Binance Coin may not be mainstream yet, but all the big companies are already accepting it as payment. The question is, should small and medium-sized businesses do it? The answer depends on your business goals and exactly what you plan to do with your digital revenue.
Let’s start with a definition. Binance Coin or BNB is an utility token on the Binance exchange. BNB allows traders to receive trade commission discounts and is also used as gas on Binance Chain and Binance DEX. BNB coin is also accepted as a payment method outside of the exchange, with BNB being widely used throughout the cryptosphere. Binance, led by Changpen Zhao, launched BNB in 2017, and it is now one of the top 10 tokens according to Coin Market Cap.
Bitcoin is still the most common cryptocurrency accepted by businesses as payment, but Binance Coin is actively gaining momentum. More and more large companies are starting to accept crypto payments in BNB, most often to avoid bank commissions and a lengthy transaction processing time.
To start working with Binance Coin you need a reliable crypto-wallet, which allows you to buy, store and sell cryptocurrency. Beginners are advised to start with hardware wallets, which are similar to USB drives, as they offer the highest level of security. To access your cryptocurrency, you only need to connect the hardware wallet to your PC – when the wallet is not connected to your PC, it is fully protected and not susceptible to hacking.
If you are a merchant who wants to accept payments in Binance Coin, you might want to check out payment processors – companies that connect business to crypto payment services. One such company is B2BinPay.
B2BinPay is the best crypto payment processor which helps companies around the world to send, receive, store, exchange and accept crypto payments with high security. The company strives to make crypto payments for business simple, secure and fast using innovative technologies developed in-house. Their main goal is to give customers access to the most advanced and transparent crypto payment services on the market.
Advantages of Binance Coin
Considering BNB’s popularity, it’s worth talking about two major strengths of the coin to help merchants decide whether BNB can bring them revenue.
- Binance Coin is one of the best utility tokens
BNB is considered one of the best utility tokens in 2021. Although the token is mainly used to trade and pay commissions on the Binance exchange, it is also used outside of the Binance ecosystem. For example, to pay for various services like credit card bills, online purchases, travel, entertainment, and transfers.
- Binance is popular
BNB has taken a strong place among the best cryptocurrencies on CoinMarketCap thanks to the popularity of Binance. Binance is a fast-growing company and one of the largest crypto exchanges in the world. No wonder the token has received support from major organizations such as Uplive, one of the largest social video entertainment platforms. In addition, Binance takes security very seriously, a factor that adds another level of credibility to the token and makes it easier to adopt.