I came across Binance while looking for a high-liquid exchange to convert my coins to another. Stumbled upon Binance by chance and found that it was easy to use, had a sleek interface, fast and effective security measures.
In fact, the story behind the founder’s rise to the top gave me a compelling reason to feature him in our next cover issue…
Who is Behind the Binance Coin?
Binance Coin or (BNB) is a coin created and distributed “CZ” ChangPeng Zhao. Born is Jiangsu , China, CZ has a Crypto Net Worth of approximately $1.39 billion according to Forbes. And is going to be featured in ThinkMaverick’s upcoming magazine.
CZ started as a teenager flipping burgers and filling up cars with petrol. His parents were educated middle-class citizens who emigrated to Vancouver, Canada. There he studied computer science at Montreal’s McGill University and came into touch with developing software that help the Tokyo stock exchange and even Bloomberg’s Tradebook in Futures trading. Hes a Maverick that was hell-bent on t’rising to the top of the food-chain. So eventually he quit and moved to Shanghai and start his own company building systems for high-frequency traders.
It was not until he started playing poker with a couple of venture capitalist that he started learning about Bitcoin. He was instantly intrigued by the idea of cryptocurrencies and how they were defying traditional based-assets. Zhao’s calculated move saw him catching the rise of ICOs and raising over $15 million dollars for his ~200 million BNB token crowd-sale.
His new exchange has since grown in leaps and bounce and went on to be the top 3 largest cryptocurrency exchanges in the world based on trading volume. In fact, it has the biggest exchange based on volume with fees. Because of that, his cryptocurrency holdings shot him to Billionaire status in just under 6 months.
Why buy the Binance Coin?
|Total Supply:||194,972,068 BNB ($2,809,839,957.98)|
|Price as of 6/5/2018:||$14.4115|
One of the key aspects of the Binance coin is its burning, which is outlined in its Binance whitepaper.
The burning of the coin reduces the number of coins in circulation thereby creating a somewhat “fake” scarcity. Doing so would drive the value up assuming that the demand for the coin continues to grow. This will likely happen because of the growing demand of the Binance exchange platform.
Zhao has also positioned his exchange to finally accept fiat currencies for crypto in Malta. Doing so would allow a mass majority of people to finally be able to invest. And that would certainly drive more demand for the BNB. Before he would not touch fiat currencies for fear of risks and regulatory complications.
Malta’s prime minister is a pro-crypto enthusiast, and is looking to position his country as a fintech hub for the future to compete with the likes of Japan, Switzerland, Hong Kong and Singapore. That gave the Binance CEO its much needed opportunity to relocate previously from Hong Kong due to new regulatory uncertainty.
What does the Coin function as?
BNB buyers are incentivized via the 50% trading fee discount in their first year when they trade and choose to pay the fees via the BNB coins they’re holding in their account. This discount halves every year until it zeroes in the 5th year.
If you prefer to hold the coins for long term value appreciation, you can always choose to disable (pay with BNB) option.
Binance is also expanding functionalities with partnerships with progressive countries like Monaco where holders get to pay for goods and services via the mobile app or the Monaco Visa card with their BNB.
How to Buy Binance Coin?
The BNB is a top 20 cryptocurrency in CoinMarketCap. So, If you already own some cryptocurrency it is very easy to exchange your Coins for them. Don’t own any cryptocurrency yet? GO ahead and click here to learn how to buy Bitcoin from anywhere in the world and after that you can use it to convert into your BNB.
Changing into your Binance Coin (BNB)
Binance alone has a myriad of coins that are paired together. This means if you hold on one of the hundreds of coins they’re offering, you can ultimately convert it directly into BNB Coins. But in most cases, your small Altcoins must be converted into Bitcoin before they can be used to buy another coin but that is not the case with the BNB coin which acts as a liquid medium of payment in their trading platform.
However, for the sake of getting in on a good price, I’d recommend buying Bitcoin or Litecoin in order to exchange it for BNB. The liquidity for Bitcoin is the highest as observed by its daily trading volume on CoinMarketCap.
So, let’s say you want to convert Litecoins into Binance Coin.
Step 1: Create an account on Binance
The first step will be creating an account on Binance, which you can do by clicking here.
Step 2: Deposit your coins
Now, you need to deposit the coin you want to convert into BNB. In our case we want to deposit Litecoin so we will need to get a Litecoin deposit address.
Click on the little “human” icon in the top left of the nav bar and click where it says “Estimated Value”
Once you do that you will see a list of coins. Scroll down to find Litecoin (or whatever coin you are depositing) and then click “deposit”:
Now you can copy and paste the deposit address given to you by Binance into your Litecoin wallet and send the litecoins.
Step 3: Find the LTC/BNB Market
Go to the home page of Binance and you should see the tabs of different markets. Click “BNB Markets”.
Now scroll through and find the pair you want to trade with. Since we deposited litecoins we want the “LTC/BNB” pair.
Step 4: Buy BNB
Now that you are on the market page you can submit your order to buy BNB with your LTC. Since you want to exchange your Litecoin for the Binance Coin, you have to use the “Sell LTC” tab on the right.
If you want to convert all of it to BNB, click the “100%” button and it will put your full balance of Litecoin into the order. Then I just hit the red “Sell” LTC button and your order will be live! Now just wait until someone buys your litecoin with their BNB.
If you want to speed things up, you can hit the ‘market’ tab. This will simply sell your LTC at the best available price for BNB.
BNB is an ERC20 token so it can be stored on any cryptocurrency wallet that supports ERC20 tokens.
If you Need to Buy Cryptocurrency First
If you don’t already own cryptocurrency then you need to buy some before you can convert it into Binance Coin.
If you live anywhere in the world you can always buy Bitcoin or any of the more well-known coins at Changelly with just a credit card.
The fees are reasonable and you can use Bitcoin or Litecoin to buy BNB, Litecoin has a fairly stable price and also has very low transaction fees.