What are #cryptocurrencies?
Cryptocurrencies are digital currencies that use #blockchain technology to function. Unlike traditional money (like the dollar or peso), they are not controlled by central banks. Instead, they operate in a decentralized and global manner.
Popular examples:
Bitcoin (BTC): The first and most well-known cryptocurrency.
Ethereum (ETH): More than just a coin, it allows for the creation of smart contracts.
USDT (Tether): A stable coin that maintains its value close to the dollar.
Advantages of cryptocurrencies
✅ Fast and global transactions.
✅ Total control of money (without intermediary banks).
✅ Investment potential and long-term profitability.
✅ Daily trading opportunities (quick profits with controlled risks).
What are binary options?
Binary options are financial instruments where you only need to predict whether the price of an asset (like Bitcoin, gold, or currencies) will rise or fall within a specific time frame.
If you are correct, you earn a fixed amount (usually between 70% and 90% of the invested amount).
If you make a mistake,you lose the amount invested in that trade.
Simple example:
You predict that the price of Bitcoin will rise in the next 5 minutes. If it rises, you win. If it falls, you lose.
Key differences between crypto and binary options
What is Binance and why use it?
#Binance is one of the largest cryptocurrency platforms in the world. It serves to:
💵Buy and sell cryptocurrencies.
💰Trading (short and long-term trading).
🤑Participate in derivatives like ‘Dual Investment’ and ‘Options’ binary options.
💻Using free educational tools for beginners offered by Binance is an excellent option.
Advantages:
👉User-friendly interface.
👉Robust security.
👉Low commissions.
👉Access to hundreds of cryptocurrencies.
How to get started step by step on Binance?
🔹 1. Create a free account
👌Visit binance.com
👌Register with your email or phone number.
👌Verify your identity (mandatory KYC process).
🔹 2. Deposit funds
🚀You can use a credit card, debit card, or bank transfer. As a recommendation, I suggest having a digital wallet just for these matters, so you can deposit and receive without issues and manage your crypto or binary money separately from your normal accounts. Make sure that the digital wallet accepts ACH or PSE payments and always check the deposit times.
🚀You can also transfer crypto from other wallets.
🔹 3. Buy your first cryptocurrency
Go to the 'Buy crypto' section.
Choose the coin (for example, USDT or BTC).
Confirm the operation.
🔹 4. Explore the binary options market
Although Binance does not offer traditional binary options, it has similar products like:
✅ Binance Options:
Here you can trade ‘call’ or ‘put’ options on cryptocurrencies like BTC and ETH. They are more technical, but offer high returns if you know how to use them.
✅ Dual Investment:
You invest in a future price prediction. It is similar to a binary option, but with a slightly different and safer mechanism. Ideal for beginners who want passive income without being tied to the market.
Tips for beginners
💪Start with little money. Practice with small amounts until you feel confident.
💪Never invest what you are not willing to lose.
💪Educate yourself. Binance has a free academy called Binance Academy.
💪Use demo accounts. Although Binance does not have a direct demo, you can simulate trades or use other platforms to practice.
💪Avoid greed. Quick trades can generate excitement, but discipline is key to winning in the long run.
Common mistakes to avoid
❌ Trading without knowledge.
❌ Following ‘tips’ on social media without verifying.
❌ Use all your capital in a single trade.
❌ Not managing risk or setting loss limits.
Is it possible to live off this?
😎 Yes, but it is not fast or easy. Some traders live off crypto and options trading, but they have spent years studying, practicing, and managing emotions.
Your initial focus should be to learn, practice, and grow gradually.
Where to start?
If you are a beginner, the best thing is:
Open an account on Binance.
Learn the basics of cryptocurrencies.
Buy a stable coin like USDT.
Explore simple investments like 'Earn' or 'Dual Investment.'
Train yourself before trading with advanced options.
Consistency, study, and practice are important characteristics to build a solid path in this digital world of opportunities.
By: Chapln (content created by the author and consultations in AI ChatGPT)
