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This is the simplestmost effective way to buy cryptocurrencies: through exchanges.
The best part?
I am going to show you step-by-step how to get started in the crypto space in 2022.
In short: if you ever thought about the potential of cryptocurrencies in the future or you just want to test and interact with this new asset class, but you do not know where to start, you'll love this post.
Let's dive into it
1. Cryptocurrencies basics
2. Where to buy cryptocurrencies
3. Introduction to BINANCE exchange and the of using it
4. How to create a Binance account for free
5. The importance of cryptocurrencies
Cryptocurrency basics: what it is? what benefits it provides?
To interact with cryptocurrencies, your first stepto have a little knowledge about them.
Cryptocurrencies are as you already know 'money of the internet'.
Cryptocurrencies are just digital currencies that are stored online, on the blockchain.
Blockchain is a distributed LEDGER technology. You could think about blockchain as a database, but the difference between them is the method the data is stored.
A database has one administrator that is responsible for our data; if something happens with it, all the information is gone.
With blockchain there is no need for a middleman to manage our data. All the transactions that are stored on the blockchain CAN'T be modified/deleted.
Using blockchain we relay on (coding functions) to be in control of our data, so no human errors.
Because cryptocurrencies are stored on the blockchain, you just need an internet connection ( a computer or a smartphone) to have access to them.
Cryptocurrencies can be shown in a digital wallet, so you will need to have one if you buy some crypto. You wallet will hold your private keys that are related to your cryptocurrencies. A private key is known as a secret key, is a variable in cryptography that is used with an algorithm to encrypt and decrypt data. So, private keys protect your crypto and are a strong component in creating cryptocurrencies.
Another benefit is lower costs for transaction fees, because there are no banks involved in doing our transactions. So we do not need to pay them (we pay just a tiny amount like less than a cent using the most blockchain networks). We also will see more time efficiency in sending money between two persons whatever they are located (usually seconds or minutes).
You can learn more about the basics of crypto space from my last article: Cryptocurrency. Bitcoin. Cryptography. (publish0x.com)
Where to buy cryptocurrencies?
second step to buy cryptocurrencies.
The easiest way to buy cryptocurrencies is to use an exchange like Binance, Coinbase, Crypto.com, Kucoin. You could choose any of them, but you should know that they charge different fees when you make a deposit and withdraw your funds.
I use Binance Exchange for more than a year and what I can say is that Binance is the best for lower fees, fast transactions and a strong level of security.
Do you want to know how to use Binance and how to create an account? I'll show you, but first a little introduction.
Introduction to Binance exchange and the benefits of using it
Binance is the largest cryptocurrency exchange in terms of how much people trade on it.
Binance was founded in by a Chinese man named Changpeng Zhao (known by) and it is registered in the Cayman Islands.
Name's origin: idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance.
Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain ( for D functions), Binance Academy ( for learning about crypto space) , Trust Wallet (to make easy for users to interact with cryptocurrencies) and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world.
Binance also have the BNB token for Binance Chain and BSC token for Binance Smart Chain.
The thing that make binance the best option when you decide to buy cryptocurrencies are the lower fees. More, trading bitcoin does not include fees at all.
Binance has integrated a custodial wallet that help you interact with crypto. So no need to install a wallet to use Binance. Creating an account will automatically provide an wallet for you. This sounds amazing, doesn't it?
How to create a Binance account for free
Third stepcreating an account on an exchange.
Creating a binance account is easy and free.
You follow these steps:
1. Search for 'binance.com' and be sure you are on the official site. ( Buy/Sell Bitcoin, Ether and Altcoins | Cryptocurrency Exchange | Binance
2. Press 'get started' or 'register'
3. Choose a method to sign up: email, google account, phone number
4. Add your email address or phone number, choose a strong password and press 'Create Personal Account' after you select the boxes.
5. You will need to verify your email address or phone number.
6. Add your information from your identity card.
7. After creating the account you will need to verify your identity before you make your first deposit
8. The process of verification won't take long. It includes: sending a photo with your identity card, taking a selfie and providing a document that can prove your location address.
! Remember: the account details must be the same with you Identity Card information.
9. You will receive a confirmation email after your verification has been completed.
In case of failing your verification you can repeat it. The binance team will let you know what happened wrong.
10. Congrats! You just make a binance account!
The forth stepto make a fiat deposit in order to have funds to buy cryptocurrencies.
- Press your , select 'Wallet', 'Fiat and Spot' 'Deposit'.
- Now, choose the desired option. In this case, you will have two options to make a deposit: via a Bank Transfer Bank Credit
- You introduce the needed details depending on the option you chose and deposit some fund
! Remember: if you choose the credit card options, the card must be in the same name as the name used to create the account.
Now you have funds it is time to start buying crypto
The popular way is to press choose a pair ( like BTC/EUR or BTC/USDT or others, you just search for them). If you do not want a (stop) limit, you will select 'market' to buy the desired cryptocurrency at its market value at that time.
After your order is completed, your cryptocurrencies will be shown in 'Wallet'+'Fiat and Spot'.
You can also choose 'BUY CRYPTO' and four options will appear: Bank Transfer, Credit/Debit Card, Cash Balance and P2P Trading. You are free to use them too.
This is the process of buying crypto using an exchange!
! It is good to know that you can save even more on fees if you buy some BNB first.
The importance of cryptocurrencies
Cryptocurrencies are important because they solve the double-spending problem, so it is nearly impossible to counterfeit them.
Fiat currencies like the euro or the dollar are easy to fake and can be negatively influenced by government or banks, but cryptocurrencies put the control of money in the right baskets, the hands of people, the consumers; security being provided by computers, so no human errors.
Cryptocurrencies can be used just with an internet connection. Transactions with cryptocurrencies are fast and have lower costs. Cryptocurrencies have a high level of security, being stored on the blockchain.
Using cryptocurrencies you can get involved in this new space full of opportunities!
Of course, using an exchange to interact with cryptocurrencies gives a part of the control to the exchange and some may argue that this is not the purpose of cryptocurrencies, but exchanges have their advantages.
An exchange like Binance makes things more accessible for the majority of people and it also provides a lot of functionalities, so a friendly user experience.
What are your thoughts on it? Are you gonna use Binance Exchange?
Personally, Binance helped me a lot, because when I first started using cryptocurrencies all things seemed overwhelming, but Binance made them beginner friendly. Now I am using more advanced functions on the Binance. This is what is great about the Binance Exchange: it is suited for all users whatever t heir levels of expertise are.
