BNB Coin was the native coin of Binance that has always been at the forefront when the popularity of cryptocurrencies is concerned. In fact, initially conceptualized to aid in payment of trading fees to Binance users, BNB has bloomed into a multifunctional digital coin that caters to different applications like paying transaction fees up to staking and various decentralized finance applications. Should you want to buy some BNB Coin but are nowhere to begin, this step-by-step guide will become your help.
Understanding what BNB is and why people invest in it before learning how to buy BNB: BNB stands for Binance Coin, issued by Binance, one of the biggest cryptocurrency exchanges in the world. BNB was originally launched as a token on Ethereum’s blockchain under ERC-20 but now runs on its own blockchain, called Binance Chain, since the Binance Coin mainnet was launched in 2019.
BNB is required for several purposes in the Binance ecosystem, including:
Paying for Binance trading fees: You pay transaction fees on Binance using BNB, but this comes with a discount.
Staking: Holding BNB coins can be used to earn rewards through staking
Decentralized Finance (DeFi): BNB is in high demand within DeFi protocols and applications on Binance Smart Chain…
