Thanks to professor @yohan2on for a lovely class. I am humbled to be part of this homework task today of the season 2. Today’s class was about Altcoins and their types. It’s my first time. But I now know what Altcoins are and can tell you something about its types. Ii am taking this opportunity to tell you about one of those Altcoins.
Altcoins is a made up of “alt” and “coins” meaning alternate of coins. Altcoins are other crypto currencies apart from Bitcoin. It was invented in 2013 after the release of Bitcoin in 2009. There are various Altcoins such as Ethereum, BNB, Tron, SBD and others. They all have what they operate with. Considering Steem which deals with rewarding people with the hard work of their content. It’s the Altcoins they use is the SBD. For today’s homework, I will like to take a look at binance coins.
Binance coin is an Altcoins which is used to pay taxes, fees and pay investors in the binance crypto currency exchange. Binance coins usage have spread widely due to the support from partnerships. Binance exchange have been the largest crypto currency exchange since January 2018 managing more than 1.4 million transactions per second. There are some discounts on transactions made by users and it can also do business with other Altcoins. Binance initially operated on Ethereum network until in September 2020 when binance launched the Binance Smart Chain (BSC). Which now runs through parallel network. After September 2020, binance was set to three different forms after the launch which are BNB BEP-2 on the Binance, Chain BNB BEP-20 on the Binance Smart Chain and BNB ERC-20 on the Ethereum network.
Binance is just link another crypto currency. It can be traded for another coin. But in binance its trading is divided into basic and advance. Before you can trade with binance you need to have an account.
Starting from basic trading, you log in your account and click exchange. After that a pop up opens and then you choose Basic. After that we move to the trading pair. There are about 100 plus trading pairs. You then choose the type of you trade you want to make. The types of trades are limit order, market order and stop limit order. After this stage, you then proceed to make payments that’s by choosing the amount to you want to buy in the market.
Binance have been increasing quiet well these months. It has a market price of $246 at the rate of increase at 22.35% in 24 hours. It has a market capitalization of more than $38 million. It have a higher market although it can’t be compared to Bitcoin but it is worth investing in 2021. Security in crypto currency. It is currently the platform with one of the most robust security measures. Its wallets are secured with the latest technology.
Altcoins are good investments like any other crypto currency. Its left unto one to choose the Altcoins they will invest it. For binance, it works on the Ethereum net and trading is done intwo folds. It is also secure and investing with them wouldn’t be a problem of theft.
This is what can share about binance. I hope you also learnt something.