Steemit Crypto Academy - Season II Week I by @yohan2on| Binance Coin |

Altcoin

As it is known, Bitcoin was designed by Satoshi Nakamoto in 2008. It was launched in 2009, Bitcoin was created. Some time after Bitcoin, other coins were created. Coins operating in many fields have been launched. Here, we call the cryptocurrencies created after Bitcoin as Altcoin. The first altcoin is the namecoin. Subsequently, altcoins such as XRP, LTC, ETH were created. After Ethereum, cryptocurrencies experienced another revolution.

Binance Coin

Binance Coin

Binance Coin, namely BNB, is the coin created by the Binance exchange in 2017. The new altcoins that the Binance exchange has added have made a rapid rise in recent years between coin exchanges and the high volume of trading, with the continuous updates it brings. With this rise, they managed to become the world's most popular bora. Interest in Binance Coin is increasing day by day. Interest in Binance Coin caused a noticeable increase in the Binance Coin price.

The biggest advantage of Binance Coin, in my opinion, is that it allows you to pay 50% less commission for your transactions on the Binance exchange. An example should have been given on this subject. Suppose you are trading in a BTC / USDT trading pair. Have paid 10 USD commission for trading BTC / USDT. If you trade the same amount in the BTC / BNB trading pair, you will pay a commission of 5 USD. Of course, you need to have BNB in ​​your account in order to benefit from kibu commission rates.

Binance Coin Usage Areas

• By keeping Binance Coin in your account, you can benefit from a 50% discount on commissions in trading transactions.

• You can consider Binance Coin for investment purposes. Binance Coin, which was around $ 0.1 when it first entered the market, is now over $ 500.

• In 2020, the Binance Smart Chain network was created. A network similar to the Ethereum network where smart contracts, decentralized applications run. To be able to trade on this network, you must have Binance Coin in your account. Transaction fees on the Binance smart chain network are quite low.

• One of the most remarkable multichain wallets of the last period is TrustWallet. To use TrustWallet efficiently, users must have BNB in their account.

• You must have BNB in your account to be able to trade on Binance DEX.

• By staking Binance Coins, you can earn rewards by providing collateral for credits.

• You can participate in Binance Launchpad events using Binance Coin. At Binance Launchpad events, you can sell the coin you can buy very cheaply at high prices. For example, TKO was sold for $ 0.1. A few days later, TKO binance was listed and there were investors selling TKO at $ 3-4.

Binance Coin Advantages
Binance Coin is backed by the world's largest exchange Binance. The coin supported by such an exchange is important to investors.
Since Binance Coin is a rapidly developing coin, its usage areas are increasing, so there is a continuous increase in its price. Compared to the last year, Binance Coin has increased at least 10 times.
When you trade with Binance Coin on the Binance exchange, you pay a low commission fee. For a daily trader, trading at a 50% discount is a great advantage.
By keeping Binance Coin in your account, you can use TrustWallet and platforms such as Binance DEX in a fully efficient way.
Binance coin is burned periodically. This burning process will continue until the number of Binance Coin remains 100,000,000. The decrease in the amount of coins will cause the Binance Coin price to increase in the long run.

Binance Coin Disadvantages

Binance Coin is connected to a central structure according to some circles. It is not fully autonomous. It is backed by the Binance exchange and the Binance CEO decides many things. The fact that a coin is not decentralized goes against the spirit of cryptocurrencies.

Binance Coin is not listed on many exchanges. Actually, this is what should happen logically. We cannot trade Binance Coin from all exchanges.

Binance Coin is in the top 3 in terms of market value, but its daily volume is quite low. The low daily trading volume is a negative thing for Binance coin.

Binance Coin Coinmarketcap Data

(coinmarketcap)

BNB is the third most valuable coin in terms of market value.The total market value of BNB is $ 75,841,176,713 It is very difficult to be in the top 2. But it may be out of the top 3. Because they have very strong rivals in this regard.
BNB value is $ 494.40. Although it has been declining for a few days, it has managed to show a big increase in the last period.

There are 153,432,897 BNB in circulation. BNB burning is done at certain intervals. These transactions will continue until 100,000,000 BNB remains.

(coinmarket)

The Binance price is constantly on the rise. Healthy corrections are made from time to time.

Exchanges Listing Binance Coin

Logically, Binance Coin should only be listed on the Binance exchange. It can be listed on other exchanges supported by Binance, but it would be absurd to be listed on exchanges that have nothing to do with Binance.Binance Coin is listed on major exchanges such as FTX, Poloniex, Gate, KuCoin, as well as Binance. Listed in more than 500 trading pairs, along with other exchanges.

CC:
@yohan2on