Bitcoin ATMs increase after months of downtrending
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“Hashes to hashes, dust to BNB”.
This is the sentiment of users regarding a new feature that multinational cryptocurrency exchange Binance has just launched.
Crypto dust is to what fractional values of cryptocurrency is referred, and trading it is usually unfeasible owing to transaction fees which will ultimately be higher than the value of the funds. Often it is also lower than the minimum trading margin and therefore the funds sit inactive and untradeable in the wallets of users, thus coining the term “dust”.
To counter the idea of idle funds, Binance has released a feature which will allow users on the platform to transform cryptocurrency dust into BNB, Binance’s native tokens.
Changpeng Zhao, Binance’s CEO, announced the new tool, dubbed the exchange Broom, in a recent tweet.
I hear the team has built a broom, who wants it?
— CZ (@cz_binance) April 24, 2018
BNB can be used on Binance’s platform to pay for exchange and trade transactions fees on the platform. Binance boasts the title of the world’s leading cryptocurrency exchange and BNB is holding its own, sitting just shy of the top 20 global cryptocurrency coins.
In a handy-dandy how-to, Binance explains the method of how the dust can be converted. The exchange has added a “Convert to BNB” button to the user dashboard and once a user has logged in and clicked the button, prompts are offered to assist with the process. Before proceeding, the user is to pick the cryptocurrency dust in their account to convert with both the calculated value in BNB the transaction fee shown.
Currently, it seems that the tool is only operating on desktop versions of the exchange and Binance are allegedly getting flooded with users, which might delay conversions.
According to Binance, each user is only able to only make exchanges every full day (ie: the gap between two conversions must be more than 24 hours). Users also can not check their exchange history currently, however this might change in time.