Steemit Crypto Academy | Season 2: Altcoins – Part1 | Binance, more than an exchange!

in hive-108451 •  4 years ago  (edited)

This is my first assignment and my first time posting to this community, thank you. I have taken @yohan2on as a teacher, thank you for motivating us to learn more every day.


Captura de pantalla 2021-04-18 155659.jpg

Binance started as just one more exchange of the lot, I remember at that time 2017-2018 when it was founded in China, it used various exchanges to trade including Binance, Bittrex, Poloniex, Bitfinex, Bitmex and others.

I must say that for me at least at that time I did not use it much, I started trading and preferred other platforms that had better trading tools.

about.jpg

Today it has become one of the largest cryptocurrency exchanges in the world. A massive ecosystem that includes two blockchains, a decentralized investment platform, its own native currency, and much more.

We can see this in the statistics of coinmarketcap.com, as it is ranked number one as the exchange with the highest volume of bitcoins in the ecosystem.

Sin título.png

As we can see in the image, courtesy of coinmarketcap.com, Binance has a volume of more than 6 billion dollars above Huobi Global which has a volume of more than 4 billion dollars ranking second.

Binance more than an exchange

In four years it has become a robust monster that has not only settled for being just another stock market, it now has many tools for each type of investor.

Tools like:

Binance Earn - One-stop Investment Solution

Binance Earn is an investment tool for those who don't like trading and just want a mechanism to earn passive income without doing anything.

> If you can't find a way to earn money while you sleep, you will work until you die. Warren Buffet.

Binance Pool - Mine more rewards by connecting to the Binance group

If mining is your thing, Binance also has a Mining Pool compatible with the SHA256 algorithm and the hash rate of the users can be switched between BTC, BCH and BSV automatically.

Binance Visa card - buy the things you love with cryptocurrencies

To make things easier for us, Binance brings out its Binance Visa Card with which you can pay in more than 60 million merchants around the world.(Only available in some countries.)

Crypto Loans - Get a loan secured by your crypto assets

If you have an emergency and you don't want to get out of a position, you can borrow and use your cryptocurrencies as collateral.

Derivatives: Crypto Futures Trading on Binance

Two types of derivatives are offered within Binance: perpetual futures and leveraged tokens. With leverage margins of up to 125x.

*Binance also offers Trust Wallet its own wallet for a secure storage of cryptocurrencies, as well as a Launchpool that allows you to use your tokens to grow (earn) other new tokens, totally free and before they go on the market. Exclusive only for its members.

Buying and selling with fiat currency

fiat.jpg

Binance allows users to buy and sell cryptocurrencies with their local currency on the P2P exchange. Today it accepts more than 60 fiat currencies.

In my case, I'm from Venezuela, I'm very happy about the fact that they listed my local currency and best of all, you don't pay commissions.


Final evaluation

Binance, despite being on the market for a few years and being younger than many other exchanges, has proven its worth time and time again and has become much more than just an exchange. It has become an entire ecosystem.

Here we highlight the most important features that other traditional exchanges do not have, such as the options you have for different investments.

You can exchange passive income in your Binance Earn, as well as enter your mining pool or simply use your tokens to earn more free cryptocurrencies and, best of all, its simple interface makes everything easy even for new users.

All images used were taken from Binance.com and coinmarketcap.com


Cc: @yohan2on

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  ·  4 years ago (edited)

Hi @osmerj

Thanks for your participation in the Steemit Crypto Academy

Feedback
You just simply tried though not good enough. Kindly invest enough time in both your research and in writing your articles.

Homework task
4