Bitcoin (BTC) is a revolutionary cryptocurrency introduced by the mysterious Satoshi Nakamoto in 2008, reshaping the financial world. Bitcoin operates on a decentralized network, free from the control of central banks or governments, and uses a public ledger called Blockchain to record transactions. In this article, you can find answers to two frequently asked questions: what is Bitcoin (BTC) and how to buy Bitcoin (BTC) with TRY.
What is Bitcoin (BTC)?
Bitcoin is a cryptocurrency that operates independently of any central authority or government. Its decentralized nature means that no single entity controls it, making it resistant to censorship and manipulation. Transactions are recorded on a public ledger called Blockchain, ensuring transparency and accountability.
The Bitcoin network is maintained by a global community of nodes that verify and record transactions on the Blockchain. These transactions are validated using a consensus mechanism called Proof of Work (PoW), ensuring the network’s integrity and preventing fraud. Users can send and receive BTC using digital wallets, with transactions processed within minutes.
Bitcoin mining is the process through which new BTCs are created and transactions are validated. Miners use powerful mining devices to solve complex mathematical equations and earn rewards in the form of newly minted BTCs. This 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. This limited supply is reduced by 50% through an automatic process called block reward halving every 210,000 blocks. This feature increases scarcity and supports Bitcoin’s value over time.
Bitcoin offers various advantages over traditional fiat currencies, such as decentralization, limited supply, transparency, lower transaction fees, and enhanced security and privacy. Its decentralized nature means that no central authority can control or manipulate it, providing users with more freedom and flexibility.
Transactions on the 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. 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, compared to the days it can take for traditional bank transfers.
How to Buy Bitcoin (BTC) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Bitcoin (BTC). You can quickly create an account on Binance TR and trade over 100 cryptocurrencies, including BTC. To buy Bitcoin (BTC) 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. You need to go to trbinance.com and proceed 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 accurately, 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 Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can complete the verification process either from your phone or through the official Binance TR website. Note 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, click on “Identity Verification and Limits” from the dropdown menu, and then click “Verify.” In the next 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.
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 selected document type, 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 photos 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. Once the camera is open, make sure your face fills the camera area as much as possible.
After completing all these steps accurately 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 to your Binance TR account from all banks. You can deposit and transact 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For 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 trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the dropdown 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 click on the “Other Banks” option to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all 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. All you need to do now is use the information displayed 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.
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 the deposit process, you can proceed to the step of buying BTC coins with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page for buying Bitcoin with USDT will open. Now, type “BTC” in the search bar on the right side of the page and click on the BTC/TRY option from the results to go to the page for buying BTC with TL.
In this step, the BTC trading page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy BTC in the first box and the amount of BTC you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy BTC” 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 Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functions, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
