Cryptocurrencies have exploded in popularity in recent years. With over 18,000 different cryptocurrencies to choose from, it can be overwhelming trying to decide which ones are worth investing in.
In the spring of 2019, Binance launched its blockchain, Binance Chain, which transferred all Binance Coin coins. Dozens of projects moved to the Binance blockchain, and a decentralized trading platform Binance DEX was also launched on the network. Increased demand for Binance Coin contributes to the growth of the price of this crypto asset. Also, do not forget that exchanging NANO to BNB today is not a problem.
In this post, I’ll explain why NANO on the Binance Coin (BNB) blockchain is one digital asset worth considering.
What is NANO?
NANO is a low-latency payment digital currency that requires minimal resources, making it ideal for everyday transactions. Here are some key features:
- Feeless – Send and receive NANO without any fees. This makes small transactions practical.
- Instant – Transactions are confirmed in less than one second with negligible settlement times.
- Eco-Friendly – The NANO network has one of the lowest carbon footprints of major cryptos, using far less energy.
- Decentralized – NANO utilizes a block-lattice structure with accounts and blocks unique to each user. This enhances security and distribution.
- Scalable – NANO can handle up to 7,000 transactions per second, supporting high volume uses.
Essentially, NANO focuses on delivering ultrafast, affordable, and environmentally sustainable payments in real time – without fees. This makes it preferable for daily transactions.
Why Binance Coin?
Binance Coin (BNB) is the native token of the Binance ecosystem. Here’s why it’s beneficial:
Large User Base
With over 120 million users, Binance is the world’s biggest crypto exchange by trading volume. This gives NANO access to a massive target audience if listed on Binance.
Discount on Fees
BNB holders get up to 25% off trading fees on Binance when paying with BNB. This helps reduce costs.
Growing Ecosystem
The Binance ecosystem keeps expanding into new services like NFTs, metaverse gaming, and more. More use cases increase BNB utility.
Consistent Innovation
Binance consistently rolls out new features and improvements to stay ahead of competition. This indicates longevity and commitment.
Secure Chain
The Binance Chain uses a cutting-edge Tendermint Byzantine Fault Tolerance consensus mechanism to achieve one-second block times with low fees.
For these reasons, having your NANO on Binance Coin opens up a world of possibilities.
Benefits of Holding NANO on Binance
Here are some of the key advantages of holding your NANO on Binance versus other exchanges:
Liquidity
Binance has among the highest liquidity in the crypto space. This makes it easy to enter and exit trades smoothly.
Staking Rewards
Binance offers up to 30% APY for staking BNB. This allows earning passive income on your dormant NANO holdings.
Exposure to More Assets
Binance lists hundreds of altcoins to trade against NANO. This presents more investment opportunities.
Robust Security
Binance employs top-tier security like SAFU insurance, 2FA, and cold wallet storage. This protects against theft and hacks.
Seamless Transfers
Sending NANO transactions from Binance to external wallets only takes a few seconds, thanks to NANO’s speed.
Debit Card
The Binance Card allows users to convert crypto to fiat and spend it anywhere major credit cards are accepted.
Reasons to Invest in NANO Now
Despite some ups and downs since its inception, there are promising signs that point to NANO being a wise long-term investment:
Growing Developer Activity
Development activity for NANO is ramping up, with over 140 contributors helping build out the protocol. More development leads to greater capabilities.
Real-World Use Cases
NANO is being used for payments at hundreds of merchants globally, showing it works for e-commerce transactions. Adoption will likely keep rising.
Finite Supply
The maximum supply of NANO is capped at 133 million, giving it a deflationary nature as demand grows over time. Scarcity could drive up value.
Current Price Opportunity
At the time of writing, NANO trades under $1 – far below its all-time high over $37. This lower price presents a more attractive entry point.
Comparison to Top Cryptos
NANO can process transactions faster and more cheaply than top coins like Bitcoin and Ethereum. As usage grows, NANO could see proportional gains.
The long-term growth thesis combined with the current valuation relative to potential make now a prudent time to start accumulating a NANO position.
How to Purchase NANO on Binance
Purchasing NANO through Binance only takes a few simple steps:
- Sign Up – Create a Binance account and complete KYC verification. This unlocks all account features.
- Deposit Funds – Fund your account by depositing cryptocurrency or fiat money from your bank.
- Convert to BNB – Convert a portion of your balance to BNB to hold for fees and earn rewards.
- Trade BNB for NANO – Search for the NANO/BNB pair and enter the amount of BNB to swap.
- Withdraw NANO – Withdraw your NANO to an external crypto wallet or keep it on your Binance account.
- Enable Staking – Opt into staking BNB to earn up to 30% APY on your holdings.
And that’s it! Now you’ll have NANO ready to use on the BNB blockchain. Consider setting up recurring buys to continue accumulating over time.
Potential Risks To Consider
While NANO has promising utility, there are still risks to factor:
- As a newer crypto, NANO doesn’t have a long track record to analyze price patterns and volatility.
- Regulatory changes around cryptocurrencies could restrict usage and exchange options.
- Lack of widespread adoption thus far makes NANO mostly speculative still. Utility doesn’t guarantee price gains.
- Technical problems like bugs or hacks could compromise the network security and performance.
- Competing cryptocurrencies may supersede NANO in speed, scalability, or capabilities.
As with any investment, proper due diligence is advised. Never invest more than you can responsibly afford to lose. With prudent position sizing and a long-term outlook, the risks can be managed.
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Conclusion
In summary, NANO stands out as one of the best positioned utility tokens for fast, everyday transactions. And listing on Binance Coin unlocks liquidity, staking rewards, and growth opportunities within the leading crypto ecosystem. For both short and long-term growth potential, few altcoins can match the investment case for accumulating NANO on Binance at this time.
FAQs
How do I store my NANO purchased on Binance?
You can keep holdings on Binance or withdraw to an external wallet like Natrium or Nault for enhanced security. Hardware wallets like Ledger also support NANO.
What is the minimum amount of NANO I can purchase on Binance?
You can buy fractional NANO so technically there is no minimum. Purchasing a small amount is recommended to start.
How long does it take to receive NANO after purchasing on Binance?
Thanks to NANO’s nearly instant transactions, you will receive your NANO into your Binance account right after completing the trade.
Can I stake my NANO on Binance to earn rewards?
No, Binance does not currently support staking for NANO. But you can earn up to 30% APY rewards by staking your BNB holdings.
What are the fees to deposit, trade, or withdraw NANO on Binance?
Binance does not charge fees for depositing NANO. Trading fees are 0.1% each way. Withdrawal fees are minimal, less than one cent.
Is purchasing NANO on Binance safe?
Yes, Binance utilizes top-tier security and insurance safeguards to protect user funds. Enable 2-factor authentication for extra account security.
Can I use technical analysis when trading NANO on Binance?
Yes, Binance offers detailed charts and indicators to help analyze price patterns and trends for timing your NANO entries and exits.
How can I follow the latest developments with NANO?
Check the NANO website blog and forum for updates. Also follow their Twitter feed and join the r/nanocurrency community on Reddit.
Where else can I buy NANO besides Binance?
Other major exchanges that support NANO trading pairs include Kraken, KuCoin, Crypto.com, Gate.io and Huobi Global. Compare fees and features.
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