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Hello fellow steemians I will like to present to you my Season 2, Homework Post on

BINANCE COIN

with you, and before I present my homework I will say many thanks to my Crypto Academy professor @yohan2on for his great work done in this community. As I have already said my topic for this Post is Binance Coin. Before I speak about Binance Coin, I will say something about Binance wallet because Binance Coin work within the Wallet.

DEFINITION OF BINANCE

Binance itself one way or the other is not a coin but rather it is like Wallet which collects or saves different kinds of blockchains. But in binance exchange platform it has his own coin called BINANCE COIN.
Binance is a cryptocurrency exchange platform whereby there is a transferring and receiving of different cryptocurrency. Binance Coin is most popular platform for exchange of different cryptocurrency. There are more than 50 cryptocurrency or liquid currency which are used on Binance Coin and the most popular once includes, Bitcoin Cash (BCH) Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB), Bitcoin(BTC), TRON(TRX) and many other popular Coin. The word Binance comes from a combination of two different English words and they include Binary and Finance. The word Binary means something which involves two and Finance deals with money.

Some of the popular cryptocurrency wallet which is more or less like Binance. There are a lot of them but these are the list of few of them.

• COINBASE

• BLOCKCHAIN WALLET

• POLONIEX

• BITBAY

• GEMINI

Brief History About Binance

Binance platform was created and founded by Changpeng Zhao in China in the 2017. At first the merging structure was built in the 2005 in a place in China called Shanghai. Binance became part of the cryptocurrency blockchain wallet in the year 2013. In the year 2017 the Binance remove his equipments and as well as the main headquarters from Shanghai in China to a place in Japan called Taiwan. The Binance remove their company from China to Japan because of restrictions from the Chinese government on cryptocurrency. In that place they established their main branch there.
In the year 2018 the Binance company became a largers cryptocurrency exchange with the financial status approximately about 1.2 to 1.5 million dollars. Because of some charges and some laws in some Eastern part of Asia, the board of Binance company established another branch at Molta. The year 2018 the Binance company as an free or independent company raised 32 million dollars for stable Coin project, with the intention of fusing stable Coin with unstable Coin. In the year 2019 the company made it possible to make for the use of cryptocurrency to buy and sell online whereby they introduce Visacard and as well as Mastercard. Because of their good work Binance has now been come one of first cryptocurrency exchange platform in the world.

The Picture Above is Changpeng Zhao The CEO Binance

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Important of Using Binance Wallet

Because of their good network, most of the cryptocurrency blockchain technology their Wallet for transactions.
Most users also their wallet for transactions.
Most of the unstable Coins can be changed to stable Coin if the client sees that the cryptocurrency falling down and change it back to cryptocurrency if the client sees that the crypto is rising.
It has a platform whereby clients who are using Binance Wallet can mines to earn more cryptocurrency.

Definition of Binance Coin

Binance Coin is any type of altcoin cryptocurrency which are most use in the Binance exchange platform. Binance Coin can also be for exchange or trade with other cryptocurrency such as Ethereum, Bitcoin,

The Trade Value of Binance Coin

Compering Binance with Bitcoin

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> 1 Binance Coin=0.008542 Bitcoin in this present trade market.

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weekly update from Binance Coin to Bitcoin table

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Compering Binance Coin With USD

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Weekly update from Binance Coin to USD

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Graph

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Exchange values from Binance Coin to USD

USE OF BINANCE COIN

For Business Purposes

Many business or trade organizations uses Binance Coin to pay their employees salaries.

For Trading Purposes

Many business tycoon transfer their money they have in the bank to Binance Wallet when they see that the cryptocurrency is rising. And some also convert their Binance Coin to Stable Coin and then transfer to their bank account when they see that the Binance Coin is falling.

For Entertainment Purposes

Many online sports betting sites accept Binance Coin for the betting. And they also pay their clients with the Binance Coin.

For Transactions

Some transfer or convert their Binance Coin to either their Visacard or Mastercard for transferring and receiving of money.

How To Transfer Steem Binance Coin

1. You sign up or register either on the Binance application or website.
2. When you open the site.
3. Then you go to deposit crypto on pop-up menu.
4. Then you select Steem on the list of different cryptocurrency.
5. After you select the Steem on Binance platform, they will give you an address and memo.
6. Then you go to steemit wallet in the steemit website.
7. Then you go to steem, and then you select transfer steem.
8. Then it will open up for you.
9. Then at transfer to, you type deepcrypto8.
10. Then at memo you type the six digit given to you by Binance platform.
11. Then your Steem will be transfer to your wallet at Binance platform.

Conclusion

Since the Binance Coin has a value when exchanging it to U.S dollars I will encourage everyone to trade with the Binance Coin.

Reference Link :

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