Crypto Academy Week 9 - Homework Post for @yohan2on
Hello steemit
How are you all? I hope every one is fine. Today I took the lecture of @yohan2on because of I’m enjoying this season of steemit crypto academy so lets do his homework but first let me mention his homework.
Homework task: Write about any one of the following Altcoins
Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)
Before start doing my homework, let me start with the Altcoins, let me first explain the Altcoins:
Basically Altcoin means alternative coin which was launched after the seeing the success of bitcoin. Some of the famous altcoins are Ethereum, Binance, Litecoin, Ripple.
In my today’s homework, I’m going to write about the Binance coin.
Binance coin
Binance coin is also called as BNB and is created by binance exchange. Changpeng zhao created this platform in 2017. It was launched as ERC-20 token but now moved to binanace chain. It is used to trade and it is used for binance platform to pay fees . It is one of the largest crypto coin and the platform on which it is used is largest exchange in the world. This coin is used heavily by many people and now they are trying to achieve a decentralized exchange system for its users.
Uses
Here are some uses of binance coin:
• It can be used as payment method on Binance platform.
• On crypto.com, it can be used for crypto credit card bills.
• It can be used to trade in exchange for other currencies like brc, eth.
• It can be used in exchange for real money meaning BNB can be used to pay for things for which money was used.
• BNB can be used to pay for daily normal operation.
Why invest in Binance coin
Investing in Binance coin can result in a lot of benefits like using binance coin can result in less commission on binance platform while buying and selling the crypto which result in a lot of money saving if you are investing big in crypto and you use binance coin. Another benefit of investing in binance coin is, it offers the option to participate in IEOs which made a way to invest in ICOS.
Binance coin policy
Binance produced the 200 million tokens of its coin, of which 100 million were made available for public while 80 million were for founding team and 20 million for investors. To make the coin value stable or to save it from destabilising they decided to burn half the coins i-e 100 millions tokens with the passage of time.
Advantages
• It has 24/7 support center for its users.
• User friendly with good security features and guide for new users.
• Easy availability with Binance mobile app with user friendly gui.
• It can bought with bank card.
Disadvantages
• No demo account
• High risk of scam
Conclusion
I will end my homework by saying this that getting binance coin has a lot of benefits on binance platform and we can use it in payments on our daily affairs. The binance team has a plan to save it for devalue which is a good thing for the person who is investing in it.
Hello @faisee,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 4/10 rating, according to the following scale:
My review :
Medium content, in which we find scattered information about BNB, such as its use and its advantages and disadvantages. What your writing lacks is a clear methodology that helps you delve into and comment on several currency related topics.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01
Hey @kouba01, can you please explain why it is 0 in originality.
Relevance and originality of the article consist in determining:
Der respected professor @kouba01 so it means my hw doesn’t fulfil any of the two options, not even the second one?
All the information you presented does not require extensive research to find it, as it is available on several sites. What distinguishes one work from another is the individual touch of the author, whether it is an image that he produces or a thought that analyzes and criticizes it.
Ok and Thanks for explanation.
I will try to improve in future.