What are Altcoins?

In the cryptocurrency ecosystem, Altcoins is a name that indicates all cryptocurrencies that are not Bitcoin. These Altcoins were created for diversity, development, enrichment and improvement in the ecosystem. As an example of an Altcoin, we will know the Binance coin (BNB).

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What is the Binance coin (BNB)?

BNB the Binance coin was launched by the Binance exchange platform, conformed on the Ethereum token ERC20 network, this coin emerged to support, so to speak, the transactions that take place within the Binance platform.
As Binance is one of the most prestigious and important exchanges in the world and complies with all legal requirements, we can safely say that the Binance BNB coin is legal.
BNB was born with the aim to improve and make trading operations easier for all investors. This cryptocurrency is based on decentralization and is under blockchain construction.

What are the uses of the Binance BNB coin?

This currency has several uses, among which are:

• To get passive income you should make investments in BNB, and thus employ for your benefit the volatility of the crypto market.
• It has the Launchpad function, which is to invest in new tokens.
• Through BNB you can have savings in transaction costs.

How does Binance Coin BNB work?

The BNB structure is based on memory ordering, with the allocation of several units helping to increase security and speed up data exploration. For it Binance Coin employs the blockchain technology of the Bitcoin currency; BNB is also based on Ethereum's ERC 20 token.
To get discounts we can pay trade prices with BNB on Binance, we can also use it as collateral for loans.
Binance Coin BNB works on Binance Smart Chain and Binance Chain.

What is Binance Smart Chain?
BSC Binance Smart Chain is a fully independent and separate blockchain and can continue to operate even when Binance Chain is disconnected. Both sequences were designed to work in parallel.

The Binance Chain which is a blockchain issued in 2019 powered for fast transactions.

Advantages of the Binance Coin BNB

• BNB has a high transaction speed, processing 1.4 million per second.
• It offers cost savings by facilitating trading and significant commission savings.
• Using this BNB cryptocurrency, Binance offers in the first year a 50% discount on BNB exchanges and decreases by half for each year, the second year is a 25% discount, the third year is 12.5% and the fourth year is 6.25%. And in the fifth year the discount ends.
• It has the availability of a large number of tokens, having a maximum of 200 million BNB, being greater than those of Bitcoin that have 21 million BTC and also greater than those of Litecoin that have 84 million LTC.

Disadvantages of Binance Coin BNB

• BNB is restricted to Binance exchanges only, and as a consequence this coin will not spread like other cryptos.
• To make this coin smaller, Binance founders will buy BNB tokens. Having as a strategy to decrease the amount of coins by 50% to leave only 100 million, and as a result of this the BNB coin will be affected considerably.
• We cannot exchange our BNB for any traditional currency.

How to buy Binance Coin BNB?

To purchase Binance Coin BNB you can only buy it specifically from Binance itself.

How to buy BNB by bank transfer?

By acquiring Binance stablecoins by transferring money from our accounts to the coin distributors. Let's use stablecoins to get BNB on Binance.

Trading with BNB

If we have other cryptocurrencies, Binance Exchange receives the deposit of many cryptocurrencies I could say more than 150, also many of them could be exchanged for the Binance Coin having as industry leaders the best commissions and discounts.

Some of the steps to follow to buy Binance Coin BNB:

1. Join HitBTC, doing all the registration in one of the biggest cryptocurrency exchange.
2. Make a transaction by depositing some crypto either bitcoin (BTC) or ethereum (ETH) into your Binance account. As mentioned above, Binance Coin BNB cannot be purchased directly with traditional money.

Conclusion

Binance Coin BNB for all those traders who are active on the Binance platform is a great opportunity to invest. We can also benefit from it as an excellent investment asset if the trade is made at the right time and with a great strategy.
The Binance Coin is very useful for traders, because with a single button click we can pay our commissions and also acquire discounts.
This crypto shows a continuous growth. Binance Coin can be a firm and stable cryptocurrency when it is not damaged by agents such as local Chinese regulations or downturns in the cryptocurrency market. Let's consider that before making an investment, we should make a comprehensive study and technical analysis of the prices (price) and know the risk management whenever we make an investment.

Cc: @yohan2on