Cryptocurrency Broker
Binance is one of the biggest cryptocurrency brokers, a platform trading more than 200 tokens.
BNB is appreciated by those who likes to pay lower commissions in BNB currency in the Binance trading platform (having twice lower commissions than their payment in Bitcoin).
Binance Coin (BNB) is a cryptocurrency used in transactions on the Binance platform. BNB cryptocurrency was built on the Ethereum blockchain network (ERC20) but transitioned to the blockchain networks developed by Binance: Binance Chain and Binance Smart Chain (BSC).
Binance Coin is also recognized for its speed in processing transactions (it accepts over 1.4 million transactions per second) and security and accessibility. With BNB, you can buy over 200 other cryptocurrencies directly in Binance, the second most used currency for transactions, after Bitcoin BTC.
Due to its performance, the Binance Coin virtual currency is used by hundreds of other applications in finance, Services, Payments and others, both in the Binance Chain ecosystem and in the Ethereum ecosystem. These strengths made the Binance Coin price (BNB price) increase exponentially – only from January to February 2021 the BNB price increased more than seven times, from $ 40 to over $ 300. From its launch until January 2021, the value of BNB (Binance Coin) was relatively stable at around $ 15-20.
BNB (Binance Coin) price reached over 500 dollars in April 2021, and the BNB cryptocurrency entered 3rd place in the top, with a market capitalization of 80 billion dollars.
How to buy Binance Coin (BNB)
Step 1
The best way to buy BNB (Binance Coin) is through Binance – click to create an account. After creating an account with your email address on Binance, you must go through a mandatory account verification process.
The process is very similar to the one by which you buy Bitcoin.
Step 2
After checking the account, in the Binance menu, click on Buy Crypto and enter the amount in RON you want to buy BNB (you can also choose EUR if you have a bank account in EUR), then choose BNB. You have to enter the card details, the address, and that’s all to buy Binance Coin BNB.
The minimum amount you can buy BNB (Binance Coin) is 65 lei.
Step 3
You can find the purchased BNB in the Wallet. You can either leave them there or transfer them to another Wallet such as TrustWallet or MetaMask. If you leave Binance, you will be able to trade hundreds of other cryptocurrencies with Binance Coin at any time.
Did you know that Binance is the largest cryptocurrency exchange globally, with a trading volume of over 100 billion dollars?
Note: If you find the Binance interface complicated, you can buy Binance Coin through other platforms such as KuCoin or Poloniex.
What is Binance Ecosystem and Binance Smart Chain?
As we found out together, Binance represents many things because their team is passionate about blockchain technology and wants to be the most important company.
Thus, at the end of 2019, Binance Chain was launched, and in 2020 Binance Smart Chain (BEP20) was launched. These are decentralized blockchain (Defi) systems with wide applicability and are very accessible for developers. Among the strengths of these systems, we list the speed, security, multiple functionalities (staking, Wallet, NFT) and the ease with which you can develop applications that can work on multiple networks (cross-chain with Bitcoin, Ethereum and Polkadot). All these applications and functionalities represent today Binance Ecosystem – the Binance ecosystem.
In less than a year since its launch in 2020, more than 50 applications and cryptocurrencies such as Venus, PancakeSwap, SafePal, Frontier, BurgerSwap or Bakery Token have been launched in the Binance Smart Chain network (parallel Binance Chain network).
Other cryptocurrencies and applications appear weekly, most of them using the staking functionality of the BNB cryptocurrency for the accumulation of interest even of 100-1000% (in the short term). Investments in Yield Farming (Staking) projects on BSC are unsafe and risky due to the ease with which they are created (some examples: TigerFinance, Pizza Finance, KiwiSwap, RamenSwap, etc.).
The Binance ecosystem is easier to use and has more functionality than the Ethereum ecosystem, so we may see an explosion of applications in the field in the next period of time.
