Welcome to bulliscoming, in today’s crypto guide we are going to teach you how to earn free BNB using Trustwallet. Trust Wallet allows you to earn crypto natively within the app through staking while retaining complete control over your funds. You can earn 30%+ APY in BNB staking returns, and Trust Wallet doesn’t take a cut.
How to Earn Free BNB Using Trust Wallet
Binance Coin (BNB) has emerged as one of the leading digital assets in the crypto markets. Download Trust Wallet to start earning BNB tokens today.
Install Trust Wallet
Download Trust Wallet (available for Android and iOS).
Buy or Deposit BNB in Trust Wallet
Deposit or purchase BNB directly in your Trust Wallet app.
Start Staking BNB to Earn 30%+ APY
Access the finance tab, choose BNB, type in the amount you want to stake, and start staking the digital asset to earn daily BNB staking rewards.
What is BNB?
Binance Coin (BNB) is a cryptocurrency which was created by Binance in 2017. It’s a utility token that lets traders get discounts on binance.com, and is used to pay transaction fees on Binance’s blockchains.
A total of 200,000,000 BNB tokens were initially created, 100,000,000 of which were sold during crowdfunding. Binance burns a percentage of the BNB supply every three months meaning BNB is a deflationary asset.
Binance will stop burning BNB once 50% of the initial supply has been burnt and only 100,000,000 BNB remain.
How does BNB work & where can I get a BNB wallet?
You can pay your trading fees on Binance with BNB to receive a discount. You can also use it as collateral for loans, stake to earn rewards and as a BNB holder, you gain exclusive access to opportunities on Binance such as investment in Binance Launchpad events.
BNB operates on Binance Chain and the recently released Binance Smart Chain. Binance Smart Chain is a smart contract blockchain that is compatible with the Ethereum Virtual Machine. In basic terms, that means that decentralized applications that work with Ethereum are relatively simple to migrate to Binance Smart Chain.
Ethereum tools like Remix, Truffle, and Metamask work with Binance Smart Chain, which means that those developers familiar with building on Ethereum can transition their DApps to Smart Chain. Infrastructure like ChainLink and Band Protocol are already integrated.
Trust Wallet is the best BNB wallet for Android and iOS phones. Not only does it allow you to use your BNB to trade on the Binance DEX, you can also interact with Smart Chain DApps in the built-in DApp browser.
What are the features of BNB and Binance Smart Chain?
- Low transaction fees: as fees on Binance Smart Chain are around 20 times cheaper than on Ethereum. The rise in Ethereum transaction fees has caused serious friction and costs for DeFi users. BNB fees dramatically reduce the overhead which enables participation for a wider range of investors from different backgrounds and economies.
- Faster Performance: Binance Smart Chain uses a consensus mechanism that is similar to the proof-of-stake plans for Ethereum 2.0. This means it doesn’t rely on mining, and transactions are quicker than on other chains.
- Cross-chain DeFi; Both Binance Chain and the newer Binance Smart Chain have built-in capabilities for cross-chain transactions. Trust Wallet users can switch between BEP2 (the Binance Chain version of BNB) and BEP20 (the Binance Smart Chain version of BNB) without leaving their wallet. Many other cross-chain protocols are in the process of being built or deployed on the Binance Smart Chain. This will open up Ethereum assets, among others, to Binance Smart Chain DeFi investors. You can also stake Binance Coin (BNB) with Trust Wallet.
What is Staking coins?
All blockchains have one thing in common: transactions need to get validated. Bitcoin for example does this in a process called mining which is known to use a lot of electricity (Proof-of-Work). There are, though, other consensus mechanisms that are used for validation.
Proof-of-Stake (PoS) is one such consensus mechanism that has several variations of its own, as well as some hybrid models. To keep things simple, we will refer to all of these as staking. Coin staking gives currency holders some decision power on the network.
By staking coins, you gain the ability to vote and generate an income. It is quite similar to how someone would receive interest for holding money in a bank account or giving it to the bank to invest.
What are some of the benefits of Staking?
- One of the major benefits of staking coins is that it removes the need for continuously purchasing expensive hardware and consuming energy.
- The system offers guaranteed returns and a predictable source of income, unlike the proof-of-work system where coins are rewarded through a mathematical process with a low probability of paying out.
- Another benefit is that the value of your staked coins doesn’t depreciate unlike with ASICs and other mining hardware. Staked coins are only affected by market price fluctuations.
How does it work?
The standard methods for staking are usually holding coins in your wallet or locking them in a smart contract (master nodes). Some coins added randomness to the process of staking and voting so that bad players have a hard time manipulating outcomes.
The process can be similar to a lottery in which the number of crypto coins you hold is equivalent to holding a given number of lottery tickets.
Staking systems can also allow delegation in which each individual delegates their voting rights and earned income to a trusted party. Those delegates then earn all the rewards for block validation and pay their loyal supporters some form of dividends in return for their vote.
Final Verdict
Choosing the right coin to stake is both a numbers game and a gut feeling. If you choose to begin staking, definitely start by experimenting with minimum amounts with particular staking protocols and staking rewards.
Always remember to pick a project that resonates with you and one that you expect will be around far into the future. After all, by staking, you’re helping to make that project become a success.
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