Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin"

Hi guys welcome to my homework post on altcoins given by @yohan2on .Before i start,i want to say im happy the steemit crypto academy is back after its short break and im realy delighted to be doing this assignment.

INTRODUCTION

ALTCOINS

Source

Altcoins are simply crypto currencies other than bitcoin.Alt-coins are known as alternative coins which were made to correct and better the cons of Bitcoin.Alts coins were brought into play after the launching of Bitcoin which showed successful.

On my post today ,im going to write about Binance coin (BNB)

BRIEF HISTORY AND LAUNCH

BNB was launched in the year 2017.It was launched with an initial coin offering in which this binance coin was shared among those directky involved with the coin at the time. 50% was shared amongst the Binance team and investors while the other 50% was made available to the public.
Binance coin was first launched on the ethereum block chain using the ERC-20 before moving on to its own block chain, Binance smart chain.
BNB is currently ranked 3rd on coin market cap and it's a great coin to invest money into.
The binance coin was initially created to make it easier for investors to trade with other cryptos on binance with reduced transaction fees.

TRADING BNB

BNB can be traded on most crypto exchange platforms as it is a very important altcoin.Trading BNB is most popular on it's native platform, Binance.
Like every other altcoin,befire buying into it,a lot of research is required as the prices arent using stable for too long.
BNB can be traded against other altcoins,it can be traded against stable coins and can also be traded against BTC on most trafing platforms.

some of the coins bnb can be traded against on the binance application

USES OF BNB

1. CHEAP TRANSACTION FEES ON PARENT EXCHANGE;

The binance coin is often used as fees on the binance exchange and using bnb attracts very little fees compared to using other altcoins to trade.

2. TRADING;

BNB can be traded against other cryptos based on the limit of the exchange alone.If you refer to the screenshot above , you'll see that BNB can be traded against a host of other coins.

3. PAY FOR MERCHANDISE;

The binance coin can be used to purchase goods on select websites that accept the use of BNB as payment.

4. PAY FOR TICKETS AND FLIGHTS;

Just as BNB can be used to purchase goods ,it can also be used to book hotels because of the partnership with TRIPIO which enables travellers to pay for bookings with BNB.

5. CHARITY;

BNB can also be donated to binance charity to help.the disadvantaged.

OBJECTIVES

Thw main goal of this crypto currency was primarily to reduce transaction fees like deposit fees and withdrawal fees when trading.

HOW TO BUY BNB

BNB can be bought from several dedicated platforms like eTORO or on the binance exchange platform.It is most advisable to buy on the binance exchange as it is the parent exchange of BNB.You will have to use s credit card or use p2p trading if you want to purchase BNB on binance.Due to certain restrictions and laws in my country #nigeria, if you want to buy bnb , you'll have to use P2P trading.

REASONS TO BUY BNB

First off , Binance is a very karge company with a lot of customer support which has made its value increase by a lot over the years.Binance has a very hihh reputation and the low transaction fees have made it very popular among traders.

RISKS OF BUYING BNB

The main risk of buying BNB is the instability of the crypto market,its price often flunctuates due to foreign factors.Therefore , going in without research might prove very costly.

CONCLUSION

In conclusion, BNB is a very good altcoin as it is the token for the biggest crypto exchange platform in the world giving it high credibility in the crypto market.

Thank you all for reading my assignment post on the binance coin.I really hope you've learnt a thing or two about BNB frok my write up.I want to thank the professor @yohan2on for his great lecture kn altcoins and also for this assignment.

CC: @yohan2on
CC: @steemalive

#yohan2on-s2week1 #cryptoacademy #blockchain #nigeria #steemexclusive