB was established in 2017 with an original coin offering, often known as an ICO, of 100 million coins for 15 cents per token. The launching took place first on the Ethereum network. Coin burning is one of the defining characteristics of Binance Coin. During three months, Binance takes twenty percent of its quarterly revenues & spends that money to purchase back or destroy Binance Coins. This takes the coins out of existence & destroys them for good.
This procedure will continue to be carried out every quarter until 100 million Binance Coins, or about half of the total supply, have been destroyed by Binance. The goal of this method is to reduce the overall quantity of BNB while simultaneously increasing its value. Owners of Binance Coin may use the coins to earn savings on the cost of the transactions required to trade cryptocurrencies on the Binance marketplace. Additionally, it may be exchanged for those various cryptocurrencies, including Bitcoin, Dogecoin, or Litecoin, via a trading platform.
We have already touched on a few of the primary applications for Binance Coin, such as its Smart Chain system, a decrease in exchange fees, as well as the payment of products or activities.
Having said, the Binance community is by far the biggest in the cryptocurrency sector; the platform is always expanding into other sectors, which is why Binance is the market leader.
Binance, for instance, now allows users to open cryptocurrency storage accounts, into which they may put virtual coins as well as earn money on those coins. After that, you will be issued a Binance debit card, enabling you to transfer your cryptocurrency reserves at ATMs, online, or in physical stores.
The fact that BNB, in a certain capacity or another, is central to the Binance environment is, once afterward, one of the factors that contribute to the token’s ongoing real-world worth.
When Should You Purchase Binance Coins?
There is no point in attempting to time the marketplace if you are fresh to bitcoin trading. Just like with purchasing Bitcoin, it is preferable to purchase Binance Coin in small or consistent sums.
Having that said, certain market analysts would advise ‘buying the dip,’ which involves purchasing Binance Coin whenever its value falls from a prior high.
- As an instance, we previously said that Binance Coin will reach a peak of $690 in 2021.
- Ever since the crypto coin has fallen to as low as $350.
- In layman’s words, this implies that by purchasing BNB for $350 instead of $690, you are saving more than 50%.
- This is critical since the lower entrance fee is available although the foundations of BNB have not altered.
One option to avoid having to time the market is to purchase a definite quantity of Binance Coins at the end of every month.
This approach, described as dollar-cost averaged, enables you to acquire Binance Coin over time and avoid giving concern to brief market movements.
How to Purchase Binance Coin
If you want to know how to purchase Binance Coins straight now, the step-by-step guide will explain to you how to do so using eToro.
As previously stated, the eToro allows you to acquire BNB for as little as $10 or at very low costs.
1. The first step is to register for an account with Binance Crypto
Start the procedure of registering an account by going to the Binance website or using the eToro app. This often does not take over a couple of minutes to complete from beginning to end. You will be required to submit some fundamental data regarding yourselves, including your identity, location at residence, as well as social security numbers.
2. The second step is to upload the ID
eToro will require you to confirm your identity to protect your account as you are utilizing an FCA-regulated trading site. By submitting a picture of your passports, you will be able to do this immediately. In addition, a complete driver’s license is acceptable.
Under the condition that you are not purchasing upwards of $2119 value of Binance Coin, you are free to bypass this stage & return to it at a later time if you so desire.
3. The third step is to Submit the Payments
Your freshly opened eToro account will accept deposits of any size, starting at $10 and going up from there. eToro allows users to make deposits and withdrawals using a wide variety of accepted payment options, including bank transfers, Skrill, Visa, or MasterCard.
4. The fourth step is to purchase Binance Coin
You are now presented with a box labeled “Order,” which eToro asks you to fill out so that it can determine the amount of money you desire to invest.
This tutorial for newcomers has explained the straightforward procedure for purchasing BNB. Although we have provided you with several other web brokers that you may use to make your BNB investment in a secure & cost-effective manner, it is clear that Binance is the most advantageous choice currently available on the market.