Steemit Crypto Academy Season 2 Week 1 Task | Altcoins | lecture by @yohan2on
Crypto Currency has become broad over the years, this not necessarily because of the Bitcoin as it has its downsides, but because so many other coins have sprung up to amend some technical issues faced by Bitcoin and they have being acceptable amongst crypto traders.
Good day beautiful Steemians I am @hadassah26 and this my week 9 homework. I will be discussing the Binance coin as an altcoin.
Binance Coin:
On mention of the word binance the first word that comes to our mind is the Binance exchange plaform, and yes the Binance coin is the base coin of the binance exchange platform.
The Binance exchange platform:
When I first got into crypto trading, the Binance exchange platform was the easiest and best user experience trading platform for me as a spot crypto trader. This which was due to :
- The cheapness of the trading fees on the exchange platform
- The Binance Academy which taught me most things I learnt on crypto trading and risk analysis.
- The ease of their Know your Customer (KYC) registration and entirely their great user experience platform.
The Binance exchange is no doubt the biggest exchange platform, founded by Changpeng Zhao on 15th July, 2017.
It launched its ICO for the Binance Coin which was initially an ERC-20 token 11 days before its exchange platform kicked off.
Binance exchange has over 150 tradable coins and wallets, with over 1517 tradable pairs, numerous fiat tokens, owns its Binance USD stable coin, and has different trading types including: spot, margin, features and P2P trading.
Apart from all these the Binance exchange also incubates promising ICO potential coins and has the Binance launchpad for nurturing new projects for young crypto companies.
With all these perks about the Binance exchange we can say the Binance coin is a very privileged son of its Exchange platform father.
The Binance coin has seen massive acceptability among traders and crypto enthusiast and investors, this because of its ease of transferability and more due to the added benefits which I will be explaining below:
Benefits of Using the Binance Coin.
Discount on the Binance exchange
I will call the binance coin a discount coin on the binance exchange. This which is due to the fact that well all exchanges charge exchange fees, on the Binance exchange platform trading fees are charged at 0.1% for every trade. Owning a binance coin on your Binance exchange wallet, you get a 25% discount now charged 75%. This which might not seem big enough will amount to much when trading large amounts and on trade for the long run.
Binance Dust:
Trading on the Binance exchange platform usually involves some reminant crypto left from several coin wallets called dust. These which can not be traded because they no longer meet the size limit for trades can be converted to Binance coin and traded as a whole to other crypto currencies or withdrawn as FIAT. Awesome right?
Uses of Binance Coin:
The Binance coin which can be used like every other crypto coin in terms of transferability and bought for profit on increment in value.
The Binance coin is also a major means of payment especially in asian countries where it has its Binance debit card, which can be used for bill payments, utility payments, fares, ATM, etc.
Fundamental Analysis of the Binance Coin:
The Binance coin ranking 3rd on the coin market capital after Bitcoin and ethereum, with a market capital of $80,567,111,873 and a circulating supply of over 153 million binance coins.
On creation the Binance company gave a 50% worth 100 million binance coins to its ICO participants and 40% and 10% worth 80 and 20 million Binance coins to its founding team and angel investors.
Much Binance coins which have been burned to curb over circulation of the coin, binance still buys back much of its coin to burn to avoid inflation.
Technical Analysis:
The BNB coin which has seen 3 white soldiers candle stick formation in the past 3 moths, moving average 10, 20 and 200 all showing a buy trend continuation.
On the weekly chart, Binance is showing a recent inverted hammer candle stick pattern which well indicates an preparation for some downward retracement. This tells it isnt the best time to short trade binance but it should be kept on our watchlist for new buy entry positions.
Conclusion:
From a Forex point of view I think it is a great idea to spread your eggs amongst baskets, and that is why altcoins are a great idea. Proper technical and fundamental analysis should be carried out before investing in a coin, you can check out my work on watchlist to know what to look for before adding a coin to your watchlist.
Hello @,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 9/10 rating, according to the following scale:
My review :
Excellent article providing valuable information on BNB cryptocurrency with good technical analysis, reading its Japanese candlesticks to give your expectations on its price. I would have liked you to criticize the token as well by analyzing some of its shortcomings.
Thanks again for your effort, and we look forward to reading more of your work.
Sincerely,@kouba01
Thanks professor I appreciate.
Good day Sir @kouba01 my work hasn't been curated. It has 2 days left.
@steemcurator02