Quote from: NeuroticFish on September 18, 2021, 03:52:37 PM

Quote from: 15days on September 18, 2021, 12:14:31 AM

I just noticed that withdrawing from Binance using BTC is ridiculously expensive compared to BNB, which is almost nothing. So I was wondering, why am I not using it? Why don't YOU use it? I feel like there is a catch, just don't know what it is.

1) I use USDC to trade. Should I switch over to BNB? Why? Why not?

2) What are the advantages? Is it only to save on fees? If so, would there be any disadvantages that would negate that benefit?

3) Do I have to pair the crypto I'm trading with BNB in order to use BNB to avail the low fees? Or can I just exchange currency for some BNB to hold in my wallet and Binance will use that BNB to pay fees?

BNB is an altcoin. As long as Binance will have success, BNB should be pretty much OK. As soon as Binance will get into difficulties (and you may not be aware) BNB may no longer be OK.
Since Binance is getting at the verge of being banned here and there, they now try to start getting compliant with the law(s). This may be too late, this may be a problem for the customers, or may be just fine. I don't know.
Altcoins are risky. You should know that. All in all, I would not keep too many funds in BNB. But that's my opinion; some do consider it a wonderful investment.

Now, I'm not convinced how many exchanges accept BNB; I expect that they're are much less than USDT. Also you should know that if you withdraw BNB, you'll keep it in BNB wallet, not Bitcoin. You know the difference between Bitcoin and altcoins, right?

And at the end, I do keep some money in BNB. But it's under 1$. I keep it for cheaper exchange fees at Binance. For me, that's the only good use for BNB.

I hope it helps. But please do as you think fit. It's up to you whether you invest or not.

Thanks!

OK, I just want to know if I can keep just enough for the trading and withdrawal fees. For example, if I'm trading BTC>USDC, the fee will be %1 of the traded currency, taken out from the USDC (the currency acquired from the trade). So if 1 BTC is 50,000 USDC, and I traded 0.005 BTC for 250 USDC, they'll take %1 from the 250 USDC, which will be 2.5 USDC. So I'll end up with 247.5 USDC.

But if i use BNB, they say that the fees will be reduced (to %0.5 I think it was). So in the above example trade, they'll take out 1.25 instead of 2.5, but they will not take it from the USDC, but rather the BNB in my wallet.

Is the above correct? Did I understand how it works correctly? If yes, then...

1) Is it %0.5 of the BNB's exchange rate from the 250 USDC? So for example, if 1 BNB is 500 USDC, does it mean they will take out 0.0025 BNB? (1 USDC = 0.0020 BNB so 1.2 USDC would be 0.0025 BNB).

2) Can I buy enough BNB to keep in my wallet for just the transaction fee I want? Taking the above example, if I wanted to make that trade in an hour, and I currently have zero BNB in my wallet, can I go ahead and buy 0.0025 BNB just for the purpose of saving on fees for that transaction? Does it work that way?