Exchange BNB to BTC: Beginner’s guide
In October 2021, Bitcoin rose to another all-time high of $ 66,000 per coin. One of the reasons for the rapid growth of the leader of the cryptocurrency market was the announcement of the upcoming entry into the Bitcoin ETF market. The growth of Bitcoin has caused the active growth of many altcoins, among which Binance Coin stood out. BNB climbed to the third position in the ranking of the largest cryptocurrencies by market capitalization. So that, how to convert BNB to BTC is among the hot questions.
What is BNB?
Binance coin was created to serve the ecosystem of one of the largest cryptocurrency exchanges – Binance. The coin has become one of the main elements of the Binance Smart Chain, which aims to overtake the Ethereum network. But it should be noted that the platform differs from its main competitor in better scalability and lower commissions.
So, BNB functions as a calculator in the Binance ecosystem and is used:
- To pay commissions on the main site.
- Also pay commissions for transactions in Binance Chain.
- To pay commissions on the Binance decentralized platform.
- And to purchase goods and services on the network using a Binance Сard or Binance Pay system.
How did the Binance coin rate change?
The coin began trading in the summer of 2017 at a price close to $ 0.01. With such a modest start, the coin passed the test with dignity in the winter of 2018. In 2019, the price briefly climbed to $ 38.8 and there were no new records for the next two years.
The next record was set in February 2021 when the coin climbed above $ 300. After a short correction, the altcoin began to rise again and reached an all-time high of $ 683 in May. The following weeks turned out to be difficult for the coin, its rate plummeted to almost $ 225.
After the summer lull, the Binance coin began to rally again and briefly climbed to $ 515.74 in late August, and is currently trading near this value. So that converting BNB to BTC became a topic too.
Binance Coin Forecast
The exchange rate of the coin is directly related to the activity of traders on Binance. BNB’s growth is driven by new ecosystem product announcements and the development of the Binance Smart Chain blockchain. Recently, several large DeFi projects have switched to this system and if the launch date of the new version of Ethereum is pushed back again, it could become a massive phenomenon.
Most analysts are very optimistic about the near-term outlook for BNB and expect continued growth in 2022. Experts also expect trade BNB with Binance trading bots may help the traders get more profit. The boldest prediction comes from Digitalcoin: $ 740 per coin at the end of 2021, rising to $ 846 in 2022 and hitting the $ 1,000 mark in 2023.
Is it a good idea to invest in Binance or convert BNB to BTC?
The reality is somewhere in the middle, because it constantly relies on your desires and goals, as well as your circumstances. Based on the length of their respective histories, Bitcoin and Ethereum might be considered “long-term” cryptocurrencies. Moreover, Bitcoin is the most popular cryptocurrency in the world, with distributed nodes located all around the world. Besides, it has persisted for over 11 years through several ups and downs, which makes it more appealing to people.
Ethereum may only have half the number of nodes as Bitcoin, but it still has a greater number of distributed nodes than Binance Coin.
Binance offers lower transaction fees and faster transaction times.
If you’re looking for a new cryptocurrency that will help you make money quickly and effortlessly, Binance might be a good fit for you. Many traders and investors are abandoning Ethereum in search of a more cost-effective and speedier transactional alternative. You should use Binance currency if you wish to be self-sufficient and not be controlled by a central authority.
Binance Coin employs the Proof-of-Authority consensus algorithm, which appears to be more secure than any other method.
Overall, investing in cryptocurrency is always fraught with danger because you are mostly making speculative bets. Users should, however, first have an understanding of the purpose of cryptocurrencies before participating in the game. Cryptocurrencies were created to provide individuals with independence by allowing them to handle their own funds without the need for a third-party controller. Binance Coin, on the other hand, is fully on the other side of the spectrum.
Is it possible to switch from BNB to BTC?
How to convert BNB to BTC? In a platform like LetsExchange, choose the coin you wish to sell and enter the amount you want to get in return. Select the cryptocurrency that you want to purchase. The trading software will quickly provide you with the most beneficial BNB to BTC conversion rate available on all major exchange platforms at the time of your request.
How to convert BNB to BTC?
BNB is traded not only on Binance, the coin is available on many major exchanges, as well as on quick exchange services.
To BNB to BTC exchange on a centralized exchange, you need:
- Register an account and undergo verification, if required by the selected site.
- Deposit coins.
- Create an order to buy BTC for BNB.
- After the order is executed, withdraw the coins to an external wallet if you do not plan to conduct active trading.
So, all transactions on traditional exchanges are carried out with a commission.
LetsExchange is a convenient alternative to traditional platforms
Besides, selling and buying cryptocurrency on LetsExchange is much faster including BNB to BTC:
- Firstly, in the upper field of the exchange widget, select BNB for sale and specify the amount of the transaction;
- Then, in the lower field, select BTC for purchase;
- Next, indicate the address of your crypto wallet;
- Deposit coins.
- And press the “Exchange” button.
Smart Rate automatically selects the best deal for you. The purchased coins are credited to the wallet immediately after the completion of the transaction. The platform works without commissions and restrictions on the amount and number of swaps in any available direction. So, you can immediately use the funds that are stored in the BSV wallet and buy some more promising coins.
LetsExchange is very fast, convenient, profitable and as safe as possible.
David is a dynamic, analytical, solutions-focused bilingual Financial Professional, highly regarded for devising and implementing actionable plans resulting in measurable improvements to customer acquisition and retention, revenue generation, forecasting, and new business development.