BNB, otherwise referred to as ‘Binance Coin’ is the native utility token of the Binance exchange, the largest cryptocurrency exchange in the world. Since its inception in 2017, Binance become one the largest brands in the blockchain industry. Aside from being the largest crypto exchange, it has launched an entire ecosystem of crypto-related functionalities.
Binance coin is an integral component of this ecosystem. Initially, BNB started out as an ERC-20 token as it was built on the Ethereum network. However, after the launch of Binance Chain mainnet in April 2019, the BNB tokens were swapped from ERC-20 to BEP-2 tokens and hosted on the Binance Chain instead. Running parallel to the Binance Chain is the Binance Smart Chain (BSC), an EVM-compatible network that relies on a new consensus mechanism called Parlia. Parlia is a Proof-of-Staked Authority (PoSA) consensus that has elements of both Proof-of-Stake (PoS) and Proof-of-Authority (PoA).
BNB is one of the largest cryptocurrencies in the world by market cap. You can buy BNB on the Swyftx cryptocurrency exchange. Swyftx offers users a safe, secure, and easy-to-use platform to buy and sell BNB and a number of other cryptocurrencies.
What is BNB used for?
BNB is used for a variety of different network functions, including delegated staking on the authority validator, trading fee discounts, and participating on the Binance Launchpad. The total BNB supply is capped at 200 million, with an implemented burn mechanism that reduces the supply approximately every three months until it reaches 100 million.
BNB is primarily used to pay for gas fees on the Binance Smart Chain. This is similar to how ETH is used on the Ethereum network. However, many people who buy BNB choose to hold it with the expectation that the price will increase in the future. Another use for Binance coin to provide liquidity on a decentralised exchange.
How do I buy BNB in Australia?
You don’t have to sign up to the Binance cryptocurrency exchange to buy BNB in Australia. To Buy, sell or trade Binance Coin in Australia, you can create a free trading account with Swyftx. TO do this, you’ll need to provide your name, email address phone number. ID verification is the next step in the process. This process is typically instant and doesn’t require you to submit any documents.
Once ID verification is complete, you can deposit up to $50,000 AUD into your account via bank transfer, POLi, PayID or debit card. Select how much BNB you wish to buy and click the ‘buy BNB’ button. Once you’ve purchased BNB, this will be automatically stored in your Swyftx wallet.
Why should I buy Binance Coin on Swyftx?
Swyftx is Australia’s top-rated crypto exchange, for those looking to trade BNB and other digital assets. Our trading platform has an abundance of features that makes it easy and fast to buy, sell and trade crypto in Australia. When you sign up for an account, you’ll enjoy low trading fees and spreads. You can trade hundreds of your favourite cryptocurrencies from the convenience of your mobile phone or on your desktop. Our personalised customer support team are here to guide you along the way, giving you the confidence you need to navigate the world of digital currency.
