How to Start Investing in Cryptocurrencies like Bitcoin, Ethereum or Ripoll Using the Binance Exchange Now.

oscardavid79 (72)Authorised Userin Steem Alliance • 6 months ago

introduction to Cryptocurrency Investment?

Hello, I hope you are all well, I am well, thank God, today I will talk to you about how to address the fundamental basic concepts to start investing in cryptocurrencies from now on, May 19, 2024, from the need for an exchange to terms such as spot investments, money Fiat, wallet and crypto address.

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"How to Start Investing in Cryptocurrencies like Bitcoin, Ethereum or Ripoll Using the Binance Exchange Now."

Basic Concepts of Cryptocurrency Investment?

The importance of using an exchange to buy and sell cryptocurrencies is highlighted, with emphasis on the use of Binance.
Spot investments are defined as those made directly with one's own money.
The concept of Fiat money as currencies issued by government authorities is explained.
The term "wallet" is introduced to store cryptocurrencies acquired on platforms such as Binance.
The crypto address is described as a unique key to receive and send payments in cryptocurrencies.

P2P Transfer and Commerce Networks?

The importance of knowing the transfer networks within the crypto world to send funds correctly is mentioned.

Introduction to Buying Cryptocurrencies?

Here I will tell you the process to buy cryptocurrencies on the Binance platform, from investment options to currency selection and payment method.
Investment Options
Four options are presented to make the first investment in cryptocurrencies: bank transfer, credit or debit card, p2p commerce and third-party payments.
The simplest option is usually to use a debit or credit card to buy cryptocurrencies.

Steps to Buy Crypto?

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More than 99 cryptocurrencies can be purchased with various Fiat currencies such as US dollars or Mexican pesos.
It is crucial to decide how much money to invest and select the desired cryptocurrency, such as Bitcoin or others available on the platform.

Confirmation Process ?

After choosing the amount to invest and the cryptocurrency, the specific conversion is displayed before confirming the payment.
You proceed to select the preferred payment method, such as debit or credit card, and complete the necessary steps to finalize the purchase.

Reception and History ?

Once the order is confirmed, a counter is observed indicating the time limit to complete the transaction due to constant changes in exchange rates.
After completing the process, the balance acquired in bitcoin is reflected in the user's portfolio.

Cryptocurrency Extraction and Withdrawal?

Here the process to extract and withdraw cryptocurrencies on the Binance platform, both to other platforms and to fiat money.
Withdrawal Process to Another Platform
The crypto address and destination network must be provided when withdrawing cryptocurrencies to avoid errors.
In the main menu, select Bitcoin and then "withdraw" to enter the crypto address and select the sending network.
To send money to someone else on Binance, select "Binance user" and enter your email or phone number registered with Binance.

Conversion to Fiat Money?

To convert cryptocurrencies to fiat money, return to the main menu and select "p2p trading".
P2P trading allows certified users to buy and sell cryptocurrencies. Select "sale" if you want to convert the cryptos to Mexican pesos.
Choose a verified buyer who offers an adequate price and accepts the desired amount to carry out the transaction.

P2P Sales Process ?

Verified users show their success rate, positive reviews and transaction limits. Select a buyer who meets the desired requirements.
After agreeing to the sale, the buyer has a limited time to make the payment directly to your bank account. You must confirm the payment before releasing the cryptocurrencies.

Final Considerations?

Maintain control over your funds during p2p transactions; It only releases the cryptos once the payment is confirmed.

How to Buy and Sell Cryptocurrencies Successfully?

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The process to successfully buy and sell cryptocurrency, from creating an account to completing a transaction.
Account Creation and Sale of Bitcoin
To create an account, details such as name, bank account and other necessary details must be provided.
When selling Bitcoin, it is crucial to act quickly due to price volatility. A better price may suddenly arise.
After entering the amount of Bitcoin to sell, the order is completed successfully. Subsequently, the secure money transfer process begins.

Payment Confirmation and Cryptocurrency Release?

After receiving the buyer's bank details, the transfer is confirmed and payment is expected.
Once the transfer is confirmed by the buyer, it is verified in the banking application that the money has been received correctly.
After receiving the credit in the bank account, the payment is confirmed on the platform to release the cryptocurrencies to the buyer.

Transaction Completion and Additional Tips ?

The payment received on the platform is confirmed to release the cryptocurrencies to the buyer. Security in cryptographic transactions is essential.
It is essential to verify all data before confirming the release. Once this step is completed, the cryptocurrency sale is successfully closed.

Conclusion and Recommendations ?

At the end of the entire process, you are notified that the cryptocurrencies have been satisfactorily released to the buyer.
Another common option to withdraw funds is to deposit in another exchange like Bitso in Mexico. Investing in the stock market requires similar knowledge but different processes.

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