Crypto Academy Season 2 Lesson 9 - Week 1 Homework Task Article for Professor @yohan2on | Topic: Altcoins - Binance Coin (BNB)
Hello Everyone and Have a Blessed day to all Crypto Students and Professors!!!
The Steemit Crypto Academy has been finally back with its new Season and newly hired Professors from different countries. To start this 1st week of season 2 of the academy, I will be sharing my homework tasks for the topic shared by @yohan2on which is all about Altcoins. His homework tasks will be as follows:
Write about any one of the following Altcoins
Ripple (XRP)
Binance coin (BNB)
From the given lists of Altcoins above, I will be choosing Binance Coin (BNB) for these homework tasks which I will feature some important information about it and how does it works, lastly the current market price for us to aware.
But before we get started to discuss Binance Coin (BNB), let us briefly discuss what is Altcoins.
What is Altcoins?
Altcoins are simply means Alternative coins for the very first cryptocurrency, the Bitcoin. Altcoins were launched after the success of Bitcoins and since bitcoin has been increasing in terms of its prices, there were many who were choosing Altcoins over Bitcoin. This means that Altcoins is also a great opportunity for investors and definitely with high risks.
What is Binance Coin (BNB)?
Binance Coin (BNB) is the native cryptocurrency the Binance Cryptocurrency Exchange has. The Binance Cryptocurrency Exchange is said to be one of the leading Cryptocurrency exchanges which provide more than 100 different cryptocurrencies. The main purpose of Binance Coin (BNB) is for the payments of all the transactions in the exchange. Binance Coin (BNB) can also be traded in the Binance Exchange itself and other major Cryptocurrency Exchange. Another benefit for those who hold Binance Coin (BNB) in the Binance Exchange is to enjoy the 25% trading fees. As being mentioned in their Binance Whitepaper, Binance will use their 20% profit to buy back BNB and destroy, this will make Binance Coin remains finite, scarce, and more valuable in the market.
Binance Coin (BNB) ICO
In their Whitepaper, Binance Coin was initially distributed as follows:
- Founding team: 40% (80 million BNB)
- Angel investors: 10% (20 million BNB)
- Public sale: 50% (100 million BNB)
At the time of Pre-sale, 100 Million BNB were sold at $.15 per coin which raised a total of US$15 million in Bitcoin and Ethereum1. Binance coin (BNB) were very low in price which is very affordable but it really differs at the current price at the moment.
Advantages and Disadvantages of Binance Coin (BNB)
As to all types of cryptocurrency, Binance Coin (BNB) has also advantages and disadvantages which we will discuss briefly for us to know and understand.
Binance Coin (BNB) Advantages
- Binance is one of the fastest Cryptocurrency Exchange company which means there is a great potential for Binance Coin (BNB) coin's price increases hugely.
- Holders will benefit from a 25% discount on all trading fees in the Binance Exchange.
- Can also be used as a utility token rather than Bitcoin as it is also available in trading pairs.
- Simple Binance Exchange is simple to use, we can also easily use Binance Coin (BNB) on our behalf.
Binance Coin (BNB) Disadvantages
- As same as to other cryptocurrencies, Binance Coin (BNB) is also risky as its price is volatile which means it is not stable and can change instantly.
- Binance Coin (BNB) is not exempted from scams and other cyber attacks.
- BNB is highly dependent on the Binance Exchange reputation which means it depends on how the company works and cannot be executed on its own.
Binance Coin (BNB) Current Price Update as of 04-13-2021:
| BNB Price Statistics | Details |
|---|---|
| Current Price | $575.91 |
| 24h Low / 24h High | $532.96/$613.76 |
| Trading Volume | $10,933,522,573.11 24h |
| Volume / Market Cap | 0.1229 |
| Market Rank | #3 |
| Market Cap | $88,929,493,917.78 |
| All Time High | $637.44 |
| All Time Low | $0.09611 |
| Circulating Supply | 154,532,785 BNB |
| Total Supply | 170,532,785 BNB |
| Max Supply | 170,532,785 BNB |
As we are looking at the current statistics of Binance Coin (BNB), we can conclude that it definitely rise up more than 100% as to its ICO price during Pre-sale as mention above with the price of $0.15 to its current price which ranges from $500-$600. This means that Binance Exchange and Binance Coin (BNB) have been doing great since the start until now. It also gained the 3rd spot in the Market Capitalization that determines how it progresses in the cryptocurrency market.
Conclusion
There were lots of Altcoins nowadays which we also need to know and understand. As to my homework tasks, featuring the Binance Coin (BNB) has different information that definitely helps us to know it better. Binance Exchange and Binance Coin (BNB) has been doing great since they've just started as we are looking into its statistics but despite this, still, Binance Coin (BNB) is not exempted from risks as to other types of Altcoins available. As a reminder for us, before taking any action and investing from any type of Altcoins, we should always look and take time to search for some information and details about it, and also prepare to be a risk-taker all the time.
This would be my homework task article to Prof. @yohan2on this 1sth Week of the Steemit Crypto Academy in its Season 2 and hopefully, everything is fine and be accepted. I've appreciate all the efforts and information I've got from the lesson and I'm looking forward to the next lesson next week.
Thank you also to all the Steem Team who initiated this new project, to @steemitblog, @steemcurator01, @steemcurator02, and to all curators who supported this project.
That would be all, thank you and God Bless!!!
Your Steemit Crypto Academy Student;
Hello @loloy2020,
Thank you for participating in the 1st Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 7/10 rating, according to the following scale:
My review :
Thanks again for your effort, and we look forward to reading more of your writing!!
Sincerely, @kouba01
This is an amazing review! I never thought Binance coin has a pre-sale price of $0.15! It's now more than $500 per BNB that's an astonishing growth!! Other uses of Binance coin is via Staking, if you stake BNB you'll receive lots of other altcoins. The more BNB you stake, the bigger percentage you'll get from the pool.
Also, @loloy2020 do you have discord? Let's have a chat bro!
Esto no lo sabia, voy a ponerlo en practica uso binance desde hace tiempo ya. pensaba que la moneda era usada como medio de intercambio solamente.