1. What is BNB Coin?
Before you do anything, it's crucial to understand what you're dealing with.
BNB stands for "Build and Build" (it originally stood for "Binance Coin").
It is the native cryptocurrency of the BNB Smart Chain (BSC), a major blockchain platform created by the cryptocurrency exchange Binance.
Primary Uses:
Paying for Fees: Its main job is to pay for transaction and smart contract fees on the BNB Smart Chain. These fees are much lower than on networks like Ethereum.
Binance Exchange: You can use it to pay for trading fees on the Binance exchange at a discount.
Token Sales: It's used to participate in new token sales on Binance's Launchpad.
Travel & Payments: It can be used to book travel and pay for certain goods and services.
Staking & Earning: You can stake BNB to earn rewards or use it in various DeFi applications (like lending, borrowing, and yield farming).
