Steemit Crypto Academy Season 2, Week 1 Homework Post For [@yohan2on] || Altcoins - All about the Binance (BNB) Coin. What Is Binance Coin?
Hello everyone and especially dear professor yohan2on I hope you will be fine and good by the grace of Almighty Allah who is most merciful and kind to everyone.
Today I am here to provide my publish my homework which is assigned by professor Yohan2on I have attended his lecture about the Altcoins which is full of information and very effective which can help everyone and especially for the newcomers to go through with altcoins.
As we are going to talk about altcoins so first of all I want to explain the term "altcoins". An altcoin is basically a term used in cryptocurrency. This is term is used for all those crypto coins and tokens which are running here in the world except bitcoin. We can say that these coins are alternatives to Bitcoin. They use blockchain technology and allows their users peer-to-peer transactions which is very secure.
Altcoins are easy to mine and their mining expense is another factor that counts greatly, is less. These altcoins are also playing an important role in the transactions which has become very quick with the arrival of these altcoins.
The bitcoin was the first crypto coin and but after the introduction of the bitcoin, many altcoins have also been introduced here in the world of cryptocurrency. These altcoins are now overwhelming the figure of 5000 as according to sir yohan2on.
I will discuss in detail Binance (BNB) coin as suggested by the dear professor Yohan2on.
What Is Binance (BNB) Coin
Binance (BNB) is an Ethereume based altcoin introduced by the Binance exchange. Binance is an exchange of cryptocurrency which is working for a lot of time. Binance (BNB) Coin is used to pay the trading fees in the Binance exchange. Binance (BNB) coin has some special property that if you hold Binance (BNB) in your Binance wallet then you can get off on your trading fees. It means you can earn just by staking it there as by staking this there you have no need to pay a trading fee to the exchange.
Uses Of Binance
As other cryptocurrencies such as biutcoin are being used in many fields similarly binanace is also used in these fields:
- Binance is used in the trading.
- Binance is also used to pay transaction fees in the Binance exchange.
- Binance can also be used to pay anyone securely and quickly.
- Binance can also be used in buying some virtual gifts.
- Binance can also be used in the loan services.
Allocation Of Binance (BNB) Tokens
According to the whitepaper of the Binance each and everything about the allocation is clear.
| Percentage | Binance (BNB) | Participant |
|---|---|---|
| 50% | 100,000,000 | ICO |
| 40% | 80,000,000 | Founding Team |
| 10% | 20,000,000 | Angel Investors |
The trading of Binance is also live and we can trade BNB without any hindrance but with discounts. As there are many trading pairs of Binance and it is running in different exchanges so that we can trade it anywhere. It is very strong coin according to its value and worth. Some of the Binance (BNB) trading pairs are given below:.
Trading Pairs Of Binance (BNB) Coin
| Sr. No | Trading Pair | Exchange | Price Per BNB |
|---|---|---|---|
| 1. | BNB/USDT | Binance | 544.00 USDT |
| 2. | BNB/BTC | Binance | 0.00869200 BTC |
| 3. | BNB/LTC | Binance | $543.78 |
| 4. | BNB/ETH | Binance | 0.223381 ETH |
| 5. | BNB/UNI | Binance | $543.94 |
| 6. | BNB/DOT | Binance | $543.94 |
| 7. | BNB/EUR | Binance | 454.96 EUR |
| 8. | BNB/GBP | Binance | 395.34 GBP |
| 9. | BNB/USD | HitBtc | 538.64 USD |
| 10. | BNB/TRX | Binance | $543.94 |
There are many more trading pairs of Binance (BNB) and here I am going to share the market of BNB especially spot market . I think everyone has known that BNB has crossed the limits and has achieved its highest price of all time history. Here is a list of top 10 markets of Binance(BNB).
Price of Binance
As I have already mention that BNB is very costly coin and its price has fluctuated to its peak value of all time in the 24 hours. But right now it is coming down but a little. According to the Coinmarketcap it is currently trading at the price of almost $545 as it has reversed from its highest price of $571.11.And it is ranking at the top of the Crypto Coins.
According to Coinmarketcap Some of the important details of Binance (BNB) is given below:
| Binance (BNB) | Key Information |
|---|---|
| Market Rank | #3 |
| Market Cap | $84,971,046,276 |
| Fully Diluted Market Cap | $93,693,675,952 |
| Volume | $6,440,103,078 |
| Circulating Supply | 154,532,785 BNB |
| Social Media | https://twitter.com/binance |
| __ | https://reddit.com/r/binance |
| __ | https://t.me/binanceexchange |
Binance (BNB) Supported Wallets
Everyone should know about the wallets of the cryptocurrency to store your crypto. As we ra etqalking about BInanace (BNB) so if you want to store your Binanace then here are some of the wallets from which you can choose anyone and store your BNB securely.
| Sr. No | Wallets | Link |
|---|---|---|
| 1. | Ledger | https://www.ledger.com/ |
| 2. | Trezor | https://www.trezor.io/ |
| 3. | Math Wallet | http://www.mathwallet.org/cn/ |
| 4. | Trust Wallet | https://www.trustwallet.com/ |
| 5. | Safepal | https://www.safepal.io/ |
| 6. | Binance Chain Wallet | https://www.binance.org/en/blog/binance-extension-wallet/ |
By using these provided wallets you can store your BNN easily and without any hurdle. But you should choose any of the wallet according to your interest and knowing their fee details before storing your BNB in them.
Some Explorers Of Binance (BNB)
Block explorers play an important role in the transactions of any crypto coin. To know and for the confirmations explorers are needed. As for the checking of finance some of the supported block explorers are given below:
| Sr No. | Explorers | Links |
|---|---|---|
| 1. | Binance Explorer | https://explorer.binance.org/ |
| 2. | Etherscan | https://etherscan.io/token/0xB8c77482e45F1F44dE1745F52C74426C631bDD52 |
| 3. | Bscscan | https://bscscan.com/token/0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c |
| 4. | Block Hair | https://blockchair.com/ethereum/erc-20/token/0xb8c77482e45f1f44de1745f52c74426c631bdd52 |
Binance (BNB) Coin Is Centralized Or Decentralized
Before investing in any crypto coin we should know that whether the coin is centralized or decentralized. So in order to check any coin we have to follow these steps and I will explain this by using Binance (BNB) as an example. So let's Start.
First of all we should need of
Contract Addressof the coin. In this case we will get cntract address of Binanace (BNB). We can get Contract address of any coin from the coinmarketcap.You have to go to coinmarketcap.com/ and there you will find this
Contract Address0xB8c77482e45F1F44dE1745F52C74426C631bDD52.After that go to https://etherscan.io/
Now scroll down your screen and click there on
contract
After that search these terms
function destruct, only administration, self destructIf we find these terms in the source code then Binance (BNB) is centralized but if we do not find these in the source code then Binance (BNB) is decentralized
As I have searched these terms but I did not find anything matching wit these terms so it is clear that Binance (BNB) is decentralized.
I have tried my best to explain Binance (BNB) as a student. But there is no perfection in anyone. Everyone has some week aspects.
Special Mentions
@kouba01
Hello @mohammadfaisal,
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 10/10 rating, according to the following scale:
My review :
This is the first article to get a full evaluation because it is rich in form and content, and it is a very excellent work that shows your diligence in research to present a massive amount of information with its correct analysis and to give a set of advice to readers.
Thanks again for your effort, and we look forward to reading more of your great articles.
Sincerely,@kouba01
Thank You Dear Professor for checking my homework task and showing your interest to read my more homework tasks. Sir @kouba01 I will surely publish my more homework tasks when I will get by you or sir @yohan2on.
Stay Blessed!
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