Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin"| Home Work Post for @yohan2on


Hello Dear Steemians,

Though the current era is the time of Information technology and evolution of digital currency has already fuelled up to bring revolution in economies of the world. The professor @youhan2on has briefly mentioned about the mother of coins “Bitcoin” and the alternative “Altcoins” and desired for contributing homework about followi coins.

 Litecocoin (LTC)
 Ripple (XRP)
 Binance coin (BNB)

Where I have selected Binance coin (BNB) onto which my homework will be submitted here.

pic 1 BNB.png
Image source: Screenshot from binance.com

BNB coin is a method of payment which is used on binance exchange to buy any token or contract. Historically the Binance coin was created in June 2017 by Changpeng Zhao. It was listed on the famous binance exchange company founded in Malta.

  • Founded in 2017
  • Founder: Changpeng ZhaoYi He
  • Headquarters: Malta
  • Key people: Changpeng Zhao (CEO)
  • Products: Cryptocurrency exchange
  • Website : www.binance.com

The reason of selecting this coin is its unique functions which are directly correlated with binance exchange. Its unique functions are;

 Fee Discount on transactions on binance exchange
 Unique participation right;
 Quote currency on binance exchange
 3rd Party uses;

Authenticity of cryptoencies:-The che crypto currencies registered on binance exchange are almost authentic because no crypto currency can be listed without acceptance of terms and conditions of Binance exchange.

Value addition by BNB in Daily Life:

The ecosystem of Binance is powered by BNB. Being indigenous coin of Binance chain, it supports the,

  • Fuelling transaction,
  • Payment of fee for transaction of buying and selling of tokens on binance exchange,
  • Helps in making in-store costs etc.
  • No trouble in using BNB in terms of buying, storing and using in daily activities:
  • Buying of BNB: How Easily BNB can b BNB provides very easy to use and it work smoothly. Like, one can buy any token or contract on binance exchange
pic 2 BNB.png
Image source: screenshot from Binance.com

Wallets to securely store BNB Coin:
From an investment point of view, BNB can be stored securely. Numbers of wallets as referred in below snapshot support the piling up of BNB.

pic 3 BNB.png
Image source: Screenshot from Binance.com

USE of BNB:
Interestingly, the BNB can be used for,

  • Making payments on Pundix, coinify, HTC etc.
  • Entertainment, (buy virtual gifts via Gifto, buy virtual land via Axie infinity, buy music copy right via MachiX etc.)
  • Traveling (booking airfare hotels via travelbybit, Trip.io and booking accommodation by travala.com
  • Services, (subscription with BNB on bittorrent,creation of smart contract with by BNB on mywish and hiring of freelancers o Canya etc.)
  • Financing (taking out of loan by using BNB on NEXO & ETH Lend, Splitting bills and expenses on LNDR, Buying multiple fiat currencies with BNB on bitcoin Suisse)
    Some prominent features of BNB coin:
    Mining of BNB:-
  • As far as mining is concerned, unlike BTC, ETH, BNB can not be mined.

Price Chart of Binance coin:


image.png
Image source: Screenshot from coinmarketcap.com

Look at the impressive growth of BNB coin. It has touched ATH $576 within the short time span i.e. from the date of creation in June, 2017 to till date and occupy the position among TOP 5 coins. Its because of its 90% supply in circulation due to which users have much confidence in BNB coin.
MARKETS TO TRADE BINANCE COIN:


image.png
Image source: Screenshot from coinmarketcap.com

Conclusion:

Its accomplished that Binance coin has bright future ahead because of its unique functions, powerhouse of binance exchange and use in daily life to perform day to day activities. Further, people have much confidence in BNB coin due to its supply of 90% share in market circulation. It can be the super alternative to BTC because of its distinguished characteristics.


Comments 2


Hi @qasimwaqar

Thanks for your participation in the Steemit Crypto Academy

Feedback
Good work. Well done with your research on BNB

Homework task
7

18.04.2021 12:40
0

Thank you for recognizing my homework.

18.04.2021 14:14
0