Contents

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Alternatives to Bitcoin
1
Course Introduction
PREVIEW1m 16s
2
Litecoin
PREVIEW4m 4s
4
Ethereum
6m 46s
5
Ripple
12m 22s
6
Steem
4m 1s
8
Monero
7m 18s

The course is part of this learning path

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Difficulty
Beginner
Duration
48m
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Description

The most well-known cryptocurrency is BitCoin, but in this course, we will introduce you to some other alternatives out there in the cryptocurrency ecosystem. These include Litecoin, Binance Coin, Ethereum, Ripple, Steem, Ethereum classic, and Monero.

Transcript

Welcome to this lecture where we're going to discuss the specific coin of an ever more popular becoming cryptocurrency exchange - Binance. So, Binance coin is the coin of the Binance cryptocurrency exchange of which only 200 million Binance coins can be created. The actual project as a whole is Chinese-backed and they've had tremendous success in that market where, unfortunately, other exchanges have lacked. Hence, their tremendous success in such a short space of time. Upon launch of the Binance coins, they were distributed as follows: 50% of the coins were sold in the ICO, 40% of the coins went to the team, 10% of the coins went to angel investors. The one thing that really interests me with Binance coin is how they even incentivized the use of it, rather than it being just another token in the marketplace with no use case. By using Binance coin, it enables you to gain discounts when paying fees for transactions on the exchanges. Those fees range from 50% down to 6.75% that will steadily decrease annually from the first year to the fourth. In my opinion, it's a smart way to increase their coins trading volume. If you're keen on using Binance, without a question of a doubt, I will personally go ahead with buying some Binance coin to help cut those fees pretty drastically. And that, of course, will help your profit and loss. Naturally, we have the incentive of Binance offering essentially discounts for using their coin. But, they've also publicly mentioned they will be implementing a buyback plan, buying back 100 million Binance coins. This would, of course, benefit investors as it offers liquidity. There are four really strong distinct factors for Binance coin, which have made it pretty successful in the short space of time it's been around. Let me highlight them for you now. One: The team. Binance is led by Changpeng Zhao with a strong team of finance experts with a proven history. Two: Product. It's a well-polished exchange which supports multiple devices and more importantly, languages. Three: Technology. Binance is one of the fastest growing exchanges around with millions of orders processing every second. And four: Resources. Due to the strong founding team, Binance has access to some of the most respected leaders. All of those four points combined holds Binance in good stead as an exchange and cryptocurrency with Binance coin. It's hard to argue the facts with it growing so fast. If you're looking at buying Binance coin to speculate on the price but don't want to store on an exchange, remember, even though Binance is great at what it does, there is still that risk present of holding on an exchange. So, if you buy Binance coin, it's possible to store this on your treasured device safely. Reason being, Binance coin is an ERC-20 token. But now, that's everything for this lecture on Binance. I hope you've probably enjoyed it and it gave you an insight into another cryptocurrency in the ecosystem. Join me in the next lecture where we'll be discussing a cryptocurrency on the tip of everyone's tongue - Ethereum.

About the Author
Students
458
Courses
8
Learning Paths
1

Ravinder is an expert instructor in the field of cryptocurrencies and blockchain, having helped thousands of people learn about the subject. He's also the founder of B21 Block, an online cryptocurrency and blockchain school.