BNB

bnb

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Disclaimer: The information on these pages is for informational purposes only and does not constitute financial, legal or investment advice. While every effort has been made to keep the content as accurate and up-to-date as possible, errors or omissions may occur. Use of this information is entirely at your own risk. As the crypto market can be volatile and risky, we strongly recommend that you conduct your own thorough research and seek professional advice before making any investment decisions. The authors and publishers of this information are in no way liable for any losses or damages arising from the use of the information provided.

BNB

What is BNB?

BNB, originally known as Binance Coin, is a cryptocurrency that was launched in July 2017 by the Binance exchange, one of the world’s largest cryptocurrency trading platforms. Initially, BNB was an ERC-20 token on the Ethereum blockchain, but it later migrated to Binance’s own blockchain, Binance Chain, designed to facilitate faster and more efficient trading. BNB is utilized primarily to pay for transaction fees on the Binance exchange, but its use cases have expanded significantly over time, allowing it to function as a versatile asset in the growing cryptocurrency ecosystem.

How does BNB work?

BNB operates on the Binance ecosystem and utilizes a Proof of Stake (PoS) consensus mechanism on the Binance Smart Chain (BSC). The core functionalities of BNB can be categorized as follows:

Transaction Fees: Users can use BNB to pay for transaction fees on the Binance exchange at a discounted rate, promoting its use within the platform.
Token Sales: BNB holders can participate in token sales on Binance Launchpad, allowing them access to new cryptocurrencies before they hit the market.
Staking: Users can stake BNB on the Binance Smart Chain to earn rewards and participate in network governance.
Decentralized Applications (DApps): BNB is used to access various DApps built on the Binance Smart Chain, enhancing its utility beyond just trading.

Additionally, BNB follows a burn mechanism where Binance periodically buys back and destroys (or “burns”) a portion of the total supply, which can help increase scarcity and potentially elevate the coin’s value over time.

What should you know before buying BNB?

Before purchasing BNB, it’s essential to consider the following factors:

Volatility: Like most cryptocurrencies, BNB is subject to significant price fluctuations. Make sure you are prepared for the risks associated with such volatility.
Regulatory Environment: Research the regulatory status of cryptocurrencies in your jurisdiction as it can impact your ability to buy, sell, or use BNB.
Use Case: Understand the various use cases of BNB beyond trading discounts. Consider how it fits into the broader cryptocurrency market and your investment strategy.
Wallets: Choose a secure wallet for storing your BNB tokens. Consider hardware wallets for enhanced security over exchanges or software wallets.
Market Sentiment: Stay updated on market dynamics, news, and trends that could influence BNB’s value and use.

Why do people add BNB to their portfolio?

Investors choose to add BNB to their portfolios for several reasons:

Utility: The diverse uses of BNB within the Binance ecosystem and its growing adoption in other platforms provide a solid foundation for its demand.
Potential Growth: Given Binance’s substantial market presence and continued innovation, many see BNB as having significant growth potential compared to other cryptocurrencies.
Transaction Fee Savings: By using BNB for trading on the Binance platform, investors can save on fees, making it economically beneficial for frequent traders.
Diversification: BNB can be an attractive option for portfolio diversification, as it may perform differently than other cryptocurrencies.
Participation in New Projects: Access to token sales on Binance Launchpad and other exclusive opportunities often require BNB, making it a valuable asset for proactive investors.

How do you manage BNB yourself?

Managing BNB effectively involves several strategies:

Long-term Holding: If you believe in the long-term potential of BNB, consider holding it in a secure wallet with minimal trading activity.
Regular Monitoring: Keep an eye on market trends, price movements, and relevant news to make informed decisions regarding your BNB investment.
Diversifying Investments: Allocate your BNB investments wisely and consider balancing it with other cryptocurrencies or assets.
Taking Advantage of Staking: Explore staking options available on Binance Smart Chain to earn passive income on your BNB holdings.
Educating Yourself: Continually educate yourself on cryptocurrency, market conditions, and innovations within the Binance ecosystem to stay ahead.

By understanding these core concepts about BNB and actively managing your investments, you can make informed decisions that align with your financial goals.

BNB buy with iDEAL

To make BNB purchase even easier, iDEAL is a service that allows you to buy crypto such as BNB with your bank account. Instead of doing this through a separate website, iDEAL works together with other payment methods in the Knaken app so you can jump straight into BNB. Before buying BNB with iDEAL, it’s helpful to first check the BNB price. Here are the steps to take to purchase BNB with iDEAL:

Open an account with Knaken: create an account at Knaken and complete the verification process.
Buy BNB from the dashboard or via the app: Click 'buy' next to BNB on the dashboard and purchase BNB with iDEAL.
Manage your BNB: check your balance and the live BNB price on your dashboard.

Once you know these steps, you'll see that buying BNB with iDEAL can be safe and simple.

Best BNB price

The price of BNB is constantly fluctuating and is influenced by various market factors. It's important to always keep an eye on the current price before deciding to invest. At Knaken, you are assured of one of the best BNB prices on the market, thanks to their transparent prices and low transaction fees. This way, you always know you're paying a fair price, whether you’re buying or selling BNB.

Safely storing your purchased BNB

Once you have bought your BNB, you need to take extra steps to secure your coins. A safe place to store your BNB is in a 'non-custodial' wallet. However, it's important not to confuse these wallets with the wallet address you have on the blockchain. Blockchain wallet addresses are the public addresses people use to send and receive BNB. All BNB wallets also have a private address, represented by the private keys. With these private keys, you can access that BNB wallet anywhere. Exchanges are the ones who hold the private keys for their BNB wallets, making them 'custodial wallets.' Non-custodial wallets are those where only you have access to the keys. Generally, a hardware wallet with a private key is the best place to store your BNB. The hardware wallet takes the coins offline, so transactions can't request the coins in your wallet. Transferring BNBs to a hardware wallet is similar to sending BNB to someone else. Once you have the public address of the hardware wallet, you send your BNB to that wallet and pay the transaction fees. Once the BNBs are transferred to the hardware wallet, you can disconnect it from the internet and know that your BNBs are now safe. It’s important to keep your wallet, private key, and login information in a secure place to prevent theft. It's also important not to lose your wallet, private key, and login information. If you do, you may not be able to access your BNB. If you don't want to worry about this, you can store your crypto in your Knaken account.

Buy BNB with iDEAL

In addition to BNB, Knaken.nl has a large portfolio of coins like: Raydium,Ethereum, Litecoin, Ripple, Dogecoin, Terra, Shiba Inu, Tether, Polkadot, Chainlink, Stellar Lumens, Tron, Uniswap, Dai, Aave and Algorand.

More information about the BNB price

In addition to all the information about the BNB prices, Knaken.nl has a large portfolio of coins and price information such as the BNB price, Ethereum price, Solana price, Ripple price, Dogecoin price, USD coin price, Tether price, Cardano price, Polkadot price, Chainlink price, Litecoin price, Stellar Lumens price, Axie Infinity price, Tezos price, Ethereum classic price, Decentraland price, Nano price, Loopring price and Cosmos price.

FAQ

Make sure you have an account with Knaken. You can register in the app or on the registration page. Then verify your personal details, and you're ready to buy BNB. You can select BNB in the app or web portal, choose an amount, and pay directly using iDEAL, for example.

Yes, at Knaken, you can easily buy BNB with iDEAL, Credit Card, or Bancontact. Check all the options on our fees page

You can find the current price of BNB at the top of this page.

At Knaken, we believe it\'s important to be as transparent as possible about the fees charged to our customers. You can view these fees for each purchase or sale of BNB. Check out our fees on our fees page.

At Knaken, safety comes first. For years, we have ensured that you can not only buy crypto safely on our platform but also store it securely.

Search for BNB in the app or web portal and select “deposit” in the options. You will see the deposit address where you can send the crypto. Make sure to deposit BNB from a verified wallet address with Knaken.

If you prefer personal assistance, you can sign up for our free transfer service.

Yes, search for BNB in the app or web portal and select the withdraw button in the options. Note that you can only withdraw BNB to a verified wallet address.