Hello every one welcome to another homework task post for @besticofinder one crypto professor, this is week 6 now which is one month and 2 weeks and i have learnt a lot by participating in this tasks and i hope you have too.
This week our professor @bestcofinder wrote about every thing that has to do with how to invest in cryptocurrency which is good so if you want to read our professor article click this link any way let's dive into this week task.
The homework task is to do my own analysis on the cryptocurrency that I am going to invest in and the name of that cryptocurrency is BNB coin so stick around to find out why.
Binance coin (BNB).
Binance coin is a cryptocurrency that are used to buy and sell and pay fees on the binance exchange, it was formed in 2017 July and it was in the ethereum block chain with the token ERC-20 before it was brought back to the binance block chain.
The project concept.
Binance coin also known as BNB was founded in 2017 by changzeng zhao and roger won and it is the native coin of the finance block chain and as we all know it was in the ethereum block chain until 2019 before it moved to the binance owned block chain which is similar to how ether function in the ethereum block chain because BNB is used for all operation on Binance, BNB can be used to pay discounted trading fees on the binance exchange or to spend like other cryptocurrencies, the binance exchange is one of the fastest cryptocurrency market handling more than 1 million transaction per second and unlike most cryptocurrency BNB can not be mined, all 200 million coins were pre mined during finance initial offering, it has gained support throughout partnership with high end companies like asia live streaming platform up life which has a user base of very 20 million people and sells virtual merchandize for BNB cryptocurrency, to help maintain the value of BNB binance has a repurchase plan in place, that will use 20% of it's profit to repurchase BNB every quarter and Burn them until 50% of BNB get repurchased, through this process there will always be 100 million BNB coins in circulation of the original 200 million helping the crypto to stay in the higher value.
Digital asset like Block card and other cryptocurrency exchange platforms that are partnered with Binance block chain.
Why the particular project will be a good investment.
I think it is a good investment only if this plays out well, as we know the price of BNB left it's initial consolidating price which is $30-$40 to another all time high which is $210-$300 which the price is consolidating in right now, if ethereum fails to fix their issues I see the BNB price sky rocketing to the current ethereum price and more because to do transactions in BNB block chain is cheaper compared to the Ethereum block chain.
I see BNB as a replacement for ethereum that is only if ethereum fails to fix their standing issues anyway I want to thank @steemitblog and @besticofinder because through this process of doing this homework it has pushed me into doing researches.