Bitcoin (BTC) emerged as a groundbreaking digital currency in 2008, introduced by the enigmatic Satoshi Nakamoto, which has since revolutionized the financial landscape. Unlike traditional currencies, Bitcoin operates on a decentralized network that operates independently of central banks and governments. It relies on a public ledger called Blockchain to record all transactions. This article aims to address two commonly asked questions: what exactly is Bitcoin (BTC) and how can one purchase Bitcoin (BTC) using Turkish Lira (TRY)?
Contents
1. What is Bitcoin (BTC)?
2. How to Buy Bitcoin (BTC) with TRY?
3. How to Open an Account on Binance TR?
4. How to Verify Your Account on Binance TR?
5. How to Deposit TL on Binance TR?
6. How to Buy BTC Coin on Binance TR with TL?
7. What is Binance TR?
What is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency that operates outside the control of any central authority or government. Its decentralized nature ensures that it cannot be censored or manipulated by any single entity. All transactions made with Bitcoin are recorded on a public ledger known as the Blockchain, which guarantees 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 validate and record transactions on the Blockchain. These transactions are verified 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 typically processed within minutes.
Bitcoin mining is the process by which new BTCs are created and transactions are validated. Miners utilize powerful mining devices to solve complex mathematical equations and in return, receive newly minted BTCs as rewards. This mining process helps secure the network and maintain the integrity of the Blockchain.
The supply of Bitcoin is limited to a maximum of 21 million units. To increase scarcity and support Bitcoin’s long-term value, the supply is reduced by 50% through a process known as block reward halving, which occurs every 210,000 blocks. Bitcoin offers several advantages over traditional fiat currencies, including decentralization, limited supply, transparency, lower transaction fees, and enhanced security and privacy. Its decentralized nature gives users greater freedom and flexibility, as it is not controlled or manipulated by any central authority.
Transactions on the Bitcoin network are transparent and recorded on the Blockchain, providing an additional layer of security and accountability. Advanced cryptography ensures the security of transactions, making them difficult to hack. Additionally, transactions offer pseudonymity, protecting user privacy. Compared to traditional banking fees, Bitcoin transactions typically have lower fees, making it a cost-effective option for international payments and transfers. Payments are processed quickly, often within an hour, in contrast to the days it can take for traditional bank transfers.
How to Buy Bitcoin (BTC) with TRY?
For investors in Turkey seeking to purchase Bitcoin (BTC), Binance TR is the most suitable cryptocurrency exchange. Creating an account on Binance TR is a simple process. Visit trbinance.com and follow the “Create Account” step. In the account creation process, you will need to enter basic information, including your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
Once you have entered the required information accurately, a verification process will be conducted via email or SMS to confirm your details. After completing this step, you will proceed to the identity verification (KYC) process.
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a vital security measure that must be completed before engaging in cryptocurrency trading or during the account creation process. This process ensures the protection of both the user and the cryptocurrency exchange. Identity verification can be completed either through your mobile phone or the official Binance TR website. Keep in mind that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right corner, 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 receive the identity verification address via SMS on your phone.
Once you have entered the address on your phone or scanned the QR code, a screen similar to the one below will appear on your phone. From here, tap on the “Identity” option to proceed.
Then, a screen like the one below will appear. To continue the verification process, select the document type that is most suitable for you.
After selecting the document type, tap on “Upload Front Side” to proceed. Take a clear photo of the front side of the document according to the selected document type. Then, tap on “Upload Back Side” and take a photo of the back side of the document. Ensure that the images are clear and the information on the ID card or driver’s license is easily readable.
Next, tap on the “Selfie” option. Your phone’s front camera will open, and you will need to scan your face. Position your face within the camera area as best as possible.
After accurately completing all these steps, your identity verification process will be finalized within a short period of time.
How to Deposit TL on Binance TR?
Depositing Turkish Lira (TL) into your Binance TR account is a straightforward process. You can deposit TL from any bank, including 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 above 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and select “Deposit” from the dropdown menu.
A page similar to the one below will appear, and you can continue the deposit process by choosing your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, click on the “Other Banks” option to proceed.
In this example, we will continue with Vakıfbank, but the process is the same for all banks. Upon selecting Vakıfbank, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST. Use the information displayed on your preferred bank’s page to transfer the desired amount into 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.
How to Buy BTC Coin on Binance TR with TL?
After completing the deposit process, you can proceed to purchase BTC coins with TL. Click on the “Buy-Sell” option in the top left menu on the Binance TR website.
Upon clicking this option, you will be directed to the page for buying Bitcoin with USDT. In the search bar on the right side of the page, type “BTC” and select the BTC/TRY option from the search results to access the page for buying BTC with TL.
On this page, you can enter the price at which you want to buy BTC in the first box marked in red. In the second box, enter the desired amount of BTC you wish to purchase. Once you have entered the amount, click the “Buy BTC” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, launched its platform Binance TR specifically for cryptocurrency investors in Turkey in 2020. The headquarters of this cryptocurrency exchange is located in Istanbul, and it can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services, leveraging Binance’s advanced technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can conveniently deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users of Binance TR have access to Binance’s core functions, including 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 is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. Conduct thorough research before making any investment decisions.
