How to Purchase Telcoin (TEL)
The TELx network is powered by the digital currency Telcoin, which enables users to send payments internationally without the necessity of a middleman. The steps for purchasing Telcoin are shown below.
Step 1: Find an exchange. A cryptocurrency exchange is where you can purchase Telcoin. With the use of crypto exchanges, you may buy cryptocurrency using fiat money (such as dollars or euros) and subsequently sell it for telcoin. Telcoin is available on a number of exchanges, including KuCoin, Bitrue, and Phemex.
Step 2: Sign up for an account. You must create an account after you’ve decided which exchange to use to buy Telcoin. This procedure is similar to opening a bank account, and most exchanges need that you provide your personal information along with a copy of identification from the government. You may also be required to upload a picture of yourself from your mobile device to some sites as part of the Know Your Customer (KYC) laws to prove your identity. You may go to the next step if your account has been authenticated.
Step 3: Deposit funds. Before you can acquire cryptocurrency, you must first deposit money. You have the option of adding cryptocurrency or fiat money (like dollars or euros). Depositing Bitcoin straight from your digital wallet simplifies the trade since exchanges that support Telcoin need trading directly using a cryptocurrency, such as Bitcoin (BTC), to complete the transaction.
Step 4: Purchase cryptocurrency to trade. You must buy a suitable cryptocurrency if you’re depositing fiat money. For instance, using KuCoin, you can only trade for Telcoin with Bitcoin, therefore you must acquire the necessary number of Bitcoin.
Step 5: Purchase Telcoin with cryptocurrency. You may carry out the deal after getting a crypto that works with Telcoin. Choose the amount you want to trade, choose the Telcoin trading pair you want to use (such as TEL/BTC), and then confirm the information. Be mindful of the costs needed to complete the deal since the majority of exchanges impose transaction charges. Confirm the transaction and purchase the Telcoin if you are satisfied with the order details.
Step 6: Transfer Telcoin to a digital wallet (optional). After buying Telcoin, you may want to transfer it to your digital wallet, a sort of cryptocurrency wallet where you can keep your private keys safe in a private, physical device that only you can access. The majority of exchanges enable you to move your coins off of the platform by entering your digital wallet address. Your tokens or money withdrawal may be subject to fees.
(Always make sure your wallet accepts the coins and that you send your money to the proper address. If not, you risk losing your coins or money.)
What Is Cryptocurrency, or Crypto?
A cryptocurrency is a kind of digital or virtual money that uses encryption to protect it against counterfeiting or duplicate spending. Blockchain technology, a distributed ledger maintained by a dispersed network of computers, is the foundation of many cryptocurrency decentralized networks. Cryptocurrencies may be immune to intervention from or manipulation by governments because they are frequently not issued by any central body.
How Does Fiat Money Work?
Government-produced currency known as “fiat money” is not backed by a tangible commodity like gold or silver, but rather by the government that created it. Fiat money is not backed by the value of a physical good; rather, its value is determined by the interaction of supply and demand as well as the stability of the government that issues it. The majority of contemporary paper currencies, including the U.S. dollar, the euro, and other significant world currencies, are fiat currencies.
What Is a Digital Wallet?
A software-based system known as an electronic wallet (or “e-wallet”) is used to securely store the payment information and login credentials of users for a variety of websites and payment methods. Users may simply and rapidly execute transactions utilizing near-field communications technology by using a digital wallet. They can also make better passwords since they won’t have to worry about forgetting them. Mobile payment systems, which enable users pay for products using their cellphones, may be combined with digital wallets. Information from digital coupons and loyalty cards may also be stored in a digital wallet.
