How to Buy Cryptocurrency: Step by Step Guide
There are two ways to own cryptocurrency: buying it through platforms in exchange for real currencies or earning it as a reward by solving cryptographic codes through block production (mining). The requirements for mining vary depending on the cryptocurrency you want to acquire.
Cryptocurrency trading is conducted through platforms like bitlo.com. The price is determined by supply and demand in the market. Since cryptocurrency values can be divided into small portions, you can buy any amount you want. To buy and sell cryptocurrency, you need to have a virtual wallet, which is a cryptocurrency address. To purchase cryptocurrency values from Bitlo.com, you need to follow these steps:
1. Go to https://bitlo.com
◦ Make sure there is a green SSL certificate in the address bar.
2. If you haven't already, complete your information such as date of birth and ID number in the "Account" section. If you have already completed this process, you can skip this step.
3. If you don't have any cryptocurrency or TRY in your account, click on "Deposit/Withdraw". If you do, you can skip this step.
◦ Enter the amount you want to deposit in the TRY Deposit section and click the "Send Notification" button to fill in the confirmation boxes. Click the Continue button. Note the transaction description code shown in the deposit code section.
◦ You must make your transfer through personal and demand TRY accounts registered in your name.
◦ The recipient/title field must be filled as Bitlo Kripto Varlık Alım Satım Platformu A.Ş. Transfers sent with different, incorrect, or incomplete recipient names will be rejected by the bank and returned to the sender's account with a return transaction fee.
◦ In the description field of your wire transfer, you must correctly enter the code shown in the transaction description section of the notification screen, which is generated separately for each transfer. Transfers with missing, used, or invalid description codes in the EFT/Wire transfer description will be returned to the sender's accounts.
◦ For each new Turkish Lira deposit notification, check the recipient bank information shown to you and only send to the bank and IBAN number specified in the TRY deposit notification form.
4. Go to the "Easy Buy/Sell" tab.
5. Choose which cryptocurrency you want to buy. You can purchase Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple cryptocurrencies.
6. Enter how much TRY worth of cryptocurrency you want to buy and click the "Buy..." button for the cryptocurrency you want to purchase.
7. Your transaction request has been received.
How to Use Cryptocurrencies?
To buy or use cryptocurrency, you need to create a virtual wallet. Through these wallet addresses, you can exchange cryptocurrency and make purchases. Cryptocurrency transfer transactions are signed with asymmetric encryption. Each transaction is announced on the network and included in the blockchain. This prevents the same cryptocurrency value from being spent multiple times.
How to Convert Cryptocurrency to Cash?
To use cryptocurrencies as cash, you can sell them through exchanges. Your cryptocurrencies can be sold through the exchange, and the equivalent real money amount is sent to individuals via EFT or wire transfer.