INTRODUCTION
Hello fellow steeemians, Before I begin, I'd like to thank professor @yohan2on for the thorough presentation of his lecture after reading through, that is on altcoins part 1. Which inspired me to take part in this homework.
Below is my entry on Binance coin as assigned by the great professor @yohan2on to write on one of the selected 3
WHAT ARE ALTCOINS?
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They are cryptocurrencies created to serve as an alternative to bitcoin. For the benefit obtained from professor @ayohan2on's lecture. I have learned about altcoins. Altcoins include Litecoin, Etherium, and Binance coin, to name a few.
In this assignment, I am going to write about Binnance coin (BNB).
WHAT IS BINANCE COIN (BNB) ?.
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A Binance coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange.
Binance provides cryptowallets for its traders to store their electronic funds. BNB can be converted into other cryptocurrencies such as Bitcoin. It is one of the most important cryptocurrency exchanges in the world. You can have access to a binance account after setting up a Binance account.
The steps below will walk you through the process of
creating a Binance account.
Visit binance.us and click 👉 sign up.
Enter your email, password and click on create account.
Proceed to the next step, and Binance will send you a verification email. Complete the task and you can now access your account.
AIM OF BINANCE COIN (BNB)
Binance itself will issue a total of 200 million BNB tokens. Its primary goal is to fuel exchange operations, thereby providing
traders and cryptocurrency enthusiasts with convenience and affordability. Binance intends to burn half of the total supply, or 100 million tokens, over the course of the year. The ultimate goal is to stabilize the BNB price over time.
TRADE/ MARKET
It is extremely ungrateful to open a Binance account on an exchange if you do not know how to trade.
There are two trading options: Basic and Advanced.
The basic trade has a simple layout that is easy to understand. It outputs only important information for making trades.
Because Binance is a professional trading platform, the basic trade may appear too complex for newcomers to use.
The advanced trade setting, therefore, displays access to all price charts and market chart data for traders to do complex
trades.
How to Use Binance for Simple Trades
Log in to your account.
On the task bar, click on exchange and select Basic from the popup menu.
3.Choose a trading pair from the hundred list of trading pairs.
- Choose which trade type you want to make.
This is a pictorial view of the trade chat👇
MERITS OF BINANCE COIN
Using Binance allows you to purchase a variety of coins that are not yet available on Bittrex.
Referral commissions; this generates interest and empowers users to do their own marketing rather than relying on
others.Fees on Binance are automatically reduced when users choose to pay with their own BNB token, demonstrating that the **Binancecoin (BNB) is a great investment as its value rises due to increased use on the exchange.
SECURITY
Binance is considered as a safe exchange that allows the user account to be protected from fraud.
NB: Take your time to update your knowledge from time to time to know your great weak point, as security is never absolute.
CONCLUSION
The cyptocurrency exchange market is very populated. Binance has a trading volume that exceeded $1.4 billion of its good work. BNB is used by millions of customers all over the world because of its excellent features.
I showed you how Binance COIN is. Now it's up to you to put it to test.
All my sincere gratitude goes to @yohan2on for the powerful lecture. It has given me the mandate to focus on
cryptocurrency for secured trade.
Cc: @yohan2on
Link to the old post
https://steemit.com/hive-108451/@bravo3/crypto-academy-or-or-season2-week1-homework-on-altcoins-part-1