BNB plays a crucial in the Binance ecosystem. If you wish to understand the purposes of this token and how you can buy it, then this guide is for you. Continue reading to learn more.
Exploring BNB Chain and Binance Smart Chain
Launched in 2019, Binance Chain is a blockchain owned by the largest crypto exchange, Binance. It is intended to facilitate quick crypto trading at low costs. Binance Smart Chain, on the other hand, entered the market in 2020. The blockchain is designed to support the development of decentralized apps and smart contracts.
Like ETH on the Ethereum blockchain, BNB fuels transactions on the Binance Smart Chain and Binance Chain.
As mentioned, Binance Smart Chain offers Web3 developers tools for creating decentralized apps. Several projects have been on this blockchain over the last few years. They include:
PancakeSwap: This is a decentralized exchange that allows users to swap tokens and participate in liquidity farming.
Venus Protocol: It is a lending and borrowing platform that makes it possible for anyone to access loans.
Pancake Bunny: This is a yield aggregator allowing users to explore various investment opportunities in the decentralized finance space.
BakerySwap: Offers almost all DeFi services, from token swaps to liquidity mining and NFT trading.
The BNB Token
BNB stands for “Build and Build.” It is currently the 4th largest crypto asset by market capitalization, according to data from CoinMarketCap. Holders of BNB enjoy several benefits. Firstly, they get access to Binance’s LaunchPad feature, which allows them to invest in upcoming projects. Secondly, BNB holders pay discounted trading fees.
Being among the leading cryptocurrencies, BNB is supported by multiple crypto wallets, including:
Trust Wallet: It comes as a mobile app and browser extension. Trust Wallet is known for its strong security features. Besides BNB, it supports the storage of other 10,000 crypto assets.
MetaMask: Although this wallet is popular for supporting the storage of ETH, it also allows users to store other cryptocurrencies, such as BNB.
SafePal: With SafePal, you can store your BNB offline or online, depending on your preference.
Ledger: Since Ledger maintains your BNB in an offline environment, your tokens are shielded from rampant cyber attacks.
BNB is a proof-of-stake crypto asset. Therefore, holders can stake it on various platforms to earn yield.
Where Can You Buy BNB?
As mentioned earlier, BNB is a well-known token. As such, several leading cryptocurrency exchanges list BNB. They include:
Binance: The platform’s intuitive interface makes it easy to buy BNB. You can purchase the token using BTC, USDT, TUSD, and BUSD.
Youhodler: After buying BNB on this trading platform, you can choose to put it to work by lending it.
KuCoin: Like Binance, KuCoin comes with a simple user interface that allows newbies to purchase BNB easily.
How to Purchase BNB
As we have seen, numerous reliable exchanges list BNB. However, the purchasing methods vary from one platform to another. For the purpose of this guide, we will take you through the process of buying BNB using Youhodler:
Step 1: Register an Account
To buy BNB on YouHodler, you will need a trading account. To create one, go to Youhodler.com, press “Sign Up,” and then enter the requested details. After your account is created, it is time to verify it by completing the Know Your Customer Procedure.
Step 2: Choose the Fiat Currency You Wish to Use to Buy BNB
Upon verification, click “Buy Crypto” and select BNB as the crypto asset to be received. After that, choose your preferred currency for buying BNB. In our case, we pick USD.
Step 3: Select Payment Method
YouHodler supports several payment methods, such as bank transfers, PayPal, and credit/debit cards. In this guide, we will use a debit card to buy BNB. So, enter the details of your card and the amount of USD to spend on BNB, then initiate the transaction by clicking “Buy.” You will receive the tokens in your YouHodler account within seconds.
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