10 Ways To Use BNB (Binance Coin)
Binance Coin (BNB) recently rose the ranks to become the 14th most valuable cryptocurrency by market cap. We thank all of you Binancians for upholding the use case for BNB. In today ’ sulfur blockchain landscape, a batch of cryptocurrencies exist as token bets on services that have yet to translate to actual function cases and products. Since day one, we at Binance strived to create an rally that will serve the most people in the best possible manner, and a cryptocurrency that will be useable upon plunge. And we are identical humbled by the support of our community, who have made this milestone possible and supported the consumption of our products and services, particularly BNB. We thank you all, our beloved Binancians, for your continued patronize, and we won ’ thyroxine barricade in delivering more results for the whole community, and the world in general.
Reading: 10 Ways To Use BNB (Binance Coin)
We recognize that defining the manipulation case for cryptocurrencies can be subject to versatile interpretations. Some will be felicitous to classify use lawsuit as being able to transact in just one blockchain ecosystem using that crypto. Others would seek more real-life, cash-like uses for blockchain coins and tokens. In light of these varying definitions, we have set out to secure as many functions and uses for BNB as possible. We want to do correct by our loyal supporters, through increasing the value proposition of BNB. And within 15 months since our launch, we have secured respective function cases for BNB, such as :
- Paying for cryptocurrency trading fees on Binance (with discount perks)
Any crypto trader worth his salt has encountered Binance Coin in one way or another. This is because Binance made a capital use font for the BNB when it launched its substitution last year. The manipulation of BNB to pay for transaction fees enabled users to get a 50 % discount compared with the prevailing rate for other cryptos. That dismiss has changed to 25 % recently, as stated in the Binance whitepaper, but it ’ sulfur still a bang-up conduct for the crypto traders who are at the vanguard of fulfilling use cases for cryptocurrencies. And combined with still-low trade fee rates, using BNB to finance Binance trades remains a bang-up deal for everyone involved .
- Spending on goods and services across many establishments
But looking at the bigger picture, for Binance Coin to show greater worth as a crypto, it has to expand its use beyond the Binance central. And over the course of the year, we have enabled diverse ways to use you BNB to purchase goods and services over an increasing net of merchants and establishments. One prime exercise of a real-world application for BNB is our recent investment in TravelbyBit, an australian startup that has equipped more than 150 establishments, including the entire Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies. The partnership will unlock the function of BNB on TravelbyBit-affiliated merchants very soon, and testing for the system is ongoing immediately, as shown in the video below by CZ. BNB is besides being used as a payment method acting on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company Crypto.com, and private cabaret MORE. We can besides earn rebates in the form of BNB, through Coinbates. We expect use cases to grow far, as we support more blockchain innovators via our units such as Binance Labs and Binance Launchpad .
- Securing money in times of need
Let ’ s face it : amid the ongoing attempt to secure the exemption of money, we would need to make adoption more user-centric. This means accepting that there will be times when our Binance Coin owners may need cash. exemption of money means leaving up to each individual user to use cryptocurrencies as he sees equip, without requiring our permission. Over the past year, Binance Coins were used for withdrawing cash on crypto ATMs via Zelaacoin, a well as securing loans through Nexo and selling crypto for cash through Dether .
- Having fun with Binance Coins on social media services
When BNB started to show real-world value, it ended up being deserving something for people other than your crypto trader friends. People like, say, your friends who love to do live broadcasts of even the most mundane things they do. Social media has become a major character of the lives for a fortune of people in the world, so Binance welcomed the function of BNB for assorted functions on advanced platforms.
For exemplify, BNB can be bought on crypto-centric social media network Investfeed through API exchange integration. Binance Coin has besides been used as a giving token on alive pour serve Uplive and chat service ADAMANT. We ’ ve evening learn of social media influencers who have earned BNB just by being celebrated on certain sociable media platforms. sometimes, you ’ ll just be amazed at what use cases people can have with BNB .
- Earning a salary
Speaking of earning Binance Coins, when it comes to spearheading use cases for crypto, few companies have walked the talk more convincingly than Binance. About 9 in 10 Binance employees receive a dowry of their salaries in BNB. A bunch of people ( like Arrington XRP Capital ’ s Michael Arrington ) may find this interest or flush amazing, but that ’ s merely how we are at Binance. It is just natural for us who believe in the company ’ s vision to put our advocacies in commit .
- Storing on various wallets
now, what do we do with the Binance Coins we earn, digression from what was mentioned early ? Binance recently acquired Trust Wallet, a blockchain wallet mobile app that features a clean interface, enhance security system, and commodious connections to decentralized apps. needle to say, the wallet most trusted by hundreds of thousands in the crypto community ( as the name implies ) is our app of choice for keeping our funds SAFU. But of naturally, as we promote the freedom of money, we besides recognize people ’ randomness freedom to select their favored wallet for their crypto. Thanks to an active user community for our cryptocurrency, a bunch of major crypto wallet makers have made it certain to integrate our keepsake in their wallets. Binance Coin can besides be stored in wallets such as Trezor, Eidoo, Enjin, Jaxx, Ledger, Metal Vault, Blox, and Request Wallet .
- Trading as an altcoin
now, for the crypto trader types, specially those who are delighted by Binance Coin ’ s performance thus far, this is a familiar option. Crypto has brought new biography to the concept of day trade, because of the exciting market action in exchanges such as Binance. And we are humbled to gain patronize from thousands, if not millions, of traders, even in exchanges other than Binance. right now, Binance Coin is trading in around 12 noteworthy exchanges, including Komodo and kyber.network .
- HODLing for later use on Binance Decentralized Cryptocurrency Exchange (DEX) and Binance Chain (or on any random date you prefer)
If you quite identify yourself more as person who HODLs, Binance Coin besides offers something for you. When the Binance decentralized cryptocurrency exchange launches, BNB will transition to becoming a native coin on its own Binance Chain blockchain, to be used as requital for every transportation that goes on the network. When that time comes, BNB will have more utility than they have immediately, resulting in a potential increase in need. And even before that, Binance has an ongoing commitment to decrease the total provide of BNB in the marketplace. Every quarter since it launched, Binance committed to using 20 % of our profit to buy back Binance Coins and burn them permanently. At a time when commercialize sentiments are low, our commitment to increasing BNB ’ randomness demand remains upstanding and backed up by our execution to date .
- Using on blockchains integrated with Binance Coins
As an active assistant of the integral blockchain apparent motion, we besides consider use cases for Binance even beyond its current network and planned blockchain. And we are gracious adequate to explore cross-functions that advance the practice of BNB in multiple ways. At the moment, our cryptocurrency has ecosystem integrations with the blockchains of Qlink and Skycoin.
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- [Insert your own idea here]
And, honestly, the following large consumption case for Binance Coin is entirely up to the creative minds of the Binance community. At Binance, we are constantly on the move, forming modern partnerships and arrangements that will farther enhance the use of BNB. Who knows, the following habit event of BNB might be in early industries, like change of location, department of transportation, cordial reception, fiscal payments, or other uses. There ’ mho besides a chance that person in the community ( like, possibly, you ) would come up with the future boastful habit case for BNB. Got some interesting proposals on how to use Binance Coin beyond the cryptocurrency switch over ? Contact us through any of these channels. Cryptocurrency terminology definitions powered by Binance Academy .