Steemit Crypto Academy Season 2, Week 1|Homework Post for  @yohan2on| Altcoins – Part1 "Looking beyond the Bitcoin"

Thank you @yohan2on for the lesson and Home Work Task. Below are the attempts:

Homework task: Write about any one of the following Altcoins

Litecoin (LTC)
Ripple (XRP)
Binance coin (BNB)

For the sake of this post, I will choose Binance coin.

Binance coin is a well known cryptocurrency created by the Popular Binance exchange.
Binance coin also known as BNB tokens is a cryptocurrency that can be used to transact, pay fees and also trade different cryptocurrency on the binance cryptocurrency exchange like bitcoin, ethereum, litecoin, tron, etc. It is a form of digital currency that can be used as a medium of exchange in a transaction.

Binance coin is the ninth largest cryptocurrency in the world, it was created by a Chinese man known as changpeng zhao, he created this token to offer solutions to the countless issues associated with the cryptocurrency trading infrastructure. The BNB tokens was first launched as ethereum based known as ERC-20 token but now it has moved to it own customized blockchain known as binanace chain.

Binance coin was launched in 2017 and 200 million tokens were produced which was distributed among various participants. 100 million BNB token was given out for public sales, the token founding members were given 80 million tokens and the private investors were given the remaining 20 million tokens.
Binance exchange were able to sell all the 100 million token and it was sold at $0.15 each and they were able to raise $15 million and this money was used for the development of binance coin.

There has been a tremendous growth in the price of binance coin over the recent years, in 2018 it was sold for $8 to $10, in 2019 it witnessed 40% growth and it was sold around $15-$20 also in 2020 there was an improvement in the price and it was sold for $30 to $40 but in 2021, bnb tokens price have gone up by 300% the price of binance coin is now very high and its been sold for $500 to $650 and there are 154 million BNB tokens in circulation today.

Source

The symbol of binance is BNB coin

Binance coin is a very useful cryptocurrency and it provides alot of options or uses which some of them are:

1. Trading: BNB tokens can be used as a an alternative to paper money, there are lots of companies ( companies like kiss shoes, grupo,paywuzz, rayder goods, etc)that accept binance as a means of payment for service rendered. You just pay direct into their companies binance coin wallet address and this type of transaction is safer and faster. This offers for a more flexible method of payment. Also it can be traded for other cryptocurrencies on various exchanges platforms depending on the restricted set by the exchange company.

2. Investment: A lot of crypto experts believes the price of binance coin will continue to go higher from time to time majorly because of it relative stability and it is possible it outpace bitcoin price especially if the crypto market continues to grow. Also the market cap of binance coin has increased alot of the recent year and it is worth over $51 billion currently and it is one best utility token which has more advantages over other digital coin so it is advisable to invest in binance coin by purchasing it and watch it grow over time although, it is an investment full of high reward and also a lot of risk so its neccessary to make more research when investing.

3. Loans and other services: binance coin can be used as collateral when applying for loans, some financial institutions accept cryptocurrencies such as bitcoin, binance, litecoin, etc as a collateral when applying for loans also binance coins offers more options like payment of flight and hotel booking arrangements, purchase of lottery tickets, etc.

Thank you for reading my post.

Cc: @steemcurator02