Binance Coin (BNB) recently rose the ranks to become the 14th most valuable cryptocurrency by market cap. We thank all of you Binancians for upholding the use case for BNB.
In today’s blockchain landscape, a lot of cryptocurrencies exist as token bets on services that have yet to translate to actual use cases and products. Since day one, we at Binance strived to create an exchange that will serve the most people in the best possible manner, and a cryptocurrency that will be usable upon launch.
And we are very humbled by the support of our community, who have made this milestone possible and supported the use of our products and services, especially BNB. We thank you all, our dear Binancians, for your continued patronage, and we won’t stop in delivering more results for the whole community, and the humankind in general.
We recognize that defining the use case for cryptocurrencies can be subject to various interpretations. Some will be happy to classify use case as being able to transact in just one blockchain ecosystem using that crypto. Others would seek more real-life, cash-like uses for blockchain coins and tokens.
In light of these varying definitions, we have set out to secure as many functions and uses for BNB as possible. We want to do right by our loyal supporters, through increasing the value proposition of BNB. And within 15 months since our launch, we have secured various use cases for BNB, such as:
- Paying for cryptocurrency trading fees on Binance (with discount perks)
Any crypto trader worth his salt has encountered Binance Coin in one way or another. This is because Binance made a great use case for the BNB when it launched its exchange last year. The use of BNB to pay for transaction fees enabled users to get a 50% discount compared with the prevailing rate for other cryptos.
That discount has changed to 25% recently, as stated in the Binance whitepaper, but it’s still a great deal for the crypto traders who are at the forefront of fulfilling use cases for cryptocurrencies. And combined with still-low trading fee rates, using BNB to finance Binance trades remains a great deal for everyone involved.
- Spending on goods and services across many establishments
But looking at the bigger picture, for Binance Coin to show greater worth as a crypto, it has to expand its use beyond the Binance exchange. And over the course of the year, we have enabled various ways to use you BNB to purchase goods and services over an increasing network of merchants and establishments.
One prime example of a real-world application for BNB is our recent investment in TravelbyBit, an Australian startup that has equipped more than 150 establishments, including the entire Brisbane Airport, with the ability to pay for goods and services using cryptocurrencies. The partnership will unlock the use of BNB on TravelbyBit-affiliated merchants very soon, and testing for the system is ongoing now, as shown in the video below by CZ.
BNB is also being used as a payment method on platforms made by blockchain startups such as crypto point-of-sale solutions provider Pundi X, blockchain payments company Crypto.com, and private nightclub MORE. We can also earn rebates in the form of BNB, through Coinbates. We expect use cases to grow further, as we support more blockchain innovators via our units such as Binance Labs and Binance Launchpad.
- Securing money in times of need
Let’s face it: amid the ongoing effort to secure the freedom of money, we would need to make adoption more user-centric. This means accepting that there will be times when our Binance Coin owners may need cash. Freedom of money means leaving up to each individual user to use cryptocurrencies as he sees fit, without requiring our permission. Over the past year, Binance Coins were used for withdrawing cash on crypto ATMs via Zelaacoin, as well as securing loans through Nexo and selling crypto for cash through Dether.
- Having fun with Binance Coins on social media services
When BNB started to show real-world value, it ended up being worth something for people other than your crypto trader friends. People like, say, your friends who love to do live broadcasts of even the most mundane things they do. Social media has become a major part of the lives for a lot of people in the world, so Binance welcomed the use of BNB for various functions on innovative platforms.
For instance, BNB can be bought on crypto-centric social media network Investfeed through API exchange integration. Binance Coin has also been used as a gift token on live streaming service Uplive and chat service ADAMANT. We’ve even heard of social media influencers who have earned BNB just by being famous on certain social media platforms. Sometimes, you’ll just be amazed at what use cases people can have with BNB.
- Earning a salary
Speaking of earning Binance Coins, when it comes to spearheading use cases for crypto, few companies have walked the talk more convincingly than Binance. About 9 in 10 Binance employees receive a portion of their salaries in BNB. A lot of people (like Arrington XRP Capital’s Michael Arrington) may find this interesting or even amazing, but that’s just how we are at Binance. It is just natural for us who believe in the company’s vision to put our advocacies in practice.
- Storing on various wallets
Now, what do we do with the Binance Coins we earn, aside from what was mentioned earlier? Binance recently acquired Trust Wallet, a blockchain wallet mobile app that features a clean interface, enhanced security, and convenient connections to decentralized apps. Needless to say, the wallet most trusted by hundreds of thousands in the crypto community (as the name implies) is our app of choice for keeping our funds SAFU.
But of course, as we promote the freedom of money, we also recognize people’s freedom to select their preferred wallet for their crypto. Thanks to an active user community for our cryptocurrency, a lot of major crypto wallet makers have made it sure to integrate our token in their wallets. Binance Coin can also be stored in wallets such as Trezor, Eidoo, Enjin, Jaxx, Ledger, Metal Vault, Blox, and Request Wallet.
- Trading as an altcoin
Now, for the crypto trader types, especially those who are delighted by Binance Coin’s performance thus far, this is a familiar option. Crypto has brought new life to the concept of day trading, because of the exciting market action in exchanges such as Binance. And we are humbled to gain patronage from thousands, if not millions, of traders, even in exchanges other than Binance. Right now, Binance Coin is trading in around 12 noteworthy exchanges, including Komodo and kyber.network.
- HODLing for later use on Binance Decentralized Cryptocurrency Exchange (DEX) and Binance Chain (or on any random date you prefer)
If you rather identify yourself more as someone who HODLs, Binance Coin also offers something for you. When the Binance decentralized cryptocurrency exchange launches, BNB will transition to becoming a native coin on its own Binance Chain blockchain, to be used as payment for every transfer that goes on the network. When that time comes, BNB will have more utility than they have now, resulting in a potential increase in demand.
And even before that, Binance has an ongoing commitment to decrease the total supply of BNB in the market. Every quarter since it launched, Binance committed to using 20% of our profit to buy back Binance Coins and burn them permanently. At a time when market sentiments are low, our commitment to increasing BNB’s demand remains solid and backed up by our execution to date.
- Using on blockchains integrated with Binance Coins
As an active supporter of the entire blockchain movement, we also consider use cases for Binance even beyond its current network and planned blockchain. And we are gracious enough to explore cross-functions that advance the use of BNB in multiple ways. At the moment, our cryptocurrency has ecosystem integrations with the blockchains of Qlink and Skycoin.
- [Insert your own idea here]
And, honestly, the next big use case for Binance Coin is entirely up to the creative minds of the Binance community. At Binance, we are constantly on the move, forming new partnerships and arrangements that will further enhance the use of BNB. Who knows, the next use case of BNB might be in other industries, like travel, transportation, hospitality, financial payments, or other uses. There’s also a chance that someone in the community (like, maybe, you) would come up with the next big use case for BNB.
Got some interesting proposals on how to use Binance Coin beyond the cryptocurrency exchange? Contact us through any of these channels.
Cryptocurrency terminology definitions powered by Binance Academy.