Steemit Crypto Academy| Season 2: Altcoins– Part1 | Homework Task For @yohan2on | Binance coin

Hello lovely people,
I thank the leadership of @cryptoacademy and professor @yohan2on for making it possible to have this tutorial on cryptocurrencies. It is yet another week for cryptoacademy, and this week would be wonderful since it is another opportunity to learn something new.
After going through this week's topic and doing research on Part1 of the course "Looking beyond the Bitcoin".
I want to talk about Binance coin(BNC).

__Before I start my submission, I want us to look at what Altcoins is?__
Altcoin is a term for all digital cryptocurrencies launched after the success of Bitcoin. Altcoin simply means “alternative to Bitcoin”. Currently, there are more than 900 Altcoin digital currencies that have launched after the success of Bitcoin.
Some examples of Altcoins: Litebit, BTCdirect, Kraken, Bittrex, Binance coin, etc.

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Binance coin(BNC)
Binance is coined from two words; Binary and “Finance.
Binance exchange is been run by Beijie Technologies which was established in 2017 by ChangPeng Zhao.
The headquarters of Beijing is currently located in Hong Kong. Zhao. This tech company and Binance team, have worked to Binance exchange to be one of the most successful exchanges in the world.

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The Binance (BNB) Initial Coin Offering (ICO)
An amount of $15 million was raised to fund the exchange platform, the founder, Zhao, and his team created a token which made them to raised funds through the coin. The ICO lasted for a month, the money raised was enough to hire developers, marketing, and to strengthen the security of the exchange servers.

The BNB token can be used for paying the transaction fees when you are exchanging digital coins. You are to pay an exchange fee when you are to convert Litecoin to Bitcoin, but the BNB token takes care of the charges.

The Binance Token is very helpful when doing transactions. Discounts are even given when to those who buy the token to pay their transaction fees.

The excellent and unique interface and management of the exchange platform make it easy for people to use it. Binance has become one of the largest exchanges in the world by volume.

How to Buy the Binance (BNB) Coin?

for those who don't have an account on Binance
Step 1 – Create an Account on Binance
Download the app and go to go to the registration portal

You fill in the registration form with your particulars and verify yourself. An email with a confirmation message will be sent to you. Click on the link to complete the registration.
It is very necessary to go through the verification email carefully since it has basic security tips which will guide you on how to use the platform.

log in to your account with your email and password

Click the checkbox to proceed to the next page.

Step 3 – Account Verification
Next, you might want to verify your account. Verification is done by sending a standard picture of yourself with an identification document such as a passport.

You can decide to skip this step and go directly to depositing coins.

Step 4 – Depositing Your Coins to Binance
We had started off with the assumption that you already have some BTC, ETH or TRX

First, go to the wallet.

go to deposit and select the coin you want to deposit in the search box.

Copy Address to send your BTC into and go to the wallet which has your BTC tokens.
Send the coins to the same address you copied from your Binance exchange account.
Please double-check that you are sending BTC coins, not any other coins.

Check-in your wallets, and you should see the coins.

Step 5 – Exchanging the Coins
To change your coins into BNB. In the Binance trading platform, go to the “trades” tab and go to convert.

Enter the amount of BTC you want to convert after which enter convert to proceed

Why Buy BNB?
BNB has a lot of advantages when using it.

BNB is good when buying other coins in place of Bitcoin because it is quite cheap. You can freely use BNB to trade any digital currency on Binance exchange.

Supply and demand show the growth value of every crypto in a digital exchange. Bitcoin gained value when its supply cap reached 21 million. likewise, almost 99 million BNB are already in the market, and with its growing fam, it will be one of the best in the nearby future.

Binance is truly one of the most trusted coins so far, due to its easy operation and a high withdrawal limit which is about $30,000. Investors are having more confidence in Binance coin due to its minimal security issues.

Where to Buy and Store BNB?
BNB coins are available on both the Binance Exchange platform and Ether Delta.

It is advisable you do not leave the coins on any exchange platform after buying them. MyEtherWallet and Trezor Wallet are the best places you can keep your coins.

The Future of BNB Token
In December 2020, BNB was the 10th largest cryptocurrency but as of 15th April 2021, BNB is the world's 3rd digital coin, Very impressive right. BNB has overtaking Tether, Ripple XRP, and Litecoin to be the 3rd greatest coin. And this the first time either taking down by any coin

Currently, BNB has a price of $5422.01 and a market cap of $83.80B. This clearly indicates that BNB would be the greatest cryptocurrency in the near future.

Thanks for reading.