Binance Coin (BNB) is an accepted mode of payment on Binance.  BNB has been around since 2017 when there was an ICO to launch the Binance Exchange.  For every USD donated, 10 BNB was given in ICO. Initially, Binance issued 200 million coins to sustain the value of BNB.  To maintain the value of BNB, Binance buys back the coins periodically and destroys them.

BNB is the currency used to support Binance Chain and Binance Smart Chain. BNB coins are stored in hardware wallets or software wallets. Those why are buying just a small quantity of the BNB can keep it in the Binance Exchange Account or a free software Wallet like the Exodus or Coinomi. Those who are looking to accumulate lot of BNB best store it on a dedicated device like a hardware wallet.

NanoX and ModelT are commonly used hardware wallets.  These wallets can be physically connected to the computer, it costs money, these wallets are safe, and it can store over thousand cryptocurrencies and are highly reputable. Nano X can connect to the phone and this proves to be very advantageous.

Those who are looking to buy BNB can buy it using Binance Via wire or Credit Card using the buy crypto tab on the exchange.  BNB can also be bought by exchanging it with another cryptocurrency. It is not a great idea to hold large amounts of coins on the exchange.

There is something called a BNB address and every address begins with “0x” or “BNB” at the beginning of it.  Once you found your address you can send your BNB to the wallet. This will help keep full control of the BNB coins.

BNB being a utility token powers the Binance ecosystem. BNB Was originally created as an ERC-20 token; however, it is now on its own blockchain, the Binance Chain.

There are several use cases for Binance Chain like fueling transactions on the chain. It helps to reduce commissions on the Binance Exchange by acting as a trading asset, helping to make payments for goods on platforms that accept Binance Coin, and so on.

Currently, BNB is the third largest cryptocurrency by market capitalization after Bitcoin and Ethereum.  BNB transactions are continuously rising. In March 2021, there were more than 84 million transactions.

There are several projects which are powered by BNB and these projects run on the Binance Smart Chain. Users are able to use it as DeFi, liquidity pools, Dex trading or as a payment for NFT market places.

Binance Earn is used to purchase the multiple separate products like staking, launch pool, BNB wallet or liquid swap.

Binance card allows using BNB shopping, Bills, Mortgage and pretty much anything. BNB known as the Binance coin is considered to be a smart investment by many.