Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin" || Binance coin (BNB)
Hello friends I hope everyone is well. This is my first Season 2 assignment. First of all, I would like to thank our professor @yohan2on for the wonderful lecture on altcoins. That gave us a pretty good idea about altcoins. The topic of today's assignment is:
Homework task: Write about any one of the following Altcoins
- Litecoin (LTC)
- Ripple (XRP)
- Binance coin (BNB)
From here I chose Binance coin (BNB). I hope I can share with you my ideas about Binance coin (BNB).
Concept of Binance coin (BNB):
Binance coin (BNB) is a cryptocurrency of Binance Exchange. The binance team still owns 80 percent. Binance Exchange is one of the top exchanges in the world. Founded in 2017, this exchange site became known as the largest cryptocurrency exchange site in the world in 2018. Those who are involved in trading are very familiar with the coin. Because if you use BNB during an exchange in Binance, you can get a discount on the trading fee.
The market value of Binance coin (BNB):
The lowest price was 0.5 USD on 01.11.2017 and now on the current date by the time I wrote this post 15.04.2021, the market price is 541.5 USD. Its huge improvements within 3 years. I think it will be the next Bitcoin. Actually, most people also think this way. Even Binance CEO tweeted recently about it. 3 months earlier on 01.02.2021, the price was 43.43 USD. Those who buy BNB now may be millionaires. If you personally ask me I would invest in BNB without any second thoughts.
Difference between Binance coin (BNB) and Bitcoin (BTC)
Binance coin (BNB) Coin is a coin of Binance exchange so it can only be traded on Binance exchange. Bitcoin on the other hand is a very old and universally accepted cryptocurrency so it can be traded in most places.
50% discount is available when trading with BNB on Binance exchange site. But no discount is available when trading with BTC.
The starting price of BTC was 0.3 USD but now the price is 62700 USD, but the price of BNB is 0.5 USD at the beginning but now it is 541.5 USD. So if anyone wants to invest, I think it would be wise to invest in BNB. Because the price of BNB is still within reach. Since it is the coin of the world's top exchange site.
Advantages of Binance coin (BNB):
If you trade in Binance, you will get a commission on the trading fee.
With BNB coin you can buy necessary things much like Bitcoin.
There is a facility to pay the traveling fee.
BNB coin can be donated to Binance charity.
Burndown rate of BNB is very good.
Disdvantages of Binance coin (BNB):
The price of this coin is always fluctuating in cryptomark so it may be that the price of BNB coin has come down.
Cryptomarket is a new concept it will take more time to spread among everyone.
BNB does not support flat depospit and withdrawal like other cryptocurrencies.
Binance chain does not support smart contracts.
This is my description of Binance Coin (BNB). I hope you like it.
Thanks,
@masumrbd
Hello @masumrbd,
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 5/10 rating, according to the following scale:
My review :
An acceptable article in which you tackle the topic of the cryptocurrency BNB by introducing some numbers, their advantages and disadvantages, without forgetting to compare it to Bitcoin. Your work lacks the analytical and critical side of the ideas that allow you to express your opinion on any aspect, in addition to not linking the paragraphs, which makes the article lose the pleasure of reading.
Thanks again for your effort, and we look forward to reading more of your work.
Sincerely,@kouba01
Thanks for your feedback. I will try to do better for the next time.