What is Binance Coin? Why is Binance Coin popular? How to buy and sell Binance coins?

Binance Coin (BNB) is a cryptocurrency issued by Binance Exchange as its native token for payment of transaction fees, pledges and participation in special events. Binance Co., Ltd. provides users with various advantages, including reducing transaction fees, pledge rewards, participating in initial transaction issuance (IEO), participating in ecosystem development and community governance. In addition, Binance Coin can be used for transaction pairing, travel payments and charitable donations.

What is Binance Coin?

Binance Coin (BNB) is a cryptocurrency created and issued by the Binance Exchange. It was launched in July 2017 as a native token for Binance Exchange for payment of transaction fees, staking and participating in special events.

Advantages of Binance Coin

Binance Coin, as an important part of the Binance ecosystem, provides users with a variety of advantages to make it a cryptocurrency field Popular choice:

1. Reduce transaction fees: Use BNB to pay for transaction fees on Binance Exchange to receive a significant discount, up to 25%. This helps traders reduce transaction costs and increase profit margins.
2. Staking Reward: Hold BNB and pledge it on the Binance platform to obtain passive income. Staking BNBs can be used to lock in tokens to receive network fee rewards on Binance Smart Chain network.
3. Participate in IEO: Binance regularly holds its initial trading offering (IEO) that allows projects to raise funds from BNB holders. By participating in IEO, users can earn new cryptocurrency tokens and potentially make profits.
4. Ecosystem Development: Binance Coin is the core of the Binance ecosystem and is used to pay for all Binance Smart Chain-based applications and services. This creates a thriving platform that provides developers with a place to build and implement blockchain solutions.
5. Community Governance: Binance Coin Holders can participate in the governance process of the Binance Chain (BEP-2) community. By voting and submitting proposals, holders can contribute to the development and future of the platform.

Purpose of Binance Coin

In addition to the above advantages, Binance Coin can also be used in the following aspects:

1. Trading pairing: BNB can be used to pair and trade with other cryptocurrencies, providing additional trading opportunities and allowing users to diversify their portfolios.
2. Travel Payment: Binance works with several travel agents to allow users to book flights, hotels and other travel expenses using BNB.
3. Charity Donations: Binance Charity Foundation accepts donations from BNB to support social causes and charitable projects.

How to buy and sell Binance Coin

To buy and sell Binance on Binance Exchange Coins, please follow the following steps:

1. Create an account: Go to the Binance website [adid]9f61408e3afb633e50cdf1b20de6f466[/adid] or download the [adid]7f39f8317fbdb1988ef4c628eba02591[/adid] Binance application and create an account. Provide the necessary personal information and complete the identity verification process.
2. Recharge Account: Determine the payment method to use, such as bank transfers, credit cards or other cryptocurrencies. Depending on your choice, select the "Buy Coins" option and follow the instructions.
3. Select a trading pair: In the Buy Coins page, select the BNB trading pair you want to use, such as BNB/USDT.
4. Enter order details: Enter the quantity of BNB you want to purchase and the price you are willing to pay. You can choose a market order or a limit order.
5. Confirm order: Check order details carefully and click "Buy BNB". The system will process your order and provide you with BNB.
6. Extract BNB: After purchasing a BNB, you can withdraw it to your own coin wallet or keep it in your Binance account. Select "withdrawal", select your currency wallet address, enter the withdrawal amount and submit the request.
7. Storage BNB: Storage BNB in ​​a safe and reliable currency wallet is crucial. You can choose a hardware currency wallet, software qb, or mobilecurrency wallet. Choose a currency bag with good security features and visibility.

The above is the detailed content of What is Binance Coin? Why is Binance Coin popular? How to buy and sell Binance coins?. For more information, please follow other related articles on the PHP Chinese website!