As time has passed, cryptocurrency has surpassed traditional money, and accepting it as payment will benefit you and your business. Finance is truly moving towards a digital world and economy where crypto is at the crux of this change which benefits the larger global population that needs it.
This post will discuss how important Binance is in the crypto realm and how accepting it as payment for any services or products would or will not benefit your business.
Binance coin (BNB) is a cryptocurrency launched in 2017 at the same time as the trading platform Binance. It was first deployed on the Ethereum blockchain, known for its flexibility, but it has now transferred to its blockchain.
This currency was previously based on the Ethereum network in the form of ERC20 tokens. Binance Coin ensures reduced fees on the Binance trading platform. It's also worth noting that it's on an evolutionary trajectory. Furthermore, the coin may be used for a variety of additional purposes.
So, whether you're paying transaction fees on Binance, selling digital assets (tokens) housed on Binance Launchpad, or simply speculating, the BNB is a highly valuable coin.
Merchants can accept BNB as payment from customers, giving them extra payment options.
Several platforms enable users to use Binance Coin to invest in stocks, ETFs, and other assets.
On certain sites, BNB may be used as collateral for loans. Some apps allow users to use Binance Coin to divide expenses and pay friends and relatives.
Accepting cryptocurrency as payment has become common nowadays, as cryptocurrencies are crossing their limitations, and businesses are willing to step into the crypto chain. But, the question arises whether it is profitable to accept Binance coin (BNB). So, let’s break down how beneficial it is.
Binance coin was created with specific aims in mind. The primary goal of cryptocurrency is, first and foremost, to provide charge reductions. This is true for transaction fees, withdrawal fees, and other such charges.
The first year's price was discounted by 50%. It dropped to 25% in the second year. Then it reached the third year of a 12.5 percent decrease. The decrease rate for the fourth year will be 6.75 percent.
Binance has its own merchant tool, which you can use to receive and send payments. In addition, users can choose the sequence of the currencies in which they want to make payments on Binance Pay.
Users may immediately transfer cash between their Binance Pay and personal Spot wallets and withdraw funds to their preferred bank.
Aside from that, you may use a third-party cryptocurrency payment gateway, which will cost you a little more but will give you additional and better capabilities.
Some of the main BNB payment providers/processors offering solutions for Merchants and Enterprise customers include Coinremitter and Coingate. It enables companies to transmit, receive, store, swap, and accept cryptocurrency payments around the globe in a matter of minutes, safely, securely, and affordably.
Coinremitter is a well-known cryptocurrency payment gateway service provider that has been the proven choice of many businesses for accessing cryptocurrencies and allowing global BNB and other crypto payments. Its auto-withdrawal feature also makes it the best and most dependable.
Accepting BNB will help businesses because it has more potential in the crypto sphere than any other crypto.
But selecting the right payment processor that offers their gateway services and other services is crucial.