April 16, 2023

By Nanda

BNB, or Binance Coin, has been making waves in the world of cryptocurrency. In this blog post, we will explore how BNB works, the types of users who benefit from it, and some practical use cases. We will also delve into how an app called Ninjapay is revolutionizing the way Indians trade BNB with lower fees and no TDS.

How it Works

BNB is the native cryptocurrency of the Binance platform, the world's largest cryptocurrency exchange. Binance created BNB as an ERC-20 token on the Ethereum blockchain. However, in 2019, BNB migrated to its own blockchain called Binance Smart Chain (BSC). BNB serves several purposes on the Binance platform, including paying for transaction fees, participating in token sales, and staking for passive income.

Who Benefits?

BNB is a versatile coin, catering to various types of users. Some of the users who benefit from BNB include:

1. Traders: Binance offers reduced trading fees for users who pay with BNB. This can save traders a significant amount of money over time, especially for those who trade frequently.
2. Investors: BNB's value has grown significantly since its inception, providing substantial returns for early investors. Additionally, BNB can be staked or used in liquidity pools to generate passive income.
3. Developers: Binance Smart Chain has become a popular alternative to Ethereum for building decentralized applications (dApps). Developers can use BNB to deploy smart contracts and pay for transaction fees on BSC.

Use Cases

BNB has various use cases, such as:

1. Trading fee discounts: As mentioned earlier, users can pay their trading fees with BNB to receive discounts on the Binance platform.
2. Participating in token sales: Binance Launchpad, an Initial Exchange Offering (IEO) platform, allows users to participate in token sales using BNB.
3. Staking and DeFi: BNB can be staked on the Binance platform or used in DeFi applications on Binance Smart Chain to earn passive income.
4. Payment method: Several merchants worldwide accept BNB as a form of payment, making it a viable option for everyday transactions.

Ninjapay: A Game-Changer for Indian BNB Traders

Ninjapay is an innovative app that has been helping Indian users trade BNB at a significantly lower fee than Binance. It also does not deduct TDS (Tax Deducted at Source), making it a more affordable option for Indian traders.

One of the key features of Ninjapay is its support for INR deposits via UPI (Unified Payments Interface). UPI is a real-time payment system that enables multiple bank accounts into a single mobile app, merging several banking features and facilitating seamless fund transfers. This integration allows Indian users to deposit INR easily and trade BNB without any hassle.

In conclusion, BNB has emerged as a versatile and valuable cryptocurrency, catering to the needs of traders, investors, and developers alike. Ninjapay is making it even more accessible for Indian users by offering lower fees and seamless INR deposits via UPI. With its growing popularity and increasing adoption, BNB is poised to continue its upward trajectory in the world of cryptocurrencies.