Polkadot (DOT) is a blockchain platform that allows users to create and operate their own blockchains, combining these blockchains with the security of the main blockchain. By running two types of blockchains, called relay chains and parallel chains, Polkadot enables private and efficient transactions and offers extensive customization options to its users. In this article, you can find answers to two frequently asked questions: What is Polkadot (DOT) and how to buy Polkadot (DOT) with TRY.
What is Polkadot (DOT)?
Polkadot is software that incentivizes a global network of computers to create and operate their own blockchains. This software is one of many competing blockchains aimed at growing the cryptocurrency ecosystem. Other notable examples include Ethereum (ETH), Solana (SOL), and Polygon (MATIC). Polkadot was launched in 2020 and is one of the newest models in this field. It offers many innovative technical features to achieve its ambitious goals.
Polkadot is designed to run two types of blockchains: a main chain called the relay chain, where all transactions are permanent, and user-created parallel chains. Parallel chains can be customized for various uses and can be fed from the main blockchain. This allows transactions on parallel chains to benefit from the security of the main chain. The Polkadot team claims that this design ensures transactions are secure and accurate by using only the computational resources needed to run the main chain. Additionally, users have the advantage of customizing parallel chains for many different uses.
Polkadot’s design allows users to perform transactions more privately and efficiently. Blockchains that do not expose user data to the public network or can perform more transactions can be created. Thus, Polkadot offers a customized and secure blockchain network according to users’ needs.
To date, Polkadot has raised approximately $200 million from investors in two sales of DOT coins. This makes it one of the best-funded blockchain projects in history. DOT coin is used for governance, staking, and bonding on the Polkadot network. Polkadot’s main goal is to create a more scalable and secure ecosystem by ensuring the interoperability of different blockchains.
How to Buy Polkadot (DOT) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Polkadot (DOT). On Binance TR, where an account can be quickly created, more than 100 cryptocurrencies, including DOT, can be bought and sold. To buy Polkadot (DOT) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to the trbinance.com address and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name, surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and correctly, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be carried out before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. Depending on your preference, you can perform the verification process from your phone or through the official Binance TR website. Note that you will also need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on the “Identity Verification and Limits” option from the drop-down menu, and then click on the “Verify” option. After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will open. To continue the verification process, first, select the document type that suits you.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps correctly and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts without interruption. From other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to the trbinance.com address, hover over the “Wallet” option at the top left of the main page, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet in your Binance TR account.
How to Buy DOT Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to DOT coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. By typing “DOT” in the search section on the right side of this page and clicking on the DOT/TRY option from the results, you can go to the TL to DOT purchase page.
Now the DOT trading page below will open. On this page, in the red-marked area, you need to enter the price at which you want to buy DOT in the first box and the number of DOT you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy DOT” button.
What is Binance TR?
With the trading volume it generates, Binance is the world’s largest cryptocurrency exchange, and it officially launched its platform Binance TR, specifically for cryptocurrency investors in Turkey, in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functions with Binance TR, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls.
