Binance, the worlds largest cryptocurrency exchange have now added a feature in which users can now clear up any of their ‘dust’. Binance was launched in July 2017, and is already the worlds largest cryptocurrency trading platform by volume. They are constantly looking for news ways to improve their exchange to benefit their users. Their latest update is simple but an incredible tool. ‘Convert to BNB’, allows users to exchange their ‘small assets’ for BNB (Binance Coin)
What is dust?
In cryptocurrency terms, dust is a phrase which refers to small assets. You have probably noticed if you use a number of different addresses for any particular coin, be it Bitcoin, Ethereum or any other cryptocurrency, when you move funds you are often left with a seemingly insufficient amount of that particular coin. The term dust was created for small Bitcoin transactions and the actual definition is as follow:
Sending less than 0.01 BTC to any recipient — The network considers these small outputs to be “dust,” and discourages them by requiring a fee. If it was not discouraged, someone could take 1.0 BTC, and create 1,000,000 transactions of 0.000001 BTC each, for free, which would clog the network. So, that’s one definition of dust.
Dust can clog up the network and often just gets left in wallets never to be touched again. These amounts can build up to a significant amount and users have no access to them as the network fee makes transferring them pointless. This is the fiat equivalent of having load of low denominations in coins which are insignificant, but can build up to a significant amount. The phrase is look after the pennies and the pounds look after themselves (at least in the UK), Well now, Binance lets you ‘Look after the dust and the Binance coins look after themselves”.
How to Covert To BNB?
Binance seem to have a knack of making things simple for users and the ‘convert to BNB’ option is exactly the same. To take advantage of this you simply go to the funds tab on Binance, and there is an option which says “Convert to BNB”.
Click this, and you will be shown a list of all funds which can be converted to BNB. This only applies to coins which have an equivalent balance of under 0.001 Bitcoin. When the list appears you can deselect any coins you do not want to be converted.
Simple as that and now you can clear all of the small irrelevant balances. This is quite a big topic at the moment and other platforms may potentially incorporate this in the near future. Note, this currently only works on the website platform.
Binance chain is another big announcement from Binance, find out what is Binance Chain? and when we can expect to see Binance chain DEX?
Follow us on Social Media: