Binance’s rise to the top has been nothing short of spectacular and based on what they’ve achieved so far, there are no signs of them slowing down soon.
Due to this rise in popularity, more traders are starting to use Binance and their native token, BNB, to interact with the Binance ecosystem.
1. What is BNB
BNB can be used in many ways on Binance, including paying for trading fees on their Exchange and interacting with DeFi products.
There are many wallets available for BNB holders, but before we get into our guide, let’s cover some quick questions regarding BNB
a.) What is a BNB wallet?
A BNB wallet is a Cryptocurrency wallet where you can store your Binance coin safely and securely.
b.) Does Binance have a wallet?
Binance does have its own native wallet, Binance Chain Wallet. It’s a browser extension that allows BNB holders to safely send, receive and transfer BNB on Binance Chain and Binance Smart Chain.
BNB can also be stored on a Binance account wallet, which is essentially the wallet associated with their Binance account.
c.) Is BNB coin a good investment?
BNB is used to complete various functions across the Binance chains, so as more users use Binance to trade and store assets, the value of BNB will rise.
With the growing number of investors and users of the Binance network, it’s safe to say that BNb remains a stable long-term investment.
d.) Why is the price of BNB crypto going up?
Due to the popularity of Binance’s trading platform, and the ever-growing cost of Ethereum gas fees, many DeFi products, DApps and staking platforms are now being launched on BSC and on Binance.
These products offer minimal gas fees and faster network performance compared to Ethereum, fuelling a surge in interest in Binance and BNB.
e.) What type of wallet can I use to store BNB?
BNB was an ERC-20 standard token, which meant it had to be stored in an Ethereum compatible wallet.
When Binance launched their main net, BNB then became a BEP-2 coin on the Binance Chain.
This essentially means it’s the equivalent of an ERC-20 coin, but on Binance’s own network. The Binance Smart Chain also has its own token, BEP-20.
This means users need either a software or hardware Cryptocurrency wallet that supports BEP-2 and BEP-20 coins to store their BNB.
2. Binance Chain Wallet
Binance Chain Wallet is the native wallet application for Binance, available as a browser extension for Chrome, Firefox, and Brave.
It allows users to transfer assets between the two chains, interact with DeFi products and DApps and safely store their BNB
Binance users can use the “Binance Bridge” to facilitate cross-chain transfers to Binance chains, alongside the “Wallet Direct” option to directly transfer their BNB between their Binance Chain Wallet and their Binance account wallet.
When creating an account, you’ll receive a Keystore file alongside a password. Both are essential for accessing your account, so don’t lose them!