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What is Binance Coin (BNB) cryptocurrency?

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What is Binance Coin (BNB) cryptocurrency?

Binance coin (BNB) is a kind of cryptocurrency that is used for trading and paying fees on Binance cryptocurrency exchange. Since January 2018, it was the largest cryptocurrency exchange globally, with about 1.4 million transactions within a second. It was created in 2017 and worked on the ethereum blockchain before transforming to the current Binance Chain.

How to trade with Binance Coin Cryptocurrency

Here is the procedure of trading with the Binance App;
1. Open the Application and go to “Buy with Cash,” and select P2P
2. Among the offers provided, choose the one that works best for you and then click on ‘sell.’
3. Type the quantity you want to sell, select a method of payment, and then click “sell BTC”
4. Then wait to get the payment in NGN to your bank account
5. You can chat with the buyer in the chatbox.

Credit card payments

To perform credit card payments on Binance, the following instructions are followed:
1. Browse and login with your Binance account
2. On the menu bar, go to ‘buy Crypto’ and select “credit/debit card.”
3. This takes you to another page where you can now buy your Bitcoins.

Payment processing

By using Binance pay, one can choose the order of currencies in which they want to make payments. Users can move funds between their Binance pay and personal Spot wallet or withdraw funds to the bank of their choice.

Transaction fees on the Binance exchange

Users can get discounts when users pay for transactions on Binance Exchange. There is no fee involved in Binance transactions.

Loans and transfers

Crypto assets can help you secure a loan, depending on your margin wallet. The borrower creates a loan request, and then the borrower’s Collateral assets are transferred to the Binance Coin platform, and then the loan is processed. Once the loan is repaid, assets are returned to the borrower.

Booking travel arrangements

On some selected websites, BNB can be used to book flights and hotels.

Advantages of using Binance Coin (BNB) Cryptocurrency.

1. Binance coin is among the leading utility tokens.
Binance Coin can be used across different services away from the Binance ecosystem, like making online purchases, traveling, and making transfers.

2. Discounts in Binance coin
Binance users receive discounts when paying fees on the exchange. This will help in saving in the transaction.

3. Binance is popular
Binance is among the leading cryptocurrency exchanges in the entire world. It has taken support from different partnerships, including Uplive.

4. Fast transactions and low fees
Transactions are fast, with the lowest fees of 0.1% for traders, and can process 1.4 million transactions within a second.

5.Unique burn down policy
This has ensured its growth and stability, leading to increased prices over time and help investors speculate about prices.

6.Multiple payment methods
Binance has over 150 payment methods in the world, favoring many people from all over the world.

7.Go international
Binance P2P supports more than 50 flat currencies, making it possible to buy crypto using your local currency and sell it worldwide.

Disadvantages of using Binance Coin.

1.Discounts continue to decrease
Discounts continue to lower, which can be off-putting. Their white paper expressed that the discount will further lower to 6.75%, probably in 2021.

2. No traditional way of payment
Other platforms accept traditional ways of making payments like PayPal and banks, which Binance didn’t use. This makes beginners not able to start trading.

3.The target of cyber attackers
In 2018, an unsuccessful attempt to hack down the system was made, and Binance offered $250,000 for any information about them.