What Is Binance Coin (BNB)?
Binance Coin (BNB) is the native cryptocurrency of the Binance ecosystem, which includes Binance Exchange and Binance Smart Chain (BSC). BNB is used to pay for transaction fees on the Binance Exchange, participate in token sales, and more. The Binance Smart Chain, a blockchain network running in parallel to Binance Chain, supports smart contracts and decentralized applications (dApps), making it a versatile platform for developers and users alike.
Is BNB Staking Safe?
For the average user, staking BNB tokens is as safe as simply storing them in your wallet. All transactions, whether in a wallet or staked, are processed by smart contracts and the blockchain without human intervention. Therefore, staking offers the same level of reliability and security as keeping tokens in a wallet.
Why You Need to Stake BNB?
Staking is an integral part of blockchains operating on the PoS protocol. Let’s explore the main reasons users stake BNB:
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Supporting the Binance Smart Chain: For the stable and secure operation of the Binance Smart Chain, transaction validation is required, which is only possible with a large and decentralized volume of staked BNB tokens. This is why many users participate in staking their favorite blockchain’s tokens.
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Investments: Users who invest in tokens for the long term choose staking as an additional income multiplier and protection against inflation. Staking is as reliable and safe as storing tokens in an address while providing good returns.
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Exploring New Features: Many users limit themselves to simple token transfers. However, some want to explore all the blockchain’s possibilities, thus experimenting with swaps and staking.
Storing and Staking BNB
You can store BNB tokens and stake them simultaneously. For example, allocate some tokens for long-term investment and stake them, while keeping a small portion for operational purposes, such as paying transaction fees for BNB tokens or NFTs. You decide how many BNB tokens to stake and can also withdraw tokens from staking.
I Want to Learn More About Staking BNB
We have prepared a special tutorial to help you understand BNB staking - Learn more about staking BNB