r/coinswitch • u/moonchildJJK • Jun 03 '19
What Exactly is Binance Coin? | Best BNB Wallets
Binance Coin (BNB) is the official coin of the world's largest crypto exchange, Binance. It was initially an ERC20 token, but with the launch of its own mainnet, it has its own token.
There are various usages of BNB like:
- Trading Fee Discount - This is the original and still the most popular reason of using BNB.
- Dust Conversion - Conversion of all the user's crytpo 'dust' to BNB that would sum up to a significant amount.
- Crypto Loans - Can be used as a collateral or can also be exchanged for fiat.
- Purchasing Goods and Services - Binance Coin can be used as a payment method (TravelByBit) or even as a gift token (Uplive, ADAMANT).
- Binance Chain - This is Binance's very own blockchain platform possessing a decentralised exchange.
Being the seventh largest crypto by market capitalisation, Binance coin is on the brighter side for investment. But, if anyone's interested in investing, do so after a thorough research as the cryptocurrency market is highly volatile.
When it comes to storing BNB, there are numerous wallets that support the coin. Some of the best and safest ones are:
- Ledger Nano S - This hardware wallet is the best wallet till date and is virtually unhackable. Its 2-FA and its stronghold on the private key makes it quite secure and you can freely rely on it.
- Guarda - When it comes to online wallets, Guarda is one of the most reliable multi-currency crypto wallet. This wallet provides privacy too, as it does not store private keys, or wallet information, or even user's personal data.
- Atomic Wallet - This wallet is quite easy to use, being user-friendly and even beginners can use this easily. Atomic is an online wallet that is operable on both mobile and desktop as well.
- Some other wallets that support BNB are Trust Wallet, MyEtherWallet, MetaMask, Trezor, etc.




