2/15/2024 0 Comments Electrum coin cheat engine cocElectrum is an example of a desktop non-custodial wallet.Ī custodial wallet is similar to today’s bank accounts where you keep your money. This means that a non-custodial wallet gives you full control of your funds, as only you (with your private key) are able to transfer your bitcoins. Remember that bitcoin transactions need to be signed using the private key. No one other than yourself has access to the private key. And now it’s a perfect time to explain another possible categorization for wallets: custodial versus non-custodial.Ī non-custodial wallet is a wallet that allows you as its user to own the private key. The following pages of the Binance Support can give you more information about the buying options offered by Binance:Īs we have seen previously, there are many types of wallets. To deposit fiat on Binance, once you are logged in, hover over Buy Crypto on the top navigation bar and then click Bank Deposit: I would like to remember a note from the beginning: the Bitcoin price is volatile, I recommend that you do not follow this tutorial to the letter if there is no need, as you may lose money. At first sight, it may seem a high amount, but a smaller amount may not be interesting, because of Bitcoin transaction fees. How to deposit BRL on Binance (this probably interests Brazilian users only)įor the purpose of demonstration, I’m going to transfer R$ 1,000.00 (a thousand reais, or nearly $ 180, in today’s exchange rate) to Binance.How to Buy Cryptos with Credit/Debit Card.You can find more information on the following texts on Binance Support: Fiat deposits are free of fees on Binance. So, I prefer to deposit fiat to Binance by bank transfer and then buy crypto with the cash balance. Buying with a credit card is usually faster, but a little more expensive (up to 3.5% for USD purchases, according to 99Bitcoins). Now, with no further ado, let’s move on! Deposit: transferring fiat from bank to exchangeįiat currency (also known as fiduciary currency) is any government-backed currency, such as the United States dollar (symbol: $ code: USD) or the Brazilian real (symbol: R$ code: BRL).īinance allows credit card and wire transfer purchases of cryptocurrencies, depending on your country. Some people see it as good - a safety measure - others see it as bad - privacy threat. I’m going to assume you have already registered on Binance, enabled two-factor authentication (2FA) and completed identity verification - you are going to supply the exchange with some identity information, a process required by most exchanges today and known in general as Know Your Customer (KYC). In case of doubt, you can refer to the Binance Support, which has lots of guides for everything. I’ll try not to dive into Binance details here, because I want to focus on Electrum, and also because Binance is an international exchange and how to use it may differ in your country. This is the quickest way of getting bitcoins and usually the way people get started with it.Īlso as I said, I’m going to use the Binance exchange as example, but you can buy bitcoins on any exchange you trust, the process of transferring them to Electrum should be similar. Another option is: you can buy bitcoins on an exchange and transfer them to your wallet (whole bitcoins are very expensive today, I recommend you to buy satoshis to get started). Now that our Electrum wallet is ready to use, today let’s see how to transfer bitcoins to it.Īs I said, someone who already has bitcoins can transfer you some (in this case, this someone can follow today’s post). Bitcoin for beginners with the Electrum wallet - part 1: basic concepts and setup.If you fell into this page, I recommend you start reading at the first part: In part 1, you’ve seen what Bitcoin is and some basic concepts, how to install Electrum and set it up. This is the part 2 of our trilogy of posts about how to transact bitcoins using the Electrum Bitcoin wallet.
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