BNB (BNB) is a versatile cryptocurrency that provides significant benefits on various platforms and applications. Launched through an ICO, BNB transitioned from Ethereum to Binance’s own Blockchains, expanding its use cases from trading fee discounts on the Binance exchange to powering numerous applications on the BNB Smart Chain. Periodic coin burns and a real-time coin burn mechanism reduce supply, potentially increasing its value over time. Its multifaceted role within and beyond the Binance ecosystem underscores its importance in the world of decentralized finance (DeFi) and Blockchain technology. In this article, you can find answers to two frequently asked questions: what is BNB (BNB) and how to buy BNB (BNB) with TRY.
What is BNB (BNB)?
BNB or Binance Coin is a cryptocurrency project launched through an Initial Coin Offering (ICO) from June 26 to July 3, 2017, just 11 days before the Binance Exchange opened for trading. The ICO price was set at 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. Initially launched as an ERC-20 token on the Ethereum network with a total supply of 200 million coins, BNB does not grant users any rights over Binance profits or represent an investment in Binance. Following periodic coin burns and a real-time coin burn mechanism, the current total supply is lower than the initial 200 million.
Initially Ethereum-based, ERC-20 BNB tokens were swapped 1:1 for BEP-2 BNB tokens following the launch of the Binance Chain mainnet on April 18, 2019. In September 2020, Binance further expanded its Blockchain infrastructure by launching BNB Smart Chain (formerly Binance Smart Chain), which operates parallel to the BNB Beacon Chain (formerly Binance Chain). As a result, BNB exists in three forms: BNB BEP-2 on BNB Beacon Chain, BNB BEP-20 on BNB Smart Chain, and BNB ERC-20 on the Ethereum network.
BNB has a wide range of use cases both within and outside the BNB Chain ecosystem. Users can use BNB to pay for travel expenses, purchase virtual gifts, lend, earn rewards, create smart contracts, and perform various transactions. It is estimated that millions of BNB are used for such purposes, demonstrating BNB’s utility beyond being a trading coin. Additionally, BNB can be used to pay for trading fees on the Binance exchange, offering users a discount when they choose to pay with BNB. This feature is particularly advantageous for frequent traders on Binance, who collectively used over 40 million BNB to cover trading fees in more than 127 billion transactions.
The standard trading fee on Binance is 0.1% per transaction, payable with the traded assets or BNB. Choosing to pay with BNB provides users with a discount, encouraging them to hold and use BNB for trading activities. It is important to note that the fee deduction follows a specific schedule, so users should check the current spot trading Fee Schedule to understand the discounts and rates. The Binance Futures platform has a slightly different Fee Schedule, adding another layer of consideration for users interested in futures trading.
Beyond the Binance trading platform, BNB powers Binance DEX on the BNB Beacon Chain and supports hundreds of applications running on BNB Smart Chain (BSC). This widespread usage extends BNB’s utility to various decentralized applications and cryptocurrencies within the BNB ecosystem. Over 180 cryptocurrencies have been issued on BSC, and millions of users utilize BNB for different purposes related to BSC, highlighting BNB’s significance in the broader DeFi environment.
How to Buy BNB (BNB) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy BNB (BNB). Binance TR, where you can quickly create an account, allows trading of over 100 cryptocurrencies, including BNB. To buy BNB (BNB) with TRY on Binance TR, follow these steps:
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the dropdown menu, and then click on “Verify.” You will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap on the “Identity” option to continue.
Then, a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, tap on “Upload Front Side” to continue. After taking a photo of the front side of the document, tap on “Upload Back Side” and take a photo of the back side of the document. Make sure the images are clear and the information in the photos is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then, tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account from all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TRY via FAST. Deposits over 50,000 TRY from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the dropdown menu.
Then, a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer via EFT or FAST. All you need to do now is use the information shown on the bank’s page to transfer the amount you want to deposit into your Binance TR account via EFT or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy BNB Coin on Binance TR with TRY?
After the deposit process, you can proceed to the TL to BNB coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to BNB purchase page by typing “BNB” in the search section on the right side of this page and clicking on the BNB/TRY option from the results.
Now, the following BNB purchase page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy BNB in the first box and the number of BNB you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy BNB” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.
