Ethereum Classic (ETC), a sibling of the well-known Ethereum (ETH), is a cryptocurrency and Blockchain platform. It emerged as a result of a split within the crypto community, leading to a fork in the original Ethereum Blockchain. In this piece, we will explore the answers to two common questions: What is Ethereum Classic (ETC) and how can one purchase Ethereum Classic (ETC) using Turkish Lira (TRY).
Content:
What is Ethereum Classic (ETC)?
How to Purchase Ethereum Classic (ETC) with TRY?
How to Create an Account on Binance TR?
How to Verify Your Account on Binance TR?
How to Deposit Turkish Lira on Binance TR?
How to Buy ETC Coin with Turkish Lira on Binance TR?
What is Binance TR?
Ethereum Classic is an open-source platform that enables developers to create and implement smart contracts, similar to Ethereum. It emerged in 2016 following a contentious fork in the Ethereum Blockchain. This fork resulted in two distinct cryptocurrencies: Ethereum (ETH) and Ethereum Classic (ETC). The split was a result of a disagreement within the community regarding the resolution of a hack involving a decentralized autonomous organization (DAO).
While Ethereum Classic shares similarities with Ethereum, notable differences exist between the two. Ethereum Classic remains immutable and resistant to updates, utilizing Proof of Work (PoW) as its consensus mechanism, whereas Ethereum has shifted to a Proof of Stake (PoS) consensus mechanism. This disparity reflects differing perspectives on Blockchain governance and decentralization principles in the crypto sphere.
The commitment of Ethereum Classic to immutability and PoW has its pros and cons. On one hand, it upholds a strong dedication to decentralization and security, as evidenced by the continued support of miners post Ethereum’s transition to PoS. However, this resistance to change also presents challenges in terms of scalability and adaptability, limiting Ethereum Classic’s potential for widespread adoption compared to Ethereum.
Despite operating independently from Ethereum, Ethereum Classic’s community remains steadfast in preserving decentralization and immutability principles. Despite facing obstacles in scalability and development, Ethereum Classic maintains a resilient and influential position in the crypto realm, attracting miners and enthusiasts who value its adherence to the original Blockchain technology vision.
How to Purchase Ethereum Classic (ETC) with TRY?
For investors in Turkey seeking to purchase Ethereum Classic (ETC), Binance TR is the ideal cryptocurrency exchange platform. Binance TR offers a quick account setup process and allows the buying and selling of over 100 cryptocurrencies, including ETC. To buy Ethereum Classic (ETC) using TRY on Binance TR, follow the steps outlined below.
How to Create an Account on Binance TR?
Creating an account on Binance TR is straightforward. Visit trbinance.com and proceed from the “Create Account” section. In the initial account creation step, you will need to provide basic details such as email address, phone number, name, date of birth, nationality, and Turkish ID number.
Following the accurate input of requested information, a verification process via email/SMS will confirm the details. Subsequently, you will advance to the next step, which involves identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is a crucial security step that must be completed before engaging in cryptocurrency trading. This process safeguards both the user and the exchange. Identity verification can be performed via phone or the official Binance TR website. Note that a mobile phone is required for identity verification via the website.
On the Binance TR website, navigate to the “Profile” section at the top right, select “Identity Verification and Limits” from the drop-down menu, and click on “Verify.” Following this step, you will be prompted to scan a QR code using your phone’s camera and continue the process on your mobile device. If scanning the QR code is not feasible, opt to receive the verification address via SMS.
Upon entering the address on your phone or scanning the QR code, a screen resembling the provided example will appear on your device. Proceed by selecting the “Identity” option to continue.
A screen similar to the example displayed will emerge. To proceed with the verification process, choose the document type that aligns with your identification and proceed.
After selecting the document type, click on “Upload Front” to proceed. Capture a photo of the document’s front based on the selected document type, followed by clicking on “Upload Back” to photograph the back of the document. Ensure clarity in the images of the ID card or driver’s license, with easily readable information.
To continue, tap on the “Selfie” option. Your phone’s front camera will activate, prompting you to scan your face. Ensure your face occupies the camera frame adequately.
Upon completing all steps accurately, your identity verification process will conclude promptly.
How to Deposit Turkish Lira on Binance TR?
Depositing Turkish Lira into your Binance TR account is seamless through all banks. Transactions can be carried out 24/7 from various banks, including Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans. For other banks, deposits up to 50,000 TL can be made 24/7 via FAST, with deposits exceeding 50,000 TL processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” section at the top left of the homepage, and select the “Deposit” option from the drop-down menu.
A page similar to the provided example will appear, allowing you to proceed with the deposit by selecting your preferred bank. If your bank is not integrated with Binance TR yet, select the “Other Banks” option to continue.
In this instance, we will illustrate the process using Vakıfbank, which applies to all other banks. Upon selecting Vakıfbank, an account name and IBAN address for transfers will be displayed. Utilize this information to transfer the desired deposit amount to your Binance TR account via transfer, EFT, or FAST.
Once your bank finalizes the transfer, the funds will automatically reflect in your Binance TR wallet.
How to Buy ETC Coin with Turkish Lira on Binance TR?
Following the deposit procedure, proceed to purchase ETC coin using Turkish Lira by selecting the “Buy-Sell” option in the top left menu on the Binance TR website.
Upon selecting this option, access the page where you can enter “ETC” in the search bar on the right side and click on the ETC/TRY pairing to proceed with ETC purchase using TL.
The ETC trading page will display, prompting you to input the desired purchase price and quantity of ETC in the designated fields. After entering the information, finalize the purchase by clicking on the “Buy ETC” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, launched Binance TR in 2020 specifically for Turkish cryptocurrency investors. Headquartered in Istanbul, Binance TR can be accessed via trbinance.com.
Binance TR offers trading services from fiat to cryptocurrency and cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity facilitated through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish Lira (TRY) through direct bank channels and engage in cryptocurrency trading with TRY pairs through Binance TR.
Users benefit from top-notch spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functions through Binance TR.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct thorough research before investing.
