Key Takeaways

• Expand your payment options to attract more customers by accepting the popular Binance Coin (BNB), known for its low fees.
• Implement BNB payments in your business either through direct wallet transfers or by using automated crypto processing services.
• Engage with a broad digital finance ecosystem by using BNB, which connects to various Binance services and applications.
• Appreciate how BNB grew from a simple exchange token for fee discounts into a widely used digital currency with many applications.

The history of this coin started in 2017 when it was first used more as a utility token, but then it grew tremendously and expanded its applications into many sectors. This is why the Binance Coin is now used as a payment option for entertainment, online services, travel and financial products. Binance Coin is one of the most important cryptocurrencies by market cap, which is why it is a good idea for companies to start accepting BNB as a payment option. In this article, we will explore more facts about BNB, so keep reading. 

What is the history of the Binance Coin? 

The history of the Binance Coin started in 2017 when this digital coin began to be sold through an Initial Coin Offering (ICO). The creators launched 200 million tokens of this digital coin, of which 100 million were sold in the ICO. Of the total supply, 80 were allocated to the founding team, while 20 million were assigned to angel investors. At first, BNB was used only to pay trading commissions on the Binance network, but soon, its future would start being changed with a wider variety of applications. 

Initially, the Binance Coin was developed as an ERC-20 token using the Ethereum blockchain, but soon, things improved, and Binance released its own blockchain. This occurred in 2019 when the Binance Chain was released. Thanks to this, the BNB capabilities increased, and besides offering discounts on trading fees, BNB also started to be used for decentralized applications, among other things. This is why the Binance Coin (BNB) has increased in popularity since that moment. 

Later, the Binance Chain was renamed the BNB Beacon Chain, but because it didn’t allow the creation of smart contracts, it underwent further improvement, which resulted in the creation of the BNB Smart Chain. 

What are the benefits of using the Binance Coin (BNB)? 

There are many advantages associated with the Binance Coin, which makes this digital currency a good payment solution for companies worldwide. 

• Low fees: One of BNB’s best advantages over the other digital coins is its low fees, which makes it suitable as a payment option for companies. Over the years, leading cryptocurrencies like Bitcoin have been condemned for having significant transaction fees, but this is not the case with BNB, which is a great advantage. 
• High speed: Transactions with BNB are also very fast, particularly thanks to the features of the Binance Smart Chain. This is why this digital coin is a very good solution for different payments for services and goods while also being a good alternative for decentralized applications. As transactions with BNB are processed in seconds, BNB is a great payment solution. 
• Being part of a large ecosystem: Binance is the leading crypto exchange, and its ecosystem surrounds this digital coin. Some of the components of the Binance ecosystem are the Binance Academy, Binance Launchpool, and Binance Smart Chain. So, by considering BNB, companies will have access to a wide variety of services they can use to their advantage. 
• Great popularity: BNB is among the leading digital currencies, making it a very popular cryptocurrency. This popularity ensures that BNB has high liquidity, meaning that this digital coin can be easily exchanged for fiat money or other virtual coins. 
• A large variety of use cases: BNB has a long list of use cases, which makes it even more suitable for investing in it or adding it as a payment option for companies worldwide. Among the most important use cases are being a payment solution, paying trading fees, and being used for decentralized applications. Additionally, BNB is also a governance token, and users who own BNB coins will be able to make decisions regarding the future of BNB. 
• Staking: BNB also allows users to stake this digital coin and receive rewards in exchange for this activity. This opens the door to even more benefits. 

How can companies accept payments with BNB? 

Companies can accept payments with BNB, which we will explore further.

Payment through a wallet transfer

The most common way for companies to accept payments with BNB is to consider a wallet transfer. For this, companies will need to install a crypto wallet that supports the Binance Coin and then offer the public address to buyers. This is an easy method, as companies won’t need to have an additional platform. It is essential to make all users aware that it is very important to pay attention when entering the crypto address, as otherwise, users might lose their funds and won’t receive the products and services they wanted. 

Crypto processing

Another good idea is to consider crypto processing, in which companies integrate the BNB as a payment method. This automates payment acceptance, as the system will convert and generate a wallet address, confirm payment, or auto-converse payments. 

What are the key features of BNB? 

BNB is an amazing cryptocurrency with various key features. It is the native token of the BNB Smart Chain, which supports many activities and services, such as staking, making decisions on the platform’s future, and paying transcription fees. Discounted trading fees can help traders cut expenses. BNB also works with a burning mechanism that gradually reduces the total supply of BNB. 

Parting words

BNB has grown tremendously from the first moments it was launched into the market, and now it is a testament to a strong digital coin that wants to improve with new use cases. Even though, at first, BNB seemed suitable only to pay the commission fees on the Binance platform, the use cases of this digital coin have expanded tremendously, which is why it has started to be used by companies worldwide. BNB can help individuals interact with the Binance ecosystem and have the advantage of different discounts.