It is hardly possible to discuss cryptocurrency trading or investing in Nigeria today without making mention of Binance coin (BNB) and its ecosystem. Binance Coin (BNB) has been registered as one of the most profitable investments of the cryptocurrency market in the last couple of years with over 450,000% returns. Only a few other tokens or coins have been able to attain such return on investment (ROI) during the course of their lifetime.
Binance coin (BNB) has recently been ranked among the four most valuable digital assets as it has registered a market cap of over $61B, as at the time of writing this post. In this article, we will discuss how you can take advantage of the benefits provided by the BNB token.
What is Binance Coin?
The Binance coin with the trading symbol BNB is the native token of the Binance ecosystem or blockchain, one of the largest crypto exchanges existing in Nigeria and even the world today. It was launched in 2017 as an Ethereum token but was in 2019 moved to its own network, the Binance Chain, which gave the platform more control over its workings and operations.
This token was originally created as a means of covering trading fees within the ecosystem and is restricted to a total supply of 200 million coins. However, its uses have over the years expanded to a number of other applications which we shall briefly discuss later in this post. It is no surprise why it has in recent times attracted massive new users on Nigeria, with its ecosystem and exchange outperforming a lot of other favorites in the world, in terms of statistics.
Uses of Binance Coin BNB
More than just its initial purpose of covering trading fees within the Binance exchange, Binance Coin (BNB) offers several other uses such as:
· Trading: Binance Coin is one of the tokens that can be traded for other coins and cryptos on a number of exchanges in Nigeria.
· Binance Exchange Transaction: Binance coin (BNB) can be used as a means for paying for transactions on the Binance ecosystem; plus users get to receive a discount for using the option.
· Credit card payments: Binance (BNB) can serve as a form of payment for crypto credit card bills on online platforms such as Crypto.com.
· Payment processing: Binance allows merchants to offer BNB as a method of payment for their customers.
· Payment for Products and Services: Binance coin (BNB) can be used on select websites as a means of paying for products or services such as travel bookings, lottery tickets, virtual gifts, and so on.
· Investment Token: There are a number of investment platforms that allow investors to invest in their assets using the Binance Coin.
· Loans and transfers: There are certain platforms that allow the use of Binance coin (BNB) as collateral for loans.
Why Buy and Invest in the Binance Coin?
Investing in cryptocurrency is already a trend in Nigeria. Even though Bitcoin continues to be the leader of the pack of cryptocurrencies in Nigeria, in terms of popularity, user base, and economic value, there are some other cryptos such as Binance coin (BNB) gradually gaining adoption in Nigeria. Here are some strong reasons to buy and invest in Binance Coins (BNB)
Cryptocurrencies such as bitcoin have over the years surged in their prices as the first set of coins to emerge. Tokens such as BNB are quite affordable with little to no charges involved. BNB can be freely traded on the Binance platform.
Over the years, Binance coins have joined the list of the most trusted coins in Nigeria. This is large a result of its operational ease and withdrawal limit as high as $30,000. Also, it has minimal security issues, which is making Investors draw more confidence to BNB
Supply and Demand
Binance runs on an infrastructure similar to Bitcoin’s protocol and therefore has a potential for massive growth. Bear in mind that the value and growth of a currency are largely determined by supply and demand for it. The fame of BNB spreading so fast, with about 99 million BNB coins are already in the market, its supply is on the verge of a decrease. The effect of this on the coin’s future will be nothing short of uplifting.
How to invest in Binance Coin in Nigeria?
If you want to buy and invest in Binance in Nigeria, you can either do so in the Binance exchange itself or choose a reliable Binance-friendly Exchange platform.
Buying BNB through Binance
It is obvious that the best option to buy Binance Coin (BNB) is via its exchange platform, Binance. You can buy Binance coin (BNB) in Nigeria with its traditional currencies, which in this case is naira, and other tokens or Cryptos. Get started in a few simple steps:
· Sign up for an account on Binance exchange
· Fund your account by deposit fiat or other cryptocurrencies
· Enter your purchase order stating the amount (of funds in your account) you’re willing to spend on the purchase.
Payment options include traditional currencies via the use of credit or debit card, bank transfer, e-wallets, or Binance P2P.
Buying BNB through Reliable Exchange
Another way to lay your hands on some BNB coins is through a reliable Binance-friendly exchange. There are a number of exchanges in Nigeria that allow you to invest in Binance coin (BNN). Examples of exchanges that support buying of Binance coins include:
Similarly, you can buy Binance coins on these exchanges with fiat naira, and other available tokens or Cryptos. To get started on any selected exchange, you will have to signup on the exchange, verify your identity, fund your account, and then enter your purchase order. Depending on the exchange, payment methods can include the use of credit or debit cards, bank transfer, and e-wallets.
Binance coins (BNB) has no doubt come a long way and exhibit qualities of a flourishing cryptocurrency asset in Nigeria. The team behind the Binance ecosystem provides a lot of incentives and discounts for investors and traders who use the exchange and adopt their tokens. This obviously makes it something worth adding to your cryptocurrency investment portfolio.
Like any investment, there are risks and as such, it is not advised to invest more than what you can afford to lose.