How to buy and hold BNB with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for BNB (BNB) storage
Ultimate security, only you have access to your BNB tokens
Send, Receive, Store your BNB tokens free and without limitations
Check the real-time value of your crypto tokens
Buy, Sell, Exchange BNB (BNB) directly in the wallet
Stake BNB (BNB) by connecting Wigwam to the popular DeFi dApps
No KYC or personal data collected
BNB Token review
BNB is a native cryptocurrency for BNB Chain (ex BSC Smart chain) that provides holders advantages on Binance Exchange and can be used for paying fees and for DeFi staking on the BNB Chain.
Short token history
BNB token was created in July 2017 by the Binance team and launched as an ERC-20 token on Ethereum. The initial token distribution was conducted via Initial Coin Offering (ICO), where 50% (100 mln) was sold in a public sale with a price of $0.15, 10% (20 mln) was sent to initial Investors, and 40% (80 mln) of the total token supply reminded for the team. After the release of the BSC Smart Chain (BNB chain), this token was transferred and became the main native cryptocurrency on this blockchain with the BEP-20 token standard.
BNB token has many utility cases, the most important of which are:
- BNB tokens can be used to pay fees for conducting swaps on the Binance Exchange, make credit card payments, and be the main currency for participation in different Binance events: NFT and Lottery ticket sales, buying products from partners, etc.
- To list the next project on the Binance exchange, people may vote for their candidates by staking BNB tokens.
- Used as a gas token on the BNB chain network. For this reason, you need this token to conduct any transaction on this blockchain.
- It is used in staking to choose top validators on the BNB chain who will have a right to validate new blocks in exchange for staking rewards.
- As a main exchange and staking token on many DeFi projects on the BNB chain
At the moment, BNB is one of the popular coins with a price of $250 for a token and a total capitalization of around 38 billion dollars, according to CoinMarketCap data. The total token supply was capped at 200 million coins. However, this number will be significantly reduced because of the Buyback and Burn policy introduced by the Binance team. By following this policy, the exchange uses 20% of its profit to buy and burn tokens to destroy 50% of the total token supply and increase the value of the BNB token in the long run. As of the latest information, the circulating supply of BNB is around 150 to 153 million BNB.
Binance exchange is the main advantage of the token, but at the same time, it is a main weak point because everything that happens with exchange instantly reflects on the token price. Many crypto specialists criticize the BNB chain for its centralization and that major token holders can easily manipulate BNB token prices. It’s one of the reasons why BNB is considered a high-risk investment.
How to hold in the wallet
BNB token is stored on the BNB chain, which is an EVM-compatible blockchain. To add this token to your wallet, you need to be sure that it supports the BNB chain. We advise you to use the Wigwam crypto wallet app, which has integrated the BNB chain from the box.
How to stake BNB
Many crypto platforms have an option of BNB staking with average rewards around 2.1% APR. Some of the most popular solutions are MathWallet, HashQuark, ANKR, XBanking, Coinbase Cloud, etc.
Also, you may stake your BNB tokens in different DeFI projects on the BNB chain with a more lucrative APR. However, these staking options are considered more risky and can cause a loss of funds.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Users may buy BNB on different crypto platforms, including the most popular Binance exchange. Also, you may easily buy tokens directly in the Wigwam free crypto wallet and have full control over your funds.
Most crypto wallets support the recent transaction history tab, but to see the full transaction history of your wallet address, you need to use bscscan.com. Visit this website, enter the wallet address in the search bar, and see detailed information about each transaction.
BNB is a gas token for the BNB Chain, so you need to be sure that your wallet supports the BNB chain. If you don’t see the BNB chain among the default options, you may try to add it manually. For instance, for Metamask, you need to go to [Ethereum Mainnet] at the top left corner, click on [Add network] and choose the BNB chain.
You should remember that cryptocurrencies, including BNB, have high volatility, and investments in these tokens may lead to potential losses. Also, BNB value is closely related to Binance exchange performance, and any issue that may arise with this exchange (including regulatory issues) has an immediate effect on the token price. Some other risks that you should consider before buying BNB: are technology risks, liquidity risks, security risks, etc.