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Binance Coin (BNB)  is a cryptocurrency token that fuels the Binance ecosystem and its products. BNB is the native crypto asset in the Binance Chain and the Binance Smart Chain where it is used for activities like fee payment in the Binance DEX, transfer of assets, issuing new tokens, and many more.

BNB was created as an ERC-20 token initially in June 2017 and was launched with an ICO in July 2017. It has found the following fundamental use cases in the Binance ecosystem:

• Fee payment: Exchange fee payments made on Binance exchanges with BNB have always been subject to discounts.
• Economic functions: Services of the Binance ecosystem that require a settlement medium, like Launchpads (IEOs) and community listings are done using BNB.
• Third-party: BNB has found many use cases with third-party web3 projects in various sectors like service, finance, entertainment, and travel.

Until recently, Binance Coin lived on two blockchains natively:  the Binance Chain and the Binance Smart Chain. However, following developments in February 2022, the Binance Chain and Binance Smart Chain have now become the BNB Chain, and the Binance Coin has been renamed as BNB, which stands for “Build and Build”.

BNB Beacon Chain is a part of the Tendermint BFT consensus and uses Delegated Proof-of-Stake (DPoS) to validate transactions. The BNB Smart Chain combines features from Proof-of-Stake (POS) and Proof-of-Authority (POA) to develop the Proof-of-Staked Authority consensus mechanism to validate transactions.

Since its launch in July 2017, the performance of BNB and its demand have been tied to the growth of the Binance ecosystem. BNB was one of the most traded cryptocurrencies of 2021 and grew by roughly 50 percent. Major rally for BNB arrived with the reward program for developers who use the Binance Smart Chain to develop DeFi applications.

Both the Binance chain and the Binance Smart Chain, where BNB resides, rely on a version of Proof-of-Stake to validate the transactions on the network. The cost of compromising POS networks is equal to at least 51% of the total monetary power staked. Attacking legacy blockchain networks like Binance this way is theoretically possible but is astronomically difficult.

Being a decentralized network, the chain activity is recorded on a public ledger and is transparently available for anyone to verify, adding to its security.

While the Binance blockchain networks are quite secure, wallet security is a commonly compromised link that is out of the network’s control. Online/hot wallets are often subject to online scams and malware that can leak sensitive information like user private keys. Even centralized exchanges do not share private keys and hinder true control over users’ funds. If these CEXs went under, so could the user funds with them.

Hardware/cold wallets have always been the most secure methods of storing cryptocurrencies. These devices are safe from scams and malware by being off the grid, and also ensure sovereign control over the user funds.

BNB can be bought on centralized exchanges if the user is comfortable with sharing privacy-invasive information like KYC, which is often not ideal. Another alternative would be to buy BNB on DEXs with online wallets. This method may preserve privacy but comes with security concerns as discussed above. 

With Ledger, users can purchase and transfer BNB to hardware wallets simultaneously, which is ideal for ensuring optimal security standards.

Ledger Live then lets users conveniently track and manage their assets with desktop and mobile applications.

Using Ledger interface to buy crypto assets is pretty simple, it even lets you make payments through TradFi channels like PayPal or Credit/Debit cards, follow these steps:

• Get a Ledger Hardware Wallet. 
• Download Ledger Live on a web or mobile device. 
• Install the Binance smart Chain (BNB) application on the hardware wallet after setting up Ledger Live. 
• Start buying BNB using Ledger Live.

Users also can swap or trade BNB on Ledger for other cryptocurrencies for a dynamic and diversified portfolio that maximizes returns. The hundred of swap pairs available on Ledger can be accessed as follows:

• Get a Ledger Hardware Wallet.
• Download Ledger Live.
• Install the ‘Exchange’ application on Ledger Live, along with the applications for the coins you wish to swap.
• One must have BNB in the linked hardware wallet to facilitate the swap. 
• Once there are sufficient assets in the wallet, swapping is possible.