Binance has launched a new feature that allows users to convert crypto dust into BNB tokens. Changpeng Zhao (CZ), the Binance CEO made this known via a tweet on April 23, 2018.
What is Crypto Dust?
Crypto dust refers to a fractional cryptocurrency value. It is usually impossible to trade crypto dust due to the fact that they are less than the transaction fees. Being lower than the minimum trading limit, it usually sits idle in user wallets. Hence, the term “crypto dust.”
This new feature released by Binance will allow users to turn their cryptocurrency dust into useful tokens. Binance users will be able to convert crypto dust that is equivalent to less than 0.001 BTC into BNB tokens.
BNB tokens are the native cryptocurrency of the Binance platform. They are used to pay transaction fees for all exchange and trade transactions on the platform. Binance is currently the largest cryptocurrency exchange platform in the world. As at the time of writing this article, more than $3 billion in crypto trades has been hosted on the platform in the past 24 hours. BNB is currently trading at $13.65 according to Coinmarketcap and is the best performing global asset so far in 2018.
How to Crypto Convert Dust to BNB
The process of converting crypto dust to BNB tokens on the Binance platform is quite straightforward. A “Convert to BNB” button has been added to the user dashboard. Once the user logs in to their Binance account, they can click the button and follow the prompts. The user then selects the cryptocurrency dust in their account that they wish to convert. The value in BNB of the crypto dust being converted is shown at the bottom of the page as well as the transaction fee.
The reaction on social media and online crypto forums has been largely positive. Binance has drawn plaudits for the simplicity of the process. This new feature is significantly more hassle-free than the previous crypto dusting process on the platform which had some limitations.
Binance currently lists more than 300 cryptocurrency tokens on its platform. It focuses on crypto/crypto trading pairs. There have been reports that fiat trading pairs might be introduced in light of the platform’s imminent move to Malta.
What do you think about the new Binance crypto dusting feature? Do you have crypto dust that you’d wish to convert to BNB or do you prefer to hodl? Let us know your views in the comment section below.
Image courtesy of Binance and Twitter