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eCash (XEC) is the rebranded version of BCHA, which emerged from the fork of Bitcoin Cash (BCH) and was developed by the Bitcoin ABC team. It provides high security and almost instant transaction confirmation times using the Avalanche consensus protocol. eCash offers features such as staking and custom token creation and is more user-friendly with a new unit of account expressed in ‘bits.’ In this article, you can find answers to two frequently asked questions: what is eCash (XEC) and how to buy eCash (XEC) with TRY.
What is eCash (XEC)?
eCash is the new name of BCHA, a cryptocurrency that emerged from the fork of Bitcoin Cash (BCH) and was developed by the Bitcoin ABC team. The rebranding took place on July 1, 2021, and BCHA was changed to eCash (XEC). While the rebranding brought a new name and display format, the fundamental functionality of the cryptocurrency remained the same.
One of the most important features of eCash is its use of the Avalanche consensus protocol. This protocol is known for enhancing the security of the Blockchain and providing almost instant transaction confirmation times. Additionally, it facilitates future network upgrades, making eCash a forward-looking platform designed to adapt and grow over time.
eCash supports many innovative features. It allows staking, where users can participate in the network’s consensus process and earn rewards. The platform also offers eTokens, which enable the creation of custom tokens within the eCash ecosystem. This feature can be particularly useful for businesses and developers looking to leverage Blockchain technology for various applications.
An important aspect of the rebranding from BCHA to eCash is the change in the unit of account. eCash is expressed in ‘bits,’ and 1 BCHA is equivalent to 1 million XEC. This new value system is intended to be more user-friendly and semantically appealing, making it easier for everyday users to understand and transact with the cryptocurrency.
The rebranding did not change the fundamental mechanics of the cryptocurrency; the core remains the same. Furthermore, eCash maintains the same supply as BCHA, adjusted to the new ratio. This means that users who held BCHA before the rebranding now have an equivalent value in eCash, subject to the exchange rate at the time of rebranding.
eCash is primarily designed for payments and aims to be a scalable solution for value transfer. By integrating Proof of Stake (PoS) Layer 2 solutions, eCash can efficiently handle high-volume transactions. This scalability, combined with the security and speed provided by the Avalanche protocol, positions eCash as a robust option for digital payments.
How to Buy eCash (XEC) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy eCash (XEC). On Binance TR, where you can quickly create an account, you can buy and sell over 100 cryptocurrencies, including XEC. To buy eCash (XEC) with TRY on Binance TR, you can follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do 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 your 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 accurately, 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 Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that need to be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process either from your phone or through the official Binance TR website. Note that you will 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 “Identity Verification and Limits” from the dropdown 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 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 appear. To continue the verification process, first select the document type that is suitable for you.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back” 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, you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. After the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps completely and accurately, 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 through all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 via 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 “Wallet” option at the top left of the homepage on trbinance.com and click on the “Deposit” option 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 continue by clicking on the “Other Banks” option.
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 transfer money via wire transfer, EFT, or FAST. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information displayed on the page of your preferred bank.
After your bank completes the transfer process, the funds you sent will be automatically reflected in your Binance TR account wallet.
How to Buy XEC Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying XEC 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. By typing “XEC” in the search section on the right side of this page, you can go to the TL to XEC purchase page by clicking on the XEC/TRY option from the results.
Now, the XEC trading page below will open. On this page, you need to enter the price at which you want to buy XEC in the first box marked with a red box and the number of XEC you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy XEC” 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, 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) directly through bank channels and trade various cryptocurrencies with TRY pairs through Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
