Crypto Academy Week 9 - Homework Post for @yohan2on

THE MEANING OF BINANCE (BNB) COIN?

 The Binance (BNB) coin is the platform for cryptocurrency which was implemented, used and managed by  Binance exchange. It is an altcoin that  has really gotten a huge  attraction as Binance has now grown to be  the largest platform for cryptocurrencies exchange all around the globe. It is of great importance as an individual in this present digital age to learn all you need to know about this Binance (BNB) coin.

THE BINANCE (BNB) INITIAL COIN OFFERING (ICO)

 Initially, in oder to fund the inovation of the exchange platform, Zhao, and his team went into the development of a token and raised funds through an innovative called  Initial Coin Offering. After the ICO has lasted for about a month, the company was able to raise the sum of $15 million which was sufficient enough for the paying startup expenses which includes hiring of new developers, marketing, and solidifying the security of the exchange servers.


 As earlier stated in the first in the first paragraph, when trading money or exchanging money between two or more crypto-coins, BNB serves as an intermediary which can be used for these trasanctions.
 The BNB token can also be used for paying the transaction fees that is  incurred on the process of exchanging  the digital coins. For instance, if a user wants to convert Litecoins to Bitcoin, the trader would need to make a compulsery fee for the transaction  and this will lead to the trader receiving a slightly less amount of BTC than expected.


 The Binance Token was used as a form of innovative. Because, whenever users  make payments for the transaction fee with the token they bought from the company, they were all rewarded with a discount of 50%. Most users bought more of  Bitcoin or other major altcoins in a larger amount  by taking utilizing the previlege of the tokens and got them some great returns.
  As a result of the exchange platform being managed in an excellent way, millions of users has shown a huge interest in the platform. Although the coin exchange space in general  was very competitive, Binance has been able to  rise to be among the top 3 on the market. Thereby, making  it is the largest exchange  volume traded worldwide.

WHY SHOULD BINANCE (BNB) COINS BE PURCHASED?

1. IT IS. CHEAP: As a result of the cheap price of BNB of which is affordable to people, it tends to favour the users in the process of buying other Altcoins unlike the Bitcoin (BTC) that is so expensive for many people to afford. Also, the users are given free access to trade BNB currency on the Binance platform without any imcurred charges, and tends to bring additional gain to the users.

1. THE SUUPPLY AND DEMAND OF BINANCE (BNB) COIN: In the digital exchange market, the growth of the value of any currency is determined by the rate at which such currency is supplied and demanded in the market. Now, just as the the supply cap of the value of Bitcoin (BTC) has risen to 21 million in the digital market, so also in the same manner has that of Binance (BNB) coin risen to 99 million. As a result of the BNB fame spreading so fast in the market, its supply will in no time decrease in the market. Thereby, giving the coin a good future in sight.

1. THE COMMUNITY TRUST: Due to the easy operation, high withdrawal limit of $30,000 and the minimal security issues of Binance, this has evidently made it possible for it to gain the trust and confidence of millions of investors all around the globe. It is built in such a way that it is made up of a very healthy ERC 20 principles. Also, its growth has greatly been impacted by its affiliation with the NEO coin.

1. ITS GROWTH: The BNB is directly proportional in growth to the Binance platform ( i.e. The BNB currency grow in value just as the Binance platform also grow in value). Furthermore, the BNB is also equipped with strong protocol as the Bitcoin.

WHERE A USER ARE TO BUY AND STORE BNB?

Since the ERC20 compliant of BNB, the coins has readily been made available on the Binance Exchange platform and Ether Delta. So, an individual intending to buy the coin, can buy it from any of the source.

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The users are recommended not to store their coins on any other exchange platform after the transaction is completed. The users should in no time, transfer the coins to a safe place such as a cold wallet immediately after they receive the purchased coins in their account. This great security step is recommended in order to prevent the users from being victimized by hackers.
The major two most safe places Binance users can store their BNB coins after they have withdrawn it from their active exchange are MyEtherWallet and Trezor Wallet.

WHAT THE FUTURE OF BNB TOKEN LOOKS LIKE

Many innovative measures has been taken by the BNB Team in order to make people accept their and also make their exchange their user's default. It has also used various methods such as contests, debates, amongst others, to lure millions of investors all around the world to use their exchange platform.

THE PREDICTION OF BINANCE (BNB) COIN
Many of the imvestors who uses the BNB to trade and speculate, have over time been enjoying the benefits of good discount rates through a very healthy ROI. Over time, the BNB has shown all the features of a sustainable asset.

It has been analyzed that BNB will certainly maintain a healthy growth in 2021 on a rating of over 50%.
Furthermore, the technical analysis of Binance has shown that cryptocurrency might in the future become a platform for an excellent long-term investment. Due to the stable rise in the crypto-coin value, BNB has been predicted to attain a price of $31.978 in five years.

@yohan2on