Hi everyone !
I do not know if this has already been published before on Publish0x, but there is an interesting feature on the exchange Binance.
Whenever you are trading altcoins or stablecoins on Binance and you sell them afterwards, you are always left with a small amount (dust). This amount is often insufficient to transfer or to use, so Binance came up with a smart idea for these small amounts. You can convert them easily to Binance coin (BNB). This system is already in place for a while, but I only stumbled upon it a couple of months back for the first time.
You can go to your spot wallet and there you will find your balance of all the coins that you bought. Above in orange you will find “Convert to BNB”. You can click on this and then you will see a list of coins that are eligible to convert. They give you the following message :
You can convert balances with a valuation below 0.001 BTC to BNB once every 24 hours. It is not currently possible to convert delisted coins.
You can select coins you wish to convert, knowing that you will not use them anymore, or the amount is insufficient to do anything with it and on the right side you will see a button “Convert”. After this you confirm you want to do this and you did it !
This can be a smart way to gain some small amounts of BNB over the long run and you can use it for paying transaction fees, since they are cheaper in BNB than other coins. Furthermore Binance is a big exchange and their coin BNB has a lot of potential to climb higher in value.
It is a smart decision from Binance to do this and I will use this, since I like to trade altcoins from time to time (altcoins vs BTC to accumulate more BTC and altcoins to USD to gain value in USD). In some way it is kind of a fake way for Binance to prop up their own coin, but on the other hand you are not going to use these small amounts anymore so you might as well convert it to BNB !
Hopefully this was helpful and as always this is not financial advice and I am not a financial advisor. Do your own research and make your own decisions.