Secure BNB Binance Coin Wallet

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What is Binance?

Binance Open in new windowhas quickly become the number one stock exchange in the world, with a daily trading volume of more than $6 billion. It's amazing to think that, as a platform, it was launched only about six months ago.

Binance, like many exchanges, also has its own currency called Binance Coin (BNB); it is mostly used to pay fees, but can be traded like any other cryptographic currency. In addition, it is currently among the top 30 cryptocurrencies by market capitalization.

How does Binance work?

As an exchange, Binance is not very different from similar platforms. The exchange itself does not buy or sell anything; it only matches offers from people who want to buy or sell coins by charging a fee for its service; therefore, making money. Most of these fees are paid through the BNB and not through BTC or ETH.

Compared to other platforms, what is so popular at Binance is the wide selection of altcoins, plus it has a fast matching and execution capacity of about 1.4 million trades per second. Having so many users also makes Binance rich in liquidity and able to match competitive prices, not only when it comes to BTC, ETH or LTC, but also with other altcoins.

Binance supports fiat currencies, you can make a deposit even in your local currency to start trading. It is available in many different languages and has very low trading fees; each trade charges a 0.1% commission and there are no deposit fees. If you decide to pay the fees in BNB instead of other currencies, you can halve them during your first year. From the fifth year onwards, as the discount decreases year by year, there is no longer any incentive to pay in BNB. Withdrawal charges vary by currency and are fixed rather than percentage-based.

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What is Binance coin?

  • Binance Coin is a digital currency issued by the Binance exchange. The cryptocurrency has the symbol BNB.
  • Unlike other cryptomonies like Bitcoin, BNB cannot be mined. All tokens were previously mined by Binance at its inception.
  • Users use Binance Coin to pay the fees charged by Binance for the use of the services. These fees include, but are not limited to, trading fees, exchange fees and fees for the inclusion of digital assets in the Binance exchange. In addition, like any other cryptocurrency, BNB can also trade on accepted cryptocurrency exchanges.
  • This cryptocurrency has an open-source software formed by a cluster system. Its structure has a data carrier with various allocation units that increase the security of the system on the one hand and accelerate the search for data, thanks to fragmentation (sorting the memory).
  • Although it's blockchain is open (transparent transactions are carried out), the privacy of the sender, receiver and the transferred sum is completely secure.
  • The payment of fees is the main purpose of the BNB token. But it can also be used to invest in certain ICOs participating in the Binance Launchpad program. Once the ICO is completed, these new tokens are automatically included in the Binance exchange, creating a seamless marketplace between the ICO and the exchange.

What is BUSD?

Binance, a global ecosystem of cryptocurrencies also launched its local, tethered to USD coin: BUSD, a fully compatible stable currency denominated in US dollars. The launch took its place on September 16, 2019. The launch date and the new list were jointly announced by Binance CFO Wei Zhou and Richmond Theo, co-founder and CEO of Asia Paxos Trust Company at Invest: Asia in Singapore, providing more stable currency trading options for Binance Users.

“Launching a stable cryptocurrency approved by the New York State Department of Financial Services (NYDFS) is a strategic step for Binance to provide online financial services to users around the world,” Wei Zhou, Binance CFO.

BUSD was officially released on the Paxos platform for direct purchase and 1:1 exchange for US dollars. Meanwhile, it has appeared on Binance.com, available for trading against BTC, BNB, and XRP. BUSD is the second stable currency developed by Binance after BGBP, the stable currency associated with GBP issued in the Binance chain.

How does Binance Coin work?

  • Binance Coin is based on the BEP-2. It uses Bitcoin Blockchain technology and has open-source software formed by a cluster system. Namely, its structure has a data carrier with various distribution units, which, on the one hand, increase the security of the system and, on the other hand, accelerate data retrieval due to fragmentation (order memory).
  • Although the blockchain is open (transparent transactions), the privacy of the sender, receiver and the amount transferred is also ensured.
  • Fees for each transaction are paid in digital currency with discounts of up to 50% during the first four years if paid using BNB. For this, Binance announced the redemption of 100 million coins and their depreciation in order to increase the value of the remaining tokens.

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Binance Coin Development

Binance was founded in 2017 by its CEO Changpeng Zhao Open in new window along with co-founder and CTO Roger Wang. Changpeng, who is also known as CZ in the crypto community, previously founded and served as CEO of BijieTech, a cloud-based crypto trading service provider. In addition, Changpeng also co-founded and served as CTO of OKCoin. Binance was initially based in Shanghai, China, but after a ban on such services by the Chinese government, it moved its servers and headquarters to Japan. In March 2018, Binance received an official warning from the Japan Financial Services Authority (JFSA) to close its operations in the country, so they moved to Malta.

Binance has "mined" a total of 200 million BNB tokens for its use. The company made its initial coin offering (ICO) between 14 and 27 July 2017. The total supply of tokens was allocated according to certain fixed percentages to different entities.

  • 100 million (50%) BNB tokens were reserved for the ICO.
  • 80 million (40%) BNB tokens were allocated to the founding team.
  • 20 million (10%) BNB tokens were reserved for Angel investors.

Binance Functionality

Like most platforms, Binance offers a high level of security and ease of use and performance. Some of the most prominent features of this platform are as follows:

  • Security and stability: Binance uses multi-layered system architecture and multiple clusters.
  • Compatibility with various devices: Compatibility with web browsers, Android, HTML5, WeChat, and other platforms.
  • Has almost all cryptocurrency pairs on the market. Accepts transactions in multiple currencies, including BTC, ETH, LTC and BNB, and others.
  • Active team: Binance lead by Changpeng Zhao. In general, the company claims that its employees have extensive experience on Wall Street, as well as a history of successful startups.
  • Tested products: The primary Binance platform has been implemented on more than 30 exchanges. The platform supports all devices and multiple languages.

What is Binance Labs?

Binance Labs is a Binance incubation program. It’s goal is to support the best startups in the early stages and help them implement their ideas. In particular, Binance Labs invests in projects and expands opportunities for entrepreneurs, projects, and communities using blockchains and cryptocurrency.

Get Binance Coin BNB Wallet

Guarda Wallet. Compatible with all ERC-20 tokens, BEP-2, ERC-721, TRON tokens (TRC10 and TRC20), WAVES, OMNI, EOS format products. Keeping tokens on stock exchanges is becoming increasingly dangerous every day. There are a large number of cryptocurrency wallets that support BEP-2 technology. However, among others, Guarda is the standard of quality.

In addition to the usual functions, including storage, deposit/withdrawal of cryptocurrency, it also allows users to immediately buy the exact amount of cryptocurrency with a bank card or exchange one cryptocurrency for another.

How to store BNB?

The main place to store tokens is the exchange platform itself, since almost the entire volume of coin trading falls on the Binance exchange. You can also use the Guarda wallet if you still need token output. Since the cryptocurrency is based on the Ethereum network, it can be stored on all wallets supporting ERC-20 standard.

Web Wallet / Desktop Wallet

  1. Open the Guarda website (be sure to add the link to your bookmarks so you don’t accidentally go to the phishing site)
  2. Click on the button "Create a wallet" or "Download for desktop"
  3. Create a New Wallet
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the BNB Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

Mobile

  1. Go to the Apple App Store or Google Play Store.
  2. Find Guarda Wallet and download it to your device. Click on the button "Create a wallet"
  3. Create a New Wallet.
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the BNB Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

It is also important that the wallet does not have access to user information. All private keys are stored locally on the end-user device to let users have complete control over their funds. During the installation process, a backup copy of your wallet is created and all information is encrypted. Users can also add various biometric token authentication systems to the wallet, such as a Face or Touch ID. These features make Guarda one of the best coin wallets on the market.

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