Many cryptos were created to serve as currencies. However, some of them also have unique use cases that make them stand out. With the constantly changing cryptocurrency landscape, it is important that tokens do more than just function as a medium of exchange. Developers who recognize this need have made the effort to create tokens that serve a create of use cases.
A great example of this is the Binance coin (BNB). Binance Coin was launched in 2017 by the exchange platform known as Binance. The platform conducted an ICO to raise money for the launch. At the time the ICO was conducted, BNB was valued at $0.1 for 1BNB. Over time, BNB has grown to become a successful token in the cryptocurrency space. its many use cases attract new users and retain old ones.
Keeping in mind the varying desires of each crypto user, trader, or investor, Binance Coin aims to perform as many functions as possible. Binance has created a token that can function in several ways, such as the ones stated below.
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Paying for Trading Fees on Binance
This is perhaps the most recognized use case of the token. Binance allows users to pay trading fees on the platform with Binance coin — this use case propelled BNB to the forefront of the industry. In addition, Binance also offered a 50% discount on all fees paid with BNB. This is quite impressive, especially when compared with the ever-rising transaction fees for most cryptos.
Binance has since reduced its discount by half and it now offers users a 25% discount on all fees paid with BNB. While this discount slash is a lot lower than the initial offer, it is still an incredible deal. A 25% on transaction fees is particularly favorable for traders who often make several transactions in a day, the Binance platform allows these traders to use BNB to benefit from the discount and save money. Binance notably has low trading fees which means that this discount will cut the price even more and help traders and investors save more money.
Spending BNB on Goods and Services
Only a few cryptos in the cryptocurrency space have succeeded in becoming an acceptable medium of exchange. This is one of the core goals of most cryptocurrencies. The ability to use a currency to buy goods and services shows the true value of that currency.
Binance has managed to increase the value of its token by creating several ways for users to pay for goods and services with BNB. Binance supports the use of BNB on its growing community of vendors. This community also includes a list of establishments that are worth noting, for example, Binance recently invested in TravelbyBit, a company dedicated to increasing cryptocurrency adoption by allowing people to pay for goods and services with cryptocurrencies, the Australian start-up has so far added 150 establishments to its portfolio. This means that vendors affiliated with TravelbyBit will be able to use BNB to pay for goods and services.
BNB is also used to make payments on other blockchain platforms such as Pundi X, Crypto.com, and MORE. These collaborations allowed BNB to grow beyond the Binance exchange and become more than just a native token.
To make new crypto users feel truly at home, platforms need to incorporate features that are focused on the user and their needs. This will ensure that every new adopter feels comfortable in the crypto space. The best way to do this is to give them a sense of familiarity.
Creating crypto products that are similar to more common products makes most new users feel more at ease. This can be done by making cryptos more liquid. For example, there might be times when BNB holders need cash upfront and they should be able to get it. To allow all users to feel secure and financially free, several constraints associated with crypto need to be removed. Users should be allowed to easily send, receive, or withdraw their money.
Binance has managed to achieve this by making the Binance Coin available on crypto ATMs. This allows BNB holders to use the coin as they see fit. BNB can also be used to secure loans on crypto loan apps like Nexo.
Social Media Services and BNB
Another way to increase the adoption of crypto is to incorporate a use case that caters to non-crypto traders. This encourages new users to explore crypto. The Binance Coin has a use case that does exactly this. Binance allows users to access social media services using BNB.
Over the years, social media has become a rather integral part of the lives of several people across the world. Binance has decided to take advantage of this by creating a token that can be used on various social media platforms.
A direct example of this is the use of API exchange integration to buy BNB on Investfeed, a social media network focused on crypto and similar innovations. BNB can also be used to gift other users on platforms like Uplive and ADAMANT. These features allow the coin to acquire new users.
Why Should You Invest in Binance Coin?
BNB offers investors many benefits. Its various use cases attract new users which in turn benefit the price of the coin. As more crypto users and non-crypto users adopt the coin, previous investors make a profit as the value increases. You could invest in Binance coin (BNB) because it could have a great potential for growth. Also, the coin has managed to maintain a price that is far above its initial coin offering which is something that several tokens have failed to do.
*No information in these or any other articles on the swapzone.io website should be considered as investment advice. Always do your own research.
Read Further: Top 15 Crypto to Invest in 2022
How and Where to Buy BNB
To buy BNB you must first find an exchange that allows you to trade the token. Be sure to choose an exchange that is reliable and trustworthy before you invest your money. The exchange you choose is an important part of the whole process. Usually to register on an exchange you will likely need to provide some information about yourself like your name, valid ID card, email address, phone number, or more.
This is what makes us different at Swapzone, we value our users’ privacy and do not ask them for any personal information.
To begin simply open the “Supported currencies” section of the exchange and find BNB.
- Choose the currency pairing that suits you and move forward with your purchase.
- Choose an exchange that allows you to easily deposit money through direct transfers or credit card payments.
- Ensure that you closely examine the details of the transaction so you know there are no mistakes.
- Deposit money so you can buy the BNB token.
- After depositing money, you can then buy the token, following the user friendly interface Swapzone had provided.
Always remember to choose a fast and reliable crypto exchange like Swapzone so your money will be in safe hands.