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How Does Binance Coin Work?
If you’ve been lurking in the crypto world for some time, you’re probably familiar with Binance Coin (BNB). It’s a crypto asset that’s very much similar to the others on the market in the way that it also sees spikes and downtrends in value as investors continue to use and trade the asset.
If you’re a Binance Coin holder, you can keep the crypto safely stored in compatible personal wallets outside of the cryptocurrency exchange that you use. From there, you even have the option to send the coin directly to other people for private transactions or payments, etc.
When going into technicalities, Binance Coin works alongside two other blockchains, specifically Binance Chain and Binance Smart Chain (BSC). Binance Smart Chain is an entirely separate blockchain developed in addition to Binance Chain. And while it runs parallel to BC, it has differing features like smart contract capabilities.
Binance optimized Binance Chain for the best possible performance in terms of trading on-chain. BC is the basis for Binance’s decentralized exchange (DEX). However, Binance Chain is limited when it comes to its potential for developers to build solutions.
To introduce even more capabilities to the blockchain’s ecosystem, Binance launched Binance Smart Chain in 2020. This blockchain offers more functionality to developers whenever they’re working on building blockchain projects on BSC.
Undoubtedly, BSC and BC have their differences. For instance, Binance Smart Chain has smart contract functionality while Binance Chain doesn’t. While these two blockchains operate separately from each other, they also function parallel to each other.
Binance Coin Burning
Binance does this interesting thing where it spends a portion of its revenue every quarter to repurchase the amount, burning and eliminating Binance Coins as a result. This has been a routine activity for Binance since 2017. As far as we know, Binance plans on burning BNB coins each quarter until it bought and consequently destroyed about 100 million Binance Coins—or at least half of its initial maximum supply.
The burning of BNB coins ultimately reduces the coin’s supply, affecting its rarity as a result. This has the potential to affect the digital asset’s value if it becomes rare enough.
Binance also has a program called the BNB Pioneer Burn Program. This program checks specific instances wherein a holder has lost BNB and can no longer recover the amount. In such cases, the Pioneer Burn Program repays the holder, deducting the amount from the next quarterly burn.
Binance Coin Price History
Changpeng Zhao developed Binance Coin in 2017, and the coin has gone through several rises and falls during its existence. We can categorize the progress of BNB’s value into three market cycles, which we’ll further discuss below:
First Market Cycle
During its initial release in 2017, Binance Coin started very low at around $0.50. However, it quickly rose in value within 67 days, reaching $25.
Second Market Cycle
In June 2019, Binance Coin finally reached an all-time high value at $39.95. During the last 197 days since that date, the coin skyrockets up to a whopping 861%.
Third Market Cycle
We’re currently going through the third market cycle of BNB, and the coin is now worth $350. Its market capitalization has reached over $53 billion. It has come so far since its initial value.
How to Buy Binance Coin
There are two scenarios you need to think about when it comes to buying Binance Coins. Namely, do you already own another type of cryptocurrency, or are you going into this with a clean slate?
If you already own other crypto tokens, the process of purchasing BNB is simplified tremendously, as you only need to exchange those coins for an equivalent value. We’ll explain the process below, and we’ll pretend that you already own Cardano (ADA) or Ripple (XRP) coins, so we can thoroughly explain everything.
Create a Binance Account
The first step, of course, is to create a Binance account. You’ll need only a few things to register successfully, namely a valid email address and a strong password. Once you’ve reached Binance’s registration page, you have to type in all the needed information in the registration form.
Afterward, you’ll need to solve a simple puzzle. This helps the platform verify whether you’re a real human being. Once you’ve done that successfully, everything should be all set. You’ll receive a confirmation email which you’ll need to click on to proceed to the next steps.
After verifying your email, you can go ahead and log in to your new account to get started. You’ll see a couple of safety tips to help you securely handle your account. Keep these tips in mind at all times to ensure that your account is safe.
Turn On 2 Factor Authentification
2 Factor Authentification (2FA) is a fundamental method that ensures the account owner—you in this case—is the only one who can access your Binance account. This authentification feature helps protect your account from any online scammers or hackers trying to gain access to your account. Binance takes your security very seriously, especially since it’s responsible for holding the funds of millions of people.
Fortunately, turning on 2FA is quick and easy—all you need to do is install an app on your mobile device, and this app will generate a new code for you every time you log in to your account to ensure security. On the other hand, users who don’t want to download an app for 2FA purposes can use SMS instead. They can receive a text message containing a code, which they can use to verify their identity whenever they need to log in to their account.
You also have the option to skip 2FA entirely for a later time. However, you need to understand that there are some risks involved if you do skip 2FA. For one thing, your Binance account will remain unverified if you forgo this process, resulting in a much lower withdrawal limit.
Verify Your Account
Next, you’ll want to verify your account so that you can withdraw your funds whenever you want at a later time. Verification is relatively easy, as you only need to send a timestamped photo of yourself alongside an ID or any identification document.
However, you also have the option to skip or postpone this step for a later time if you’re in a hurry to start depositing your coins.
Deposit Your Coins to Your Binance Account
As mentioned, this guide assumes that you’re holding ADA or XRP. However, if you have any other crypto, you can still follow the same process. The first step is to head over to the “Funds” tab and type in the international symbol of the coin you’re looking to deposit. If you’re depositing Cardano, for example, then you type in ADA.
From there, tap on “Copy Address” and head over to your wallet containing your ADA coins. Transfer your coins to the address you just copied, and double-check everything to ensure that you’re sending the proper crypto. If you’re sending something else, you could end up losing money instead.
Once you’ve deposited your coins successfully, the amount should immediately show up on the exchange balance. You can quickly check this in Binance’s “Funds” tab. If you’re looking to make any more transactions, you should wait for at least 15 confirmations on the BC explorer.
As soon as your balance has been updated and reflects your deposit, you can go ahead and start trading your coins for BTC, XRP, and any other crypto available on the exchange platform. On the unlikely chance that your deposit didn’t reflect on your account, there are two possibilities: it’s either your transaction is incomplete, or there’s ongoing high traffic, causing congestion.
Convert Your Coins Into BNB
Now that you’ve deposited your coins successfully, you can get them exchanged for BNB. When you’re on Binance, head over to the “Exchange” tab and look for the pair you want to trade. For optimal convenience, we recommend choosing the Basic dashboard instead of the Advanced one since the latter has more options and could be overwhelming to newcomers.
From there, select BNB, and you can start trading. When buying BNB, note that you’ll use percentages to calculate how much you want to convert to BNB. So, if you’re looking to convert all of your deposits, you should sell 100%.
How to Buy Binance Coin Without Any Crypto
Now, what do you do if you don’t have any prior crypto but want to buy BNB?
When buying Binance Coin, it’s crucial that you already have cryptocurrency in your account beforehand because Binance doesn’t accept “real world” currencies like USD. In this case, we highly recommend you buy the most stable cryptocurrency out there like Ethereum, Bitcoin, Ripple, or Litecoin.
To get started, you’ll need to buy your crypto of choice from an exchange platform that’s allowed in your region. For instance, if you live in the USA, Europe, Australia, or Singapore, the best crypto exchange platform to use would be Coinbase. If you live in a different country, you can look for another reliable and verified service permitted in your area.
As soon as you’ve purchased your coins, you can go ahead and follow the same steps mentioned above.
Binance Coin Wallet
If you’re looking for a safe and secure way to keep your BNB tokens, you can go ahead and utilize either software or hardware wallets. That said, if you want to use the official wallet for BNB, you can use Trust Wallet, but Trezor, Ledger, Enjin, and many others. It entirely depends on your preferences.
Benefits of Binance Coin
Affordable
Many investors prefer to purchase Binance Coin in favor of all the other crypto projects out there because it’s more affordable.
Reliable & Trusted
Without a doubt, Binance Coin is one of the most reliable and trusted crypto assets, partially thanks to its high withdrawal limit and user-friendliness.
Supply & Demand
As you’re probably aware by now, a cryptocurrency’s value rises and falls depending on supply and demand. Thanks to Bitcoin’s 21 million supply cap, that’s why it gained importance in the market. In the same way, Binance Coin already has 99 million in the market. As it continues to grow in popularity, its supply will consequently decrease.
Growth
As Binance, as a platform, steadily grows in value and popularity, Binance Coin’s currency also increases at the same pace.
What You Need to Know Before Investing in Binance Coin
Now that you’re more familiar with Binance Coin and what it has to offer, here are a few other things you should know about the digital asset.
It’s Not Just a Trading Token
If you didn’t know, you could use Binance Coin to earn interest and lessen trading fees if you’re a Binance user. However, that’s not the only reason why people use BNB. Binance Coin is also used to fuel BSC, which provides smart contract capabilities. The reason why smart contracts have got crypto enthusiasts and developers so excited is that it allows you to store small pieces of code that are self-executing at the same time within the blockchain.
Instead of being just a static digital ledger, smart contracts allow you to program it easily.
Binance Has Gone Through Regulatory Challenges
Binance is a leading platform and is currently one of the biggest crypto exchanges worldwide. We can partially credit its popularity to the fact that it has a wide range of currencies available. However, there was a Binance affiliate recently who got banned in the United Kingdom.
After a crackdown on some other exchanges, Binance decided to pull out of Ontario, Canada. These days, authorities have gotten significantly stricter on crypto services, especially since many are worried that criminals would use these digital assets to launder money or hide illegal activities.
Now, Binance is taking regulatory responsibilities more seriously than ever. Financial Times even states that the platform is investing in compliance.
Binance Doesn’t Have Any Headquarters
Binance may be renowned worldwide, with offices across the globe and over 2,000 employees, but it doesn’t have a headquarters. This coincides with the ethos of Binance, as the company believes the cryptocurrency shouldn’t have any borders.
That said, there’s no need to worry about licensing because the platform has licensed entities in various countries like the United States. Binance was trying to set up licensed entities in the UK too, but they decided to withdraw from that plan in the end.
Binance Owns CoinMarketCap
Binance owns the popular cryptocurrency data site CoinMarketCap, as the platform purchased the site back in 2020. However, these two platforms operate independently, but CoinMarketCap’s acquisition could mean great things for Binance’s exposure to retail investors.
Binance Coin Has Increased in Value by 900% In Two Years
If you purchased Binance Coin in 2019 for, let’s say, $10,000, your BNB would be worth about $100,000 today. That’s a massive increase since its initial value, and if you’re an avid crypto investor, the possibility of BNB growing even more in the future is something worth thinking about.
