Bitcoin (BTC) is a groundbreaking digital currency that was introduced by the enigmatic Satoshi Nakamoto in 2008, completely transforming the world of finance. Operating on a decentralized network, Bitcoin is free from the control of central banks or governments, and it utilizes a public ledger known as the Blockchain to record transactions. In this informative piece, we will explore two commonly asked questions: what exactly is Bitcoin (BTC), and how can one purchase Bitcoin (BTC) using Turkish Lira (TRY).
What is Bitcoin (BTC)?
Bitcoin is a cryptocurrency that functions independently of any central authority or government. Its decentralized nature means that it is not controlled by any single entity, making it resistant to censorship and manipulation. Transactions conducted using Bitcoin are recorded on a transparent public ledger called the Blockchain, ensuring transparency and accountability. Stay up to date with the latest financial and business news by visiting COINTURK FINANCE.
The Bitcoin network is maintained by a global community of nodes that verify and record transactions on the Blockchain. These transactions are validated through a consensus mechanism called Proof of Work (PoW), which ensures the integrity of the network and prevents fraudulent activities. Users can send and receive BTC using digital wallets, with transactions being processed within minutes.
Bitcoin mining is the process by which new BTC coins are created and transactions are validated. Miners utilize powerful mining devices to solve complex mathematical equations and receive rewards in the form of newly minted BTC coins. This process helps to secure the network and maintain the integrity of the Blockchain.
The supply of Bitcoin is limited to a maximum of 21 million units. This limited supply is reduced by 50% through a process known as block reward halving, which occurs every 210,000 blocks. This feature increases scarcity and supports the long-term value of Bitcoin.
Bitcoin offers several advantages over traditional fiat currencies, including decentralization, limited supply, transparency, lower transaction fees, and enhanced security and privacy. Its decentralized nature means that it cannot be controlled or manipulated by any central authority, providing users with greater freedom and flexibility.
Transactions conducted on the Bitcoin network are transparent and recorded on the Blockchain, adding an extra layer of security and accountability. Advanced cryptography ensures that transactions are secure and difficult to hack, while pseudonymity protects user privacy. Moreover, transactions on the network typically have lower fees compared to traditional banking fees, making Bitcoin a cost-effective option for international payments and transfers. Payments are usually processed quickly, often within an hour, as opposed to the days it may take for traditional bank transfers.
How to Buy Bitcoin (BTC) with Turkish Lira (TRY)?
For investors in Turkey who wish to purchase Bitcoin (BTC), Binance TR is the most suitable cryptocurrency exchange. Creating an account on Binance TR is a straightforward process. Simply visit trbinance.com and click on the “Create Account” option. You will be required to provide basic information such as your email address, phone number, name, date of birth, nationality, and Turkish ID number.
Once you have entered all the requested information accurately, you will undergo an email/SMS verification process to confirm your details. After completing this step, you will proceed to the second step, which is identity verification (KYC).
Identity verification on Binance TR is an essential security measure that must be completed before engaging in cryptocurrency trading or during the account creation process. You can complete the verification process either through your phone or the official Binance TR website. Keep in mind that you will need your mobile phone to verify your identity on the website.
To verify your account on the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the dropdown menu, and then select “Verify.” In the next step, you will need to scan the QR code displayed using your phone’s camera and continue the process on your phone. If you are unable to scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.
Upon entering the address on your phone or scanning the QR code, a screen will appear prompting you to tap on the “Identity” option to proceed. Subsequently, you will be required to select the appropriate document type from the given options to continue the verification process. After selecting the document type, tap on “Upload Front Side” to proceed. Take a clear photo of the front side of your ID card or driver’s license according to the selected document type, and then tap on “Upload Back Side” to provide a clear photo of the back side of the document. Ensure that all information in the photos is easily readable.
Next, tap on the “Selfie” option to continue. Your phone’s front camera will activate, and you will be prompted to scan your face. Make sure your face fills the camera area as much as possible.
Once you have accurately completed all the necessary steps, your identity verification process will be swiftly finalized.
To deposit Turkish Lira into your Binance TR account, you can easily do so from various banks. You can deposit and transact 24/7 from banks such as Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans. For other banks, you can deposit up to 50,000 TL 24/7 using FAST. Deposits exceeding 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, navigate to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the dropdown menu. On the resulting page, select your preferred bank to continue the deposit process. If your bank is not yet integrated with Binance TR, choose the “Other Banks” option.
For example, let’s assume we are using Vakıfbank. Upon clicking on the Vakıfbank option, you will be provided with an account name and IBAN address where you can initiate a transfer, EFT, or FAST. Simply use the displayed information to transfer the desired amount from your bank account to your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
After completing the deposit process, you can proceed to the next step of purchasing BTC coins with Turkish Lira (TRY) by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website. This action will open the page for buying Bitcoin with USDT. To find the BTC/TRY option, type “BTC” in the search bar on the right side of the page and select it from the results.
Upon selecting the BTC/TRY option, you will be directed to the BTC trading page. On this page, enter the desired price at which you wish to purchase BTC in the first box, and specify the amount of BTC you want to buy in the second box. Once you have entered the amount, click the “Buy BTC” button to complete your purchase.
What is Binance TR?
Binance TR is the official platform of Binance, the world’s largest cryptocurrency exchange in terms of trading volume, specifically designed for cryptocurrency investors in Turkey. Launched in 2020, Binance TR is headquartered in Istanbul and can be accessed at trbinance.com.
Binance TR offers a range of trading services, including both fiat-to-crypto and crypto-to-crypto transactions, leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can effortlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies using TRY trading pairs via Binance TR.
Users of Binance TR have access to Binance’s core functions, which include market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.
