Binance coin (BNB) may be an excellent choice if you want to invest in a major cryptocurrency other than Bitcoin or Ethereum. ... It's also used as a utility token for Binance Smart Chain (BSC). Traders use BNB to pay for trading fees, and by using BNB, they receive a 25% discount.
If you are interested in buying BNB tokens, the most obvious place to buy BNB would be Binance. Binance will have the most liquidity, but you will have to use Binance.US to purchase BNB tokens if you live in the United States.
Buying is straightforward: open an account at whatever exchange you choose, link your bank account, transfer fiat into your account, buy BNB, choose a wallet to store your BNB and transfer your BNB into your wallet. The last 2 steps are optional, but it will help secure your digital assets from online hackers.
Uses of Binance Coin
Just like other evolving cryptocurrencies, the Binance Coin offers several uses that go beyond the Binance exchange, such as
Trading: Binance Coin can be traded for other cryptocurrencies on various exchanges, depending on the restrictions set by the exchange.
Transaction fees on the Binance Exchange: BNB can be used to pay for transactions on the Binance Exchange, and users also receive a discount for doing so.
Credit card payments: BNB can be the form of payment for crypto credit card bills.
Payment processing: Merchants can offer BNB as a means of payment for customers, offering more flexibility in payment methods.
Booking travel arrangements: BNB can be used to book hotels and flights on select websites.
Entertainment: From paying for virtual gifts to buying lottery tickets, BNB serves several purposes in the entertainment space.
Investment: Several platforms allow investors to invest in stocks, ETFs, and other assets using Binance Coin.
Loans and transfers: BNB can be used as collateral for loans on certain platforms. Also, there are apps that allow users to split bills and pay friends and family through Binance Coin.
