What is Binance Coin?
Binance coin is the crypto-coin of a Binance with BNB symbol trade. This coin runs on the standard ERC 20 Ethereum blockchain and is limited to up to 200 million BNB tokens. The Binance coin should enhance the operation and ecosystem of the Binance Exchange.
It supports several services like trading charges, exchange fees, listing fees and any other bond exchange fees. The Binance coins have been supported by different partnerships that have contributed to their expansion.
Key elements of Binance Coin:
- Trading: Binance Coin may be traded on different exchanges for other cryptocurrencies, depending on the exchange restrictions.
- Binance Exchange transaction fees: BNB can be used to pay for Binance Exchange transactions and users also get a discount on this transaction.
- Payments by Credit Card: BNB can be the form of credit card payment on Crypto.com.
- Payment processing: BNB can offer merchants more flexibility in payment methods as a means of payment.
- Travel arrangements: BNB may be used on certain websites for hotel reservations and flights.
- Entertainment: BNB serves various purposes in the entertainment space from paying for virtual donations to buying lottery tickets.
- Investment: Various platforms enable investors to invest in Binance Coin’s equity, ETFs & other assets.
- Loans and transfers: BNB can be used for loans on some platforms as collateral. There are also applications for dividing bills and for paying family and friends via Binance Coin.
How to Buy Binance Coin(BNB)?
One can buy Binance Coin (BNB) in India by using the platform of BuyUcoin. It is a 5-step process. After opening a digital wallet, one has to register an account. Then complete KYC as it is mandatory in India. Once the KYC process gets completed, the users need to follow a 2-step verification followed by entering the bank details, then you can start investing in Binance Coin(BNB).
Buy Binance Coin in India — Step by Step Guide For Beginners
Step 1 — Open a Digital Wallet
A digital wallet houses your crypto assets and uses blockchain technology to communicate with others nodes. It is important to make in-depth research before you decide which digital wallet is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centres. To complete your KYC for BNB trading, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6-digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder and the IFSC code information.
Trade Binance Coin
Depending on the restrictions set by the bond, Binance Coin can be traded on various exchanges for other cryptocurrencies. Binance Coin users receive a discount on the Binance Exchange transaction costs as an encouragement.
BNB can be traded and exchanged for other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. Binance Coin was founded in July 2017 and originally worked with the ERC-20 token on Etherum Blockchain before becoming Binance’s own Binance Chain native monetary currency.
Can I Use Regular Money to Buy Binance Coin?
Yes, you can use regular money or any fiat currencies such as BNB-INR in India to buy Binance Coin where it can be stored in your wallet with a single tap to buy or sell your desirable cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchange BuyUcoin.
Getting a Binance Coin Wallet
BuyUcoin is a multi-currency crypto wallet where Binance coin can be stored with high-end security features where cold storage wallets are used. Once we have sent the Binance coin to your wallet, we will send you a confirmation email. Binance coin will appear in your wallet when you restart the BuyUcoin wallet.
Binance Coin Exchanges
The Ecosystem is empowered by BNB. As the original coin of the Binance Chain, BNB has many uses: fueling on the Chain transactions, paying transaction fees on the Binance Chain, making payments in-store, and many more.
Binance Charity accepts BNB donations for international projects aimed at enhancing people’s lives by the lowest billion. You can donate BNB so that nobody misses the growth that blockchain makes possible. In addition to using BNB for trading fees, BNB can be used in over 100 ways, mostly to buy food from home.
Based on Binance Coin’s performance it can be a great long-term investment. The Binance Coin value could rise by the very end of 2021 to 853 dollars by 2021, reaching 1093 dollars by 2022 and at a medium price of 2350 dollars by 2025.
BNB coin has seen a flourishing increase in value, which has been successful in punching the top 20 list on the coin market cap since the launch of the ICO in July 2017. Binance Coin currently ranks 15th in the Coinmarketcap The total amount of the coin is 200 million.
The fact that the exchange has promised to buy back 50% of the total supply is one of the first things that Binance Coin recommends as a valuable investment in 2021.