What is BNB (BNB)?

BNB is the native utility token of BNB Smart Chain (BSC), created by Binance, the world's largest cryptocurrency exchange. The ticker "BNB" stands for Build"N"Build. In addition to being a cryptocurrency exchange, Binance has an entire ensemble of functionalities and tools, where the BNB token serves multiple use cases.

Originally rolled out as an ERC-20 token on Ethereum, the BNB token later moved to its own blockchain after the launch of Binance Chain in 2019. It was part of Binance's two major components--the BNB Beacon Chain and the BNB Smart Chain. However, in 2024, the platform retired the BNB Beacon Chain and merged all its functionalities to the BNB Smart Chain (BSC).

Users can pay transaction fees on BSC using BNB tokens. They can vote on network proposals and future decisions to power community-driven governance. Those who choose to stake BNB tokens to secure the network earn staking rewards. They can also enjoy discounts on trading fees when using Binance's trading services and get exclusive services within the applications.

How Does BNB Token Work?

The entry of the BNB token started with an Initial Coin Offering (ICO) event lasting from 26 June - 03 July, 2017. The timing was exactly before the Binance exchange opened for trading. The issue rate back then was 1 ETH for 2,700 BNB and 1 BTC for 20,000 BNB. At that time, BNB was an ERC-20 token, which later transitioned to the BNB Chain during its mainnet launch in April 2019.

BNB follows a deflationary tokenomics model leveraged by an auto-burn system that will gradually reduce its supply to 100,000,000 BNB. The blockchain adjusts the BNB for auto burns based on the BNB price and the number of blocks generated on BSC within a quarter. For additional deflation, BNB chain has a "BNB Pioneer Burn Program" then reimburses eligible users for their lost coins.

Its use cases in Binance products are divisible into three parts- Decentralized, Centralized and others. The decentralized uses of BNB include its role as a transaction fee to be paid by those interacting with BSC and opBNB (L2 blockchain solution built on top of BSC). Interactions with 5000+ dApps built on BSC also require payment in BNB tokens. Some dApps provide exclusive perks and yields for the BNB token holders. The Decentralized staking and governance on such platforms may also include holding BNB token as an eligibility requirement.

On the centralized exchange side, the BNB token helps holders save on trading fees and unlock exclusive token sales on Binance Launchpad. The Binance Liquid Swap is a liquidity pool for BNB holders where they can earn yield by providing liquidity to DeFi markets. The BNB token can also be used for token farming opportunities in Binance Launchpool.

The other use cases involve real-world payments for flights, e-commerce, and hotel bookings, which BNB token holders can apply for using platforms like Travala, HostMeNow, Coinsbee, TravelbyBit, and more.

How to Buy BNB in India?

There are many platforms where you can invest and buy BNB in India.

One such platform is Flitpay. To buy BNB in INR, sign up to Flitpay, by entering your registered email id, a strong password to secure your account, and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through your bank account, deposit the INR you want to buy BNB and execute the purchase. The amount of BNB bought will reflect in your Flitpay wallet.

This way you can instantly buy BNB with INR or withdraw BNB to INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

How Do I Convert BNB to INR in India on Flitpay?

Buying and converting the BNB coin to INR directly on Flitpay is a task of a few clicks using Flitpay's quick buy/sell order facility.

If you have already made a BNB coin purchase on Flitpay and want it to convert into INR, all you need to do is sell it on Flitpay, and you will receive the INR in return. If you have your BNB holdings in another exchange, you will have to deposit your crypto on Flitpay and then execute the selling process to convert the BNB into INR.

You can easily withdraw your converted INR to your bank account using Flitpay's instant bank withdrawal service.

What to Do After Buying BNB Coins?

BNB coins can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold BNB coins till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is the BNB coin?

BNB is the native token of BNB Smart Chain (BSC), created by Binance. It's used to pay transaction fees, earn staking rewards, and join governance. BNB also offers trading fee discounts on Binance and can be used for payments, DeFi, token sales, and more across related apps and platforms.

What is the BNB price in India?

Check out the current INR price of BNB coin in India on Flitpay.

Where can I buy BNB coin in India?

Flitpay is the best cryptocurrency exchange in India to buy BNB coin, buy Solana or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to sell BNB coin in India?

You can now seamlessly sell BNB coin in India, for INR, on Flitpay with these 4 easy steps.

To sell BNB coin in India:

1. Register and create an account on Flitpay.

2. Complete your KYC verification.

3. Now deposit your BNB coins via crypto deposit option on Flitpay. (Need help on crypto deposit? Check out our detailed guide.)

4. Sell your deposited BNB coins for INR using QBS (Quick Buy/Sell).

5. The converted INR can now be withdrawn directly to your bank account, hassle-free!

Why choose Flitpay to buy BNB Coin?

Flitpay crypto exchange stands out as the most reliable and secure platform to buy BNB crypto and other cryptocurrencies in India. Here's why:

• Swift and Secure: Flitpay's quick buy/sell feature allows investors to buy BNB coin swiftly within seconds. Flitpay has also implemented robust security measures, including 2FA at various stages, and integrated multi-party computation (MPC) technologies to protect customers' invaluable investments.
• 99.9% Uptime<: The robust build and interface of Flitpay ensure 99.9% uptime, allowing you to access your BNB investments anytime without any hitches or glitches.
• Price Alerts: Flitpay's timely price notifications and alerts keep investors updated with price changes, allowing users to easily seize the right opportunity to buy or sell BNB even when offline.
• Instant Deposits and Withdrawals: Access your funds hassle-free through instant deposit and withdrawal services. With Flitpay, you can easily convert your BNB to INR or INR to BNB and withdraw your funds instantly.

What are the benefits of BNB?

BNB provides numerous benefits to its holders in the Binance ecosystem and even real-life. Its holders get trading fee discounts on Binance and access to exclusive token sales. It's used for paying transaction fees on BNB Smart Chain and opBNB. Holders can stake BNB for rewards and participate in governance. BNB is also accepted for real-world payments like travel, shopping, and bookings through some supported platforms.

Is it safe to invest in BNB crypto in India?

Yes, investing and trading the BNB coin is safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying BNB coin. The platform offers real-time prices and advanced investing features.

Where can I deposit and withdraw BNB coin in India?

Your search for secure crypto deposits and withdrawals in India ends here. Flitpay is the only crypto exchange to facilitate hassle-free and Instant crypto deposits and withdrawals in India with minimal or no fees.

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