Buy the Binance Coin

 

Binance Coin, issued by Binance and traded under the initials BNB, is one of the digital currencies in the current crypto marketplace.

BEP-2 BNB replaced the former ERC-20 token at a 1:1 ratio in April 2019. Currently, you can use it to pay for trading fees and other transactions or convert it to other crypto assets on the Binance Chain. So far, other crypto exchanges have not caught up to offering Binance coin on their platform.

This guide covers the how and where to buy Binance Coins in 2022 and everything in between.

Should I Buy the Binance Coin?

Although it lags way behind Bitcoin and Ethereum, BNB has seen its share of growth during the crypto boom. The coin, native to the Binance Chain and Binance Smart Chain, grew by 1000% in 2021. Even with the crypto downturn experienced earlier this year, the Binance coin has increased. It’s currently the 3rd largest cryptocurrency by market cap.

Despite competition from the likes of Coinbase, Binance is the largest crypto exchange, with $2 trillion in trading volume as of 2022. The platform is also expanding its ecosystem. Users of the platform can make secure borderless payments through Binance Pay and earn passive income through NFT staking. Binance now offers crypto savings accounts, whereby you can deposit digital tokens and receive interest. You then have the Binance debit card, which allows you to spend your crypto holdings online, in-store, and ATMs. Additionally, holders of BNB can use the coin as collateral for credit.

Given that BNB is native to the Binance Smart Chain, as an investor, having BNB tokens will enable you to profit from Binance’s growth. Due to huge trade volumes, the chain has surpassed Ethereum as the most active blockchain network.

With the cryptocurrency market’s volatility, investing with money you are willing to lose is good practice. Also, remember to find ideal entries ~ don’t buy when prices are at an All-Time High.

Downsides to Buying BNB?

There have been regulatory pushbacks from US authorities. Binance was forced to separate operations – Binance US. Binance has also faced similar challenges in Europe and ended up suspending operations in the UK, Canada, Thailand, and the Cayman Islands due to clearance issues.

Investors have found the scrutiny from regulators in different locations disconcerting. As a result, Binance promised to improve its verification process to meet the regulations of different states. Pressure from global financial regulators pushed the company to beef up its Know Your Customer (KYC) standards.

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