Binance Coin (BNB) has witnessed meteoric growth since its ICO. It was in July 2017, when Binance started raising funds for the operations of its cryptocurrency exchange. As part of the ICO, a token called Binance Coin (BNB) was launched. At that time the price was set at US$0.1 per BNB. The price of the coin increased considerably since then, making it one of the most successful ICOs of all time.
What is a Binance Coin (BNB)?
BNB is basically an ERC-20 token. It means that it is a token on the Ethereum network. This coin is accepted as payment on Binance for trading fees. A discount on fees is available when you use the BNB token.
How is it Distributed?
200 million BNB tokens are there in total. While 100 million tokens are distributed for the investors of ICO, 80 million (accounting for 40%) tokens for the founding team, the rest 20 million (accounting for 10%) for the private angel investors.
To maintain the value of the token and also make it somewhat deflationary, Binance has planned of using 20% of the company’s profits in buying back BNB tokens until the supply available in the market is capped at just 100 million. Binance will destroy the purchased 100 million BNBs in the future.
A decentralized exchange will be built by Binance in the future where BNB tokens will be used as one of the main assets as well as gas for spending.
How to buy Binance Coin (BNB)?
Here is a step-wise guide for you to purchase Binance Coin (BNB).
Step 1: Get a Binance Coin Wallet
Here are 4 wallets that you can buy from:
- Ledger: Hardware wallet
- Trezor: Hardware wallet
- Coinomi: Mobile wallet
- Binance: Web wallet
- Atomic Wallet: Desktop and Mobile wallet
- Exodus: Desktop and Mobile wallet
If you have plans of holding BNB tokens for a longer time period, you should choose from the hardware wallets because they give your cryptos the best security.
Step 2: Find a BNB Exchange
Binance exchange is the best broker where you can trade BNB. You can purchase a BNB token with all the assets supported by Binance. You can also make payment with a credit card if you wish. However, it will come with a higher fee.
However, there are other cryptocurrency exchanges too from where you can buy Binance Coins. Some of the best ones besides Binance are:
Step 3: Open an Account with an Exchange
Once a brokerage/exchange is selected, open an account. It would ask for certain personal information while opening an account. Most exchanges ask for the following information about the user:
- Full Legal Name
- Phone Number
- Email Address
- Government-issued photo ID’s copy (such as passport, driver’s license, or military ID)
It takes just a few minutes to open an account. However, verification of the user identity may take a longer time in some cases.
Step 4: Fund Your Account
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account. Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to few days for linking the payment source with the account.
Step 5: Buy Binance Coin
You can place orders for buying Binance Coin (BNB) through your account with the exchange. Check the current price and place an order. Binance Coin is the third-largest crypto in terms of market capitalization. It is currently (as of April 28, 2021) trading at a price of US$558.45 per BNB. In the last 30-days, its price has increased by over 100%. In the last 4-months in 2021, Binance Coin’s price has jumped by 1,387.28%.
Step 6: Transfer Your BNB Tokens to a Wallet
Once an order is fulfilled, the Binance Coins are transferred to your account. If you want to hold, you can secure the coins in a wallet by using your private keys. For long-term holding, storing ADA on a hardware wallet is recommended.
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: