Steemit Crypto Academy | Season 2: Altcoins – Part1 Looking beyond the Bitcoin Homework work on Binance Coin

BINANCE

Digital cryptocurrency is a form of money that is accepted internationally does not depend on governments and central banks to cross borders. Hence, these currencies are decentralized. Currently, more people adopt this new form of money as its value is preserved, and can be an alternative to gold and to the most traditional way of fiat currencies.

Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.

And presently binance is still the largest in the world with several coins to choose from.

Binance Coin

Source

Binance Coin Burn(BNB) as one of the digital currency is an exchange-based token created and issued by the cryptocurrency exchange called Binance. Initially created on the Ethereum blockchain as an ERC-20 token in July 2017, BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain.

BNB was initially created as part of the Binance exchange through its ICO. In its whitepaper, Binance states that BNB was designed to be used to pay discounted fees on the Binance platform and also function as the native token powering the Binance Chain.

binance coin has seen massive growth in interest throughout the years. several rounds of token burn events have appreciated bnb price and pushed it up as one of the top-10 cryptocurrencies by market capitalization. bnb can be traded in over 300 trading pairs across 120 exchanges tracked.

Binance Coin (BNB) is supported by various hardware and software wallet providers. The choice between hardware and software wallets is mostly a balancing act between convenience and security to the user. BNB is favorable in buying other coins in place of Bitcoin because it is quite affordable. You can freely trade BNB currency on the Binance platform.

Trading Cryptos

Cryptocurrency trading on Binance is pretty straightforward once you understand what each window panel represents.

The only difficult part is identifying the scam coins from the legit ones, i mean which coin would pump and which coin would drop.

We have several types of trade on Binance

1. Spot trade.
2. Futures trade
3. Margin trade

Spot Trading

When it comes to Binance exchange, spot trading is the most basic type of trading you can make. This essentially entails purchasing crypto such as Bitcoin or any alt coin and holding it until the value increases and you sell at a higher price.

Futures trade

In futures trading, you can participate in market movements and make a profit by going long or short on a futures contract, which means you predict if the coin should go up or down.

And if your predictions is correct to make profit and if not you lose all your funds.

On our Binance Futures platform, you can go long or short with leverage, leverage is more like a multiplication table that determines how fast you would make profit or lose your money.

Margin trading

Margin trading is a method of trading assets using funds provided by a third party, in simple terms it's like collection loan to trade, even if you have just 10$ with margin trade you can borrow up too 100$, and pay back after trading.

Cc: @yohan2on