Steemit Crypto Academy | Season 2: Altcoins – Part1 "Looking beyond the Bitcoin"

BINANCE COIN (BNB)

Binance Coin may be a utility cryptocurrency that operates as a payment methodology for the fees associated with commerce on the Binance Exchange. Those who use the token as a way of payment for the exchange can trade at a discount. Binance Coin’s block chain is in addition the platform that Binance’s localized exchange operates on. The Binance exchange was supported by Changpeng Zhao and additionally the exchange is one in every of the foremost wide used exchanges at intervals the globe supported commerce volumes.

VISION
Binance coin is associate Ethereum-based (ERC-20) token which can be accustomed trade cryptocurrencies and procure fees on the Binance exchange. BNB tokens is also accustomed pay fees on the exchange, with the motivation being that Binance offers a rebate as associate incentive for up to five years of membership.

NETWORK VOGUE & SECURITY MODEL BNB

started as associate Ethereum-based (ERC-20) token that eventually rapt to its own custom blockchain called Binance Chain. not like Ethereum, however, Binance Chain does not support smart contracts. Binance Chain utilizes the Tendermint byzantine-fault-tolerant (BFT) agreement mechanism. The system involves several different types of nodes: Validator nodes, select community members United Nations agency vote to validate transactions; witness nodes that witness the agreement technique and broadcast transactions to completely different nodes; and accelerator nodes, that area unit owned by organizations and speed up the dealing validation technique.
USES OF BINANCE COIN
Just like completely different evolving cryptocurrencies, the Binance Coin offers several uses that transcend the Binance exchange, such as:

• Trading: Binance Coin is also listed for various cryptocurrencies on varied exchanges, looking on the restrictions set by the exchange.
• Transaction fees on the Binance Exchange: BNB is also accustomed acquire transactions on the Binance Exchange, and users in addition receive a discount for doing this.
• Credit card payments: BNB is also the form of payment for crypto MasterCard bills on Crypto.com.
• Loans and transfers: BNB is also used as collateral for loans on sure platforms. Also, there area unit apps that modify users to separate bills and pay friends and family through Binance Coin.
• BINANCE COIN: initial coin providing Binance Coin was launched with associate initial coin providing (ICO) in July 2017. As a region of the ICO, BNB tokens were distributed among varied participants, likewise as angel investors and additionally the Binance origination team. Here’s a brief breakdown of but BNB tokens were initially distributed:
• Founding team: ordinal (80 million BNB)
• Angel investors: 100% (20 million BNB)
• Public sale: 5 hundredth (100 million BNB) All of the 100 million BNB tokens offered for public sale were sold throughout the ICO at fifteen cents per token. Therefore, Binance raised an entire of US$15 million in bitcoin and ethereum.

BNB BURNING

As mentioned at intervals the Binance whitepaper, quarterly, Binance uses 2 hundredth of its profits to buy for back and burn Binance Coins, destroying them absolutely. Binance has consistently performed quarterly burns, the foremost recent being the thirteenth quarterly burn on New Style calendar month seventeen, 2020. Binance will still perform quarterly burns until it buys back and destroys 100 million Binance coins – 5 hundredth of the supply.

THE PROFESSIONALS OF FINANCE IN BINANCE COIN

• Binance Coin is one in every of the foremost effective utility tokens: BNB is taken under consideration one in every of the foremost effective utility tokens in 2021. wherever because the token is also accustomed trade and pay fees on the Binance exchange, we have a tendency to should mention that BNB is also used on the way aspect the Binance ecosystem: it's going to be used for payment ways that across altogether completely different services, likewise as credit crypto card bills, on-line purchases, travel, recreation, and transfers
• Binance Coin uses a singular burn down policy: As explained on high of, burning may be a very important feature of BNB to substantiate its growth and stability. Binance will use 2 hundredth of their profits to urge BNB tokens and burn them to reduce the supply until 100 million coins square measure left (or 5 hundredth of the supply).

PROS OF FINANCE IN BINANCE COIN

• One of the foremost trustworthy brands in crypto.
• Best-in-class options with everything a complicated bargainer may need.
• Significant blessings once victimization the native Binance tokens BNB like reduced commercialism fees.
• Very quick, simple to use interface
• Binance offers extraordinarily low dealings fees, significantly once victimization with their native BNB tokens.
• Assets square measure insured just in case of security breaches. apart from breaches from personal security problems.

CONS OF FINANCE IN BINANCE COIN

Here serious disadvantages of finance in BNB:
Discounts Still Decrease: Though Binance offers discounts to traders United Nations agency build transactions with Binance Coin on the exchange, discounts still decrease, which could be off-putting in step with their whitepaper, at intervals the fourth year, the discount square measure reduced extra to 6.75% - that supposedly will happen in 2021.
• Regulations might need a bearing on BNB holding and trading: The restrictive fly in Binance’s home country - China - is simply one in every of the problems which can have a bearing on the token at intervals the long-term. The reference to Binance u. s. is in addition troublesome and will harm u. s. passport holders, with quite Victory Day of the website’s traffic being previously from the u. s...
• Binance has solely within the close to past allowed edict deposits and withdrawals: Unlike completely different platforms that accept ancient payment ways that, likewise as bank transfers and PayPal, Binance didn’t use to easily settle for edict deposits or withdrawals. This usually makes it unfeasible for beginners to start out commerce cryptos. • BNB is restricted to the Binance exchange: BNB is incredibly dependent on the Binance exchange’s name, which could forestall it from receding on its own. On prime of that, some users have shared mixed reviews regarding the consumer support services provided by Binance (sometimes marked by long delays and no phone support).

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