Binance Coin (BNB) Uses & Features Explained 2022

An estimated 1.5 million transactions per second take place on the Binance exchange. So it is no surprise that Binance has its native currency – BNB Coin. 

BNB mining commenced in 2017 with a supply maxing at 200 million copies. Out of these, 100 million or 50% was for the participants in the ICO process, 80 million or 40% was for Binance founding members, and 20 million or 10% was offered to angel investors on the platform. 

The current supply of BNB is lower than the 100 million that was put into circulation. The Binance Smart Chain executes a coin burn schedule every quarter and will continue until the total BNB supply hits 100 million. 

BNB has several use cases, including fewer trading fees, getting Binance loans, paying for goods and services, and donating to charity.

Not yet a Binance user?

How to Buy BNB?

Binance allows traders to buy BNB with credit/debit cards, bank deposits, P2P trading and third-party platforms. However, buying BNB on the Binance platform is usually the most preferred method. 

Binance Buy BNB
  • Under the “Spend,” input the amount you want to use to buy BNB, and choose your preferred currency.
  • Choose “BNB” in the Receive section and complete your purchase.  
  • Binance will deposit the funds in your BNB Wallet so you can trade with the crypto you just purchased. 

How to Sell Binance Coin?

  • To sell BNB on the Binance platform, click the buy/sell Crypto link and select the “Sell” tab.
Sell Binance Coin
  • Under the “Spend” head, enter the amount of BNB you want to sell. Leave the “Receive” section free, but you can choose the preferred currency and complete the transaction. 

Note

You can use the same steps for buying/selling crypto through bank transfer and credit/debit cards. 

How to Buy/Sell BNB With P2P Trading

  • From your Binance account, go to “Buy Crypto” and scroll to P2P trading 
  • To buy BNB, choose the “Buy” tab and select BNB from the list of cryptocurrencies. 
P2P Trading
  • Choose the preferred fiat currency and enter the amount 
  • Below the tabs, you will see the different advertisers and the price, available amount, and limit.
  • Select the advertiser and click on the “Buy” button at the right of the page. 
  • To sell BNB through P2P trading, select the “Sell” tab, and follow the same steps described above. 

Is BNB a Good Investment?

BNB price prediction with absolute certainty is a feat that is almost impossible because all types of currencies, including crypto, are volatile. According to the predictions report, BNB is expected to have a closing value of $527 in 2022, which is not an impressive figure. 

But by 2025, the value of BNB is expected to hit $975, which is a 163.8% increase. By 2030, BNB’s value will reach $2,488, which is 573.2%, a staggering figure. 

So the current value of BNB staking or trading BNB might seem like a bad idea. But within a few years, Binance coin news is set to grab everyone’s attention. So yes, BNB is not just a good but great investment. 

What is the Binance Coin Used For?

Binance coin has several uses, including:

  • Trading: Using BNB on Binance for trading is one of the primary uses of this crypto coin. Traders have used over 40 million BNB in more than 127 million trades on the Binance Exchange. Traders get up to 50% on their trading fees by using BNB. 
  • Paying for goods and services:  BNB is also used for paying for goods and services outside the Binance Exchange. 
  • Securing cash: BNB coins are also used for withdrawing cash and loans from crypto ATMs such as Zelaacoin and Nexo. 
  • Gift tokens: BNB is also used as gift tokens on social media platforms, especially for influencers on Adamant and Uplive.
  • Salary: Binance employees receive a portion of their monthly services in BNB.

BNB FAQs

Why is Binance coin going up?

Binance coin is set to increase its value exponentially because it is a very popular currency within and outside the crypto ecosystem. In addition, Binance Smart Chain is also becoming a very robust blockchain and is currently the world’s largest crypto trading platform, and BNB is its native coin. 

The Binance platform also has the advantage of working with several of the top developers to work on the Binance Smart Chain.

When did the Binance coin start? 

The history of the Binance coin began on June 26, 2017, through an ICO or Initial Coin Offering on the Ethereum network.

How to add BNB to Metamask?

Assuming that you have Metamask downloaded on your browser and the Binance Smart Chain is added to your Metamask account:

– Open your Binance wallet by logging into your account 
– Select BNB and click “Withdraw.”
– Next, open your Metamask wallet and copy the BNB contract address to the “Recipient BNB address” on the Binance exchange page.
– Enter the BNB you wish to withdraw to the Metamask 
– Complete the security verification from Binance and submit.
– You will soon get a withdrawal confirmation message, and you can review the funds in your Metamask wallet within a few minutes.

How to buy BNB without Binance?

Buying BNB without Binance is a bit tricky since up to 90% of BNB trading takes place on the Binance platform. In fact, no crypto investor worth his salt would want to buy a BNB outside of its smart chain because of security reasons. 

However, if the amount on BNB you want to buy is not huge, then you can try buying it from outside the Binance blockchain. Some credible platforms where you can buy BNB without Binance are FTXBithumb, and eToro.

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