Crypto Academy week 1 season two-Home work post for lecture by @yohan2on -Altcoin part 1 - Binance coin

Hello everyone hope you all are fine and safe. Today i attend the lecture of @yohan2on sir in which i learn about what is altcoins and many more. Now i am going to submit my home work task for this lecture so let's start.

source

what are altaltcoins?

All the coins other than bitcoin are called altcoins. In market there are more than six thousand altcoins. in market first bitcoin came into existance when people show positive attitude towards bitcoins it brings huge sucess in crypto world. Then other coins were added in market these are called altcoins. The famious altcoins are etherium , carnado, Binance chain, litecoin and many more. in market before 2020 bitcoin dominance was high that means lot of people are holding bitcoin than other coins but in these days crypto investers have pick a huge number of altcoins which decresed the bitcoin dominance. So in this homework task we have to tell about any of the altcoin so i choose Binance chain because i love it mostely.

what is Binance coin or BNB?

Binance coin is the native coin of world's largest trading platform binance. It is also called as BNB coin. This coin works on etherium blockchain. This coin was introduced for boosting the binance exchange . It supports many things like trading fees , listing fees and many more.

Value and supply

The initial supply of BNB coin was 200 million coins , in these days its supply is less as compared to initial supply due to lot of burning event's. one event was burning was done yesterday. Intail the price was 0.03 dollars in 2017 but now the price of BNB coin have increased to 540 present and have set set its all time high 610 dollars.

source

Short history of Binance coin

In 2017 Binance coin was launched through an ico . As i tell its price was 0.03 dollars at that time.Binance coin was issued as an erc-20 tokem ans works on etherium network.Later the erc-20 token were swapped to Bep-20 that brings BNB in three forms. with with popularity of binance exchange its price start growing vary fast. Now lot of new projects are working on binance smart chain basis.

What are uses of binance coin

There are lot of uses of binance coin which are given below in detail:

1.BNB is used for buying lot of goods and paying travel expenses. lot of BNB coins are used for this purpose.

2.BNB is used for paying trading fees , As we are using exchange for trading we have to pay some fees some exchanges take huge fees where some takes less when we use bnb we save too much fees compare to other .

3.Binance coin can be used for trading purpose from one coin to another.

4.Binance coin can be used for investing in stocks and ETF's

How to get Binance coin and where to buy it.

You can get BNB coin by mining as well as you can get in form different exchanges like binance, uniswap, etc. now how to get BNB on binance app.First you have to open account on binance then you have to add some funds in usdt or btc in binance exchange. Then we have to buy it from market option on binance app.

THANKS FOR READING
Cc:@yohan2on