Steemit Crypto Academy Season 2 || Week 1 Homework Post for [@yohan2on] || Altcoins – Part1
Hi professor @yohan2on,
This post was not attended to until it reached pay out. Please kindly consider our effort and review the work..
BINANCE COIN (BNB)
Binance BNB is a famous token on Binance, which is the world's largest cryptocurrency exchange by daily trading volume. With an estimated net worth of over $1 billion, Changpeng "CZ" Zhao, the company's CEO, was recently featured on the cover of Forbes as one of the wealthiest people in crypto.
A cryptocurrency's market value will increase by as much as 80% just by being listed on Binance. And being delisted from Binance is a stain on the industry's reputation. With over 150 coins listed and nearly $1.5 billion in crypto traded every day, it's one of the most reliable crypto exchanges.
Binance coin is a cryptocurrency that is distributed by the Binance exchange and has the symbol BNB. This coin is limited to 200 million BNB tokens and runs on the Ethereum blockchain using the standard ERC 20 protocol.
The Binance coin is supposed to help the Binance exchange and its ecosystem run more smoothly. It provides a variety of services on the Binance exchange, including trading fees, exchange fees, listing fees, and any other fees. The Binance coin has received funding from a number of collaborations, which has aided in its adoption.
WHAT IS BNB USED FOR?
The Binance exchange is, without a doubt, the most important use case for the BNB coin, and this is likely to continue. It encourages users to keep the tokens in order to gain further benefits from the cryptocurrency exchange, such as the best kind of rewards program.
While BNB tokens can also be purchased on EtherDelta, Binance is the best place to buy them. Any ERC-20-compatible wallet, such as MyEtherWallet and Coinomi, will carry BNB coin at the moment if you wish to withdraw your BNB from the exchange.
INVESTING IN BINANCE COIN (BNB)
It's easy to trade on Binance. You must go to their registration page and fill out all of the required details. For KYC/AML enforcement purposes, you must have valid identification.
You can connect your funding source once your identification has been verified. You have a few choices to think about here. If you plan to make smaller purchases, you can use a debit card.
You'll be able to finance your account once you've connected our banking details. Directly from your bank, you can add USD to your wallet. Following that, you must convert your funds to cryptocurrency.
Fortunately, Binance has a wide range of fiat trading pairs to choose from. Choose your preferred trading pair and the sum you want to invest. It will take less than a minute for your cryptocurrency to reach your wallet.
BINANCE PRICE CHART
Below is the price chart for binance coin (bnb) as at today 17th of April, 2021.
BINANCE COIN FUTURE PRESCRIPTION
The market lacks traction to move higher, so the coin price forecast is bearish. The current support level of $535 is likely to be breached in the coming hours, implying a new lower low. The next level of support is about $485, and an entry from there will have a much better risk/reward long spot.
ADVICE FOR INVESTORS
Investing in BNB in 2021 is certainly worth it, with a market cap of over $51.08 billion and a variety of benefits.
Let's not forget that BNB is one of the most common utility tokens, offering a variety of benefits over other digital coins.
At the same time, keep in mind that BNB is an asset with a high risk-to-reward ratio.
As a result, if you plan to invest in BNB, do your homework first and proceed with caution.
If you plan to take a chance and invest in BNB, keep in mind that, as previously said, Binance Coin is a reasonably secure cryptocurrency. It does not have the same level of volatility as other cryptocurrencies.
Binance Coin, on the other hand, is not actually a stablecoin, despite its relative stability.