Introduction
Do you need to transfer from BNB to PHP? Our guide is here to help! Converting digital currencies is essential for these global transactions, and understanding the proper steps will ensure your financial assets reach where they need to go. We’ll discuss how you can change Binance Coin into Philippine Peso, what exchange rates you should observe, and which services are ideal for conversion. Through our clear instructions, you’ll be a currency conversion guru in no time!
Binance BNB Overview
Binance BNB is a cryptocurrency created and issued by the Binance exchange. It is based on the ERC20 token standard and uses the Symbol network to provide its blockchain. Binance BNB has a total supply of 200 million coins and a circulating supply of 144 million. The entire collection will be reached when all Binance coins are mined.
Binance launched its ICO in July 2017 and raised $15 million. The ICO price was $0.1 per BNB. The coin traded on exchanges in September 2017, when it was listed on Binance’s exchange. In January 2018, Binance announced that it would use part of its profits to buy back and burn BNB tokens, to reduce the circulating supply by 100 million over time. As of March 2021, Binance has repurchased and burned more than 30% of the total supply.
BNB is used to pay trading fees on the Binance exchange, with discounts available for higher amounts of BNB held. It can also purchase goods and services through the Binance ecosystem, such as the travel booking site TravelByBit. In addition, users can earn interest on their holdings by staking them in the Symblox wallet app.
How to Convert From BNB to PHP
It’s easy to convert your Binance Coin (BNB) to Philippine Peso (PHP). Here’s a step-by-step guide:
1. Sign up for a Binance account. If you don’t already have one, you’ll need to create one.
2. Once logged in, go to the “Funds” tab and select “Deposit Withdrawals.”
3. Find Binance Coin (BNB) in the list of currencies and click “Deposit.”
4. A popup will appear with your Binance deposit address. Copy this address and send your BNB coins from your wallet or another cryptocurrency exchange to this address.
5. Once your deposit has been processed, go to the “Exchange” tab and select “Basic.” You can also choose the “Advanced” interface if you prefer, but we will use the primary interface for this guide.
6. In the box labeled “Find a Market,” start typing “BNB/PHP” until it appears in the dropdown menu, then select it. The chart on the right will show you the current market price for BNB/PHP trades. Below the chart, you can see the order book, which lists all recent buy and sell orders for this market pair.
7. In the “Buy BNB” box, select “Limit” from the dropdown menu. Then enter the amount of PHP you want to buy and click “Buy BNB.” Your order will be placed in the order book and filled when someone else is willing to sell their BNB for your price. Once your order is filled, you will have successfully converted your BNB to PHP!
Conclusion
When you learn the basics, converting between BNB and PHP is easy. This guide will give you detailed instructions on how to do it. If you’re looking to send money home or make an international investment, converting from BNB to PHP is a simple and secure process. After reading this guide, we hope you have a better-understood currency conversion and are better prepared for your next transaction!
