Thursday, April 15, 2021
How to Buy Binance Coin (BNB) in 2 minutes (2021 Updated)
Hi, I’m Nate Martin, and we’re going to go over how to buy Binance Coin in today’s 2...minute...tutorial.
WHAT IS BINANCE COIN ?
Binance Coin or BNB, is a cryptocurrency that’s accepted as payment on Binance for trading fees.
BNB was created in 2017, when Binance first raised funds to build its exchange, and offered 10 Binance coins for every 1 US dollar donated. Initially Binance issued a total of 200 million coins. In order to maintain the coin’s value Binance buys back BNB from time to time and destroys them. Binance Coin is also the main currency that supports Binance Chain and Binance Smart Chain - two blockchain projects led by Binance.
BNB WALLETS ?
Depending on the amount of BNB you’re planning to buy, you can choose to store it on either a hardware wallet or a software wallet. If you’re buying a small amount of BNB, then you can either keep it on your Binance exchange account, or use a free software wallet like Exodus or Coinomi. If, on the other hand, you’re planning on accumulating larger amounts, it’s safer to store your BNB on a dedicated device known as a hardware wallet. Our recommendation for a hardware wallet that can store BNB would be either the Ledger Nano X or the TREZOR Model T. Both wallets can store over 1000 cryptocurrencies alongside BNB and are highly reputable. While the Model T is considered more secure, the Nano X can connect to your mobile phone which is a great advantage.
HOW TO BUY BINANCE COIN (BNB)
Finally it’s time to head over to Binance and buy your Binance coins. Binance Coin can be purchased on Binance, either directly with a credit card or a wire transfer using the “buy crypto” tab on the exchange, or by exchanging it with another cryptocurrency via the “trade” tab. If you’re holding large amounts of BNB for the long term it’s best you move your coins over to your hardware wallet. In order to do so you’ll need to find your BNB address. Each BNB address is a long string of letters and numbers that has either a “zero”, “x” or “bnb” at the beginning of it. Once you've found your address, send your BNB to your wallet. This way you keep full control of your coins. That’s today’s 2 minute tutorial, for a complete list of recommended wallets and a more in-depth step by step guide and explanation about Binance Coin, make sure to check out the links in the description below. If you've enjoyed this video, leave us a thumbs up and make sure to subscribe and click the notification bell so you don't miss a review, news update or the clearest information about Bitcoin and cryptocurrencies anywhere.