Steemit Crypto Academy Season 2-Week1 Homework Task for Professor@yohan2on ON ALTCOIN:BINANCE COIN(BNB)

Hi steemians,
I am very glad to partake in this homework on alcoins,below is my submission.

source

        WHAT IS BINANCE

Binance coin(BNB) is a cryptocurrency that runs on the Ethereum blockchain network and can be used to commerce and pay fees (trading fees) on the Binance exchange. Binance was developed by Changpeng Zhao who was a member of the blockchain.info development team. It was launched through an ICO in July 2017 with an ERC-20 token, with a supply of 200 million coins in total of which the Initial Coin Offering(ICO) were offered 50% of the initial supply (100 million) and has become the world’s largest and renowned cryptocurrency exchange since 2018 with the ability to process over 1.3 million transactions per second. Binance coin(BNB) users/traders gain a rebate in
exchange/trade fees on the Binance cryptocurrency exchange and can also be traded for either Bitcoin, Litecoin or other currencies. BNB is ranked within the top 4 cryptocurrencies on the CoinMarketcap.

This native altcoin which only has existence on the Binance Exchange has multiple uses cases both within and outside the Binance ecosystem that grows every single day. Most tangible/important usages are;
1.For the payment of travel expenditures: Binance coin can be used by travellers to book and pay for
ground transportations, guest house, flights and meals.

1. For trading: BNB can be used on the Binance environment to trade for other currencies on
   diverse exchanges, depending on the exchange restrains and also receive a discount of 25% on every trade.

2. For investment: Binance coin(BNB)
   allows/enables investors to invest their capitals in assets
   (stocks, Exchange traded fund(ETFs)) across multiple platforms.

3. Used by over 1.5 million traders to pay transaction fees.

    BINANCE COIN(BNB) BURNING
   

Out of the total supply of 200 million tokens, 50% which is 100 million exactly is burned quarterly to ensure that the Binance coin supplied continues to remain finite, making it more valuable/worthy.
Binance has been consistently executing this practice, the recent quarterly burn(13th) was on 17 October,2020 and all this burning are stored on the blockchain network.

       HOW TO BUY BNB

To buy binance coin;

1. You must first create an account and verify that you are not a robot. A confirmation will be
   sent to you after the registration form is filled (with either your email, phone number and a
   strong password that cannot be accessed by hackers).

2. Log in into your account by accepting their terms and services.

3. Install the app on your mobile phone and enable 2FA authentication to ensure one-person
   entry into your account which protects you from scammers.

4. Verify your account by sending a picture of yourself with a document of identification to be
   able to withdraw funds when needed.

5. It’s time for you to buy a currency of your choice from a cryptocurrency exchange that is
   allowed in your country.

6. On the Binance platform, click on the Funds tab and type the name of your preferred
   currency.

7. Click on copy address and open the wallet which contains your currency tokens and send the coins via the address copied, the coin will show up in some few seconds into your account (it can be checked in the Funds tab by clicking on balance).

8. Once the coin appears in your balance, you can exchange it for different cryptocurrencies.

9. On the platform, click on the Exchange from the tabs and search for pair trade.

10. Select BNB and continue with the trading to sell your currencies to BNB (percentages are
    used to calculate the amount of coins you want to change).

           CONCLUSION
    

I personally recommend Binance coin(BNB) for any person reading this post to invest in BNB,because it is very reliable.

Thanks you very much for reading my post.

CC:
@steemcurator01
@steemcurator02
@yohan2on
@steemitblog