Ethereum (ETH) is one of the leading public Blockchain networks creating a revolution in the cryptocurrency sector. Ethereum (ETH) offers users unique flexibility and innovation in the digital world by providing smart contracts, decentralized applications (dApps), and a wide range of decentralized solutions. In this article, you can find answers to two frequently asked questions: What is Ethereum (ETH) and how to buy Ethereum (ETH) with TRY.
What is Ethereum (ETH)?
Ethereum is a decentralized platform that allows developers to create and deploy smart contracts and dApps. Unlike Bitcoin, which primarily serves as a cryptocurrency, Ethereum’s Blockchain provides a robust framework for running programmable contracts and creating various dApps. At its core, Ethereum enables users to interact directly with each other through smart contracts without the need for intermediaries.
The Ethereum network consists of several key components, including the Ethereum Blockchain, nodes, and the Ethereum Virtual Machine (EVM). While the Blockchain stores transaction and smart contract data, nodes verify and maintain the network’s integrity. The EVM runs smart contracts written in programming languages like Solidity, ensuring complex features and dApps operate smoothly on the Ethereum network.
Ether (ETH) coin is the main asset of Ethereum and serves multiple purposes within the Ethereum ecosystem. First, ETH coin is used to pay transaction fees, known as gas fees, when interacting with smart contracts and dApps on the Ethereum Blockchain. ETH coin also has intrinsic value as a decentralized, pseudonymous, and censorship-resistant cryptocurrency, making it an attractive asset for both investors and users.
With Ethereum, users can create a wide range of interoperable utility tokens and decentralized applications, including those in the emerging decentralized finance (DeFi) sector. Smart contracts power innovative applications that provide services without intermediaries, offering transparency, efficiency, and security. Moreover, Ethereum facilitates the creation and trading of NFTs, digital assets that represent ownership of unique items such as artwork, music, and collectibles.
How to Buy Ethereum (ETH) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Ethereum (ETH). Over 100 cryptocurrencies, including ETH, can be bought and sold on Binance TR, where accounts can be created quickly. To buy Ethereum (ETH) 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 trbinance.com and continue from the “Create Account” step. In the first step of account creation, 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 accurately, an email/SMS verification will be done to confirm and verify the information. After completing this process, you will proceed to the second step, which is 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 performed 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 complete the verification process from your phone or through Binance TR’s official 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 “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 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, continue by first tapping on the “Identity” option.
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, continue by tapping on the “Upload Front Side” option. After taking a photo of the front side of the document according to the document type 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 photos is easily readable.
Then 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. Once the camera opens, 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 into your Binance TR account from all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. From 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 trbinance.com, hover over the “Wallet” option at the top left of the homepage, 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. 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 ETH Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying ETH 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. On this page, type “ETH” in the search section on the right side and click on the ETH/TRY option from the results to go to the TL to ETH purchase page.
Now the ETH buy-sell page below will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy ETH in the first box and the amount of ETH you want to buy in the second box. After entering the amount, you can complete your purchase by clicking on the “Buy ETH” 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 leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer trading services from fiat to crypto and crypto to crypto. 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 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 functionalities through Binance TR.
