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How to Buy Telcoin (TEL)
Telcoin is a digital currency that powers the TELx network, allowing users to transfer payments globally without an intermediary. Here are some steps to buying Telcoin.
Key Takeaways
- Telcoin is a digital cryptocurrency that is used on the TELx payment network.
- It can be bought, sold, and traded on a cryptocurrency exchange.
- It can be stored in a hardware or software digital wallet.
- It can be transferred peer to peer using the Telcoin app.
Step 1: Find an Exchange.
You can buy Telcoin on a cryptocurrency exchange. Crypto exchanges allow you to purchase crypto with fiat currency (such as U.S. dollars or euros), and then trade that crypto for Telcoin. A few exchanges that offer Telcoin include KuCoin, Bitrue, and Phemex.
Step 2: Sign Up for an Account.
When you have selected an exchange to purchase Telcoin, you need to sign up for an account. This process is like signing up for a bank account, and most exchanges require that you provide your personal details, including a copy of a government-issued ID. For some platforms, as part of the Know Your Customer (KYC) regulations, you also need to provide a photo of yourself from your mobile device to verify your identity. When your account is verified, you can move to the next step.
Step 3: Deposit Funds.
Next, you need to deposit funds before you can purchase crypto. You can either deposit fiat currency (such as U.S. dollars or euros) or cryptocurrency. Because exchanges that carry Telcoin require trading directly with a cryptocurrency, such as Bitcoin (BTC), depositing Bitcoin directly from your digital wallet makes the exchange easier.
Step 4: Buy Crypto for Trading.
If you are depositing fiat currency, you must purchase a compatible cryptocurrency. For example, when using KuCoin, you can only buy Telcoin with Bitcoin, so you must purchase the amount of Bitcoin needed to trade for Telcoin.
Step 5: Use Crypto to Buy Telcoin.
When you’ve purchased a compatible crypto to trade with Telcoin, you can execute the trade. Select the Telcoin trading pair you wish to trade (such as TEL/BTC), select the amount you want to trade, and confirm the details. Most exchanges charge transaction fees, so be aware of the fees required to make the trade. When you are happy with the order details, confirm the trade and buy the Telcoin.
Step 6: Transfer Telcoin to a Digital Wallet (optional).
When you’ve purchased Telcoin, you may wish to transfer it to your digital wallet, which is a type of cryptocurrency wallet where you can store your private keys for safekeeping in a secure physical device that only you can access. Most exchanges allow you to withdraw your coins/funds by inputting your digital wallet address and transferring the coins off the platform. You may incur fees for this to withdraw your tokens/funds.
Always ensure that you transfer your coins to the correct wallet address and that your wallet supports the coins. If not, your coins/funds may be lost.
What Is Crypto, or Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
What Is Fiat Money?
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies.
What Is a Digital Wallet?
A digital wallet (or e-wallet) is a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later. Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.
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