Amp (AMP), which solves the problem of balancing security, scalability, and decentralization in cryptocurrency networks, ensures fast and secure payments using AMP coin through the Flexa network. AMP coin secures transactions, offers rewards to stakers, and plays a role in governance. Flexa’s payment infrastructure facilitates cryptocurrency payments while ensuring payments are verifiable and secure even before Blockchain transactions are finalized. In this article, you can find answers to two frequently asked questions: What is Amp (AMP) and how to buy Amp (AMP) with TRY.
What is Amp (AMP)?
Cryptocurrency networks face a significant issue known as the Blockchain trilemma, which involves balancing security, scalability, and decentralization. Security and scalability often conflict because secure transactions require numerous confirmations, which can increase transaction times and are impractical for fast transactions like payments. Built on Ethereum, Amp addresses this issue by providing collateral through AMP coin, allowing for faster transaction times while waiting for network confirmations.
Amp operates through Flexa, a payment network that integrates with standard point-of-sale and online systems, enabling merchants to accept cryptocurrency payments. Flexa uses AMP as collateral to ensure payments are verifiable and secure even before the Blockchain transaction is finalized. This system guarantees merchants that funds are secured, facilitating instant payment acceptance.
AMP coin serves multiple purposes. It acts as collateral to secure transactions, rewards users who stake their AMP, and plays a role in governance within the Amp community, guiding the project’s development. The development of AMP coin resulted from a collaboration between Flexa and ConsenSys, a leading Blockchain development company known for the MetaMask crypto wallet.
Founded in 2018 by Tyler Spalding, Trevor Filter, Zachary Kilgore, and Daniel McCabe, Flexa initially launched Flexacoin (FXC) in 2019, raising $14.1 million through a private token sale. Flexacoin was replaced by AMP in 2020 at a 1:1 conversion rate. Flexa’s framework facilitates payments between customers and merchants using a barcode system that allows instant payment processing, adjusting the customer’s digital wallet balance independently of Blockchain confirmations.
Amp operates similarly to an escrow account in traditional finance. It secures payments by holding AMP coins as a financial promise for pending Blockchain transactions. Once transactions are confirmed, the collateral is released, ensuring the continuity of payments. This model provides merchants with confidence that Flexa-supported payments will be completed.
Users can stake AMP coins through the Flexa Capacity network to provide collateral to the system. Unlike typical staking, this process involves conditionally allocating coins as collateral without transferring them to a smart contract, allowing users to retain their coins. Stakers earn fees used to purchase AMP coins from merchants using the Flexa network and redistribute them to stakers.
How to Buy Amp (AMP) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Amp (AMP). Binance TR, where accounts can be quickly created, allows the trading of over 100 cryptocurrencies, including AMP. To buy Amp (AMP) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com 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 email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, 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. You can choose to perform the verification process from your phone or through Binance TR’s official website. Note that you will also need your mobile phone for identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” 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 “Copy URL” to send the identity verification address 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 appear. To continue the verification process, first select the document type that suits you best.
After selecting the document type, tap on “Upload Front Side” to continue. After taking a photo of the front side of the document according to the document type you selected, tap on “Upload Back Side” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
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. Make sure your face fills the camera area as much as possible once the camera opens.
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 TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts and perform transactions without interruption. Deposits from other banks can be made 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 trbinance.com, hover over the “Wallet” option at the top left of the main page, and click on “Deposit” 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. Now, all you need to do 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 Binance TR account wallet.
How to Buy AMP Coin on Binance TR with TL?
After the deposit process, you can proceed to the step of buying AMP coin with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the page below will open. You can go to the AMP/TRY buying page by typing “AMP” in the search box on the right side of this page and clicking on the AMP/TRY option from the results.
Now the AMP buying page below will open. In this page, you need to enter the price at which you want to buy AMP in the first box marked with a red box and the number of AMP you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy AMP” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR 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 bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functions through Binance TR.
