Steemit Crypto Academy Season 2 - Week 1 Homework Task Article for Professor @yohan2on
Hello Steemians
I’m glad crypto academy is back with season 2 with our new noble professors.
I have gone through the lecture and I’m confident I can produced a detailed assignment as required. Through the lecture I practiced using the binance app. I learn so much and I I’m trying to solve the assignment given to me.
I have chosen to write about binance coin (BNB) for this assignment. I will explain it into details.
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Binance coin was launched in July 2017 about 4 years ago through Intial Coin offering(ICO). The equivalent price to 1 ETH was 2,700 BNB and 20,000 equivalent price for 1 BTC. When BNB was introduced via an ICO, it does not offer users a claim on Binance income and does not reflect a Binance investment.
Binance coin is a crypto currency that can be used to trade, pay fees and invest.
In general, cryptocurrency is not predictable. The fluctuation of prizes make it hard to predict. Investing in binance coin just like other coins should be done with caution. So yes it’s worth investing but should be done with caution.
IN 2017, BNB issued over 200 million BNB token to be distributed for use. All token are successfully distributed there is no more BNB to be mined. Below is how the tokens were successfully distributed.
- 50% of 200 Million BNB coin for ICO participant
- 40% of 200 Million BNB coin for the founding team
- 10% of 200 Million BNB coin for angel investors
Through the ICO, available 100 million tokens for public sale was sold for 15 cents each. They raised an amount of $15 million in Bitcoin and ethereum
The funds was used to invest back to upgrade the Binance network and exchange system. 50% was used for branding binance, promotion and education of new investors. And the remaining 15% was saved invade of any emergency which needs funds.
Binance uses cryptographical encryption to prevent data interception. BNB is decentralized so there is no single server that can be hacked to manipulate its data. Moreover binance cryptocurrency exchange has secure feature that keeps your personal information and funds safe. It has a Touch ID feature when launching the application. It also has 2 factor authentication feature which allows you to always provide a code from you email or phone number before making any changes in the application.
Investment
Binance coin can be invested into the blockchain to make profit.
Trading
The coin is also used to trade or converted into other cryptocurrency. Moreover it has its own exchange.
Pay Fees
Binance coin is also used to pay fees on the binance exchange.
Loans
Binance coins can be used as collateral while taking loans.
It is One of the most well-known cryptocurrency brands
Binance has Features that everything an experienced trader would like
Using the Binance token in the binance exchange gets you benefits which include lower trading fees
Its interface very fast and simple to use.
It can be challenging to Individuals who are new to cryptocurrency
Decentralized tokens are disrupting a lot of its features. An example is Uniswap
Most fiat payments don’t accept the coin.
Binance US don’t provide services to a lot of cities such as New York, Alaska, Carolina, Hawaii and a lot more cities due to regulatory requirements.
Binance does not have in-depth regular market research.
| NAME | STATS |
|---|---|
| Rank | 3 |
| Current prize | US $539.33 |
| Market cap | 83.287 Bn |
| 24h volume | 4.576 Bn |
| Max supply | 170.533 M BNB |
| Roi | ⬆️ 465,395.76% |
| Tot supply | 170.533 M BNB |
| Circulating | 154.533 M BNB |
It is important to use the binance exchange for your BNB. So I’m going to demonstrate an easy 3 steps on how to get a binance account.
Step 1
Go to www.binance.com and click on “register Now”
Step 2
Fill in the form with the necessary details and click on “create Account”
Step 3
Confirm your email with the code being sent.
Now you have successfully create your binance account.
Step 1
Click on deposit on the Home Screen
Step 2
Choose the token you want to send from to generate your special address
Step 3
After your address has been generated, copy the address and memo and past them from where you are sending from.
Step 4
After some few minutes your funds will reflect into your accounts in your wallet
Base on the information provided above, I can say Binance(BNB) is one of the best and promising coin for the future. Base on the advantages and disadvantages we can see binance has more positives. Binance security is very secure, allows users to not worry about their funds being hacked. This allows users to enjoy low fees on the coin when using the binance exchange.
My biggest appreciation goes to @yohan2on for this wonderful topic and lecture. This is one of the topic I enjoy learning because I had always want to learn about the binance coin and exchange. This lecture has thought me a lot and I’m grateful for that.
#yohan2on-s2week1 #cryptoacademy #ghana #steemexclusive #homework
Hi @mahamaghiyas2
Thanks for your participation in the Steemit Crypto Academy
Feedback
Kindly put more effort into your work.
Homework task
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