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***Crypto Simplified ***
#Binance #CryptoSimplified
What is Cryptocurrency?
A digital or virtual currency.
Uses cryptography for security.
Operates on decentralized networks called blockchains.
***Coin
Native digital currency of its own blockchain (e.g., Bitcoin, Ethereum).
Used as a medium of exchange.
Transactions are recorded on its specific blockchain.
***Token
Created on an existing blockchain (e.g., ERC-20 tokens on Ethereum).
Represents ownership, access, or utility in apps/services.
Not native like coins; built using smart contracts.
***Gas Fee
Fee paid to perform operations (like transactions) on a blockchain.
Measured in units of "gas" (e.g., Ethereum gas).
Required for running smart contracts and sending tokens.
***NFT (Non-Fungible Token)
Unique digital asset representing ownership/authenticity.
Cannot be divided or exchanged 1:1 like coins.
Commonly used for digital art, collectibles, and virtual assets.
***Cryptocurrency Exchange
Online marketplace for buying, selling, and trading cryptocurrencies.
Allows crypto-to-crypto and crypto-to-fiat transactions.
***CEX (Centralized Exchange)
Managed by a company or organization (e.g., Binance, Coinbase).
Requires KYC (ID verification).
Easier for beginners; customer support available.
****DEX (Decentralized Exchange)
Peer-to-peer exchange using smart contracts (e.g., Uniswap).
No central authority or customer service.
More control and privacy, but best for experienced users.
***First Cryptocurrency Purchase (on Binance)
1. Create an Account
2. Verify Identity (KYC)
3. Deposit Local Currency (e.g., USD, EUR)
4. Choose the Cryptocurrency
5. Place a Market Order
6. Confirm the Order
7. Check Wallet for Purchased Crypto
8. Enable Security (2FA, anti-phishing, etc.)
#Binance #CryptoSimplified
What is Cryptocurrency?
A digital or virtual currency.
Uses cryptography for security.
Operates on decentralized networks called blockchains.
***Coin
Native digital currency of its own blockchain (e.g., Bitcoin, Ethereum).
Used as a medium of exchange.
Transactions are recorded on its specific blockchain.
***Token
Created on an existing blockchain (e.g., ERC-20 tokens on Ethereum).
Represents ownership, access, or utility in apps/services.
Not native like coins; built using smart contracts.
***Gas Fee
Fee paid to perform operations (like transactions) on a blockchain.
Measured in units of "gas" (e.g., Ethereum gas).
Required for running smart contracts and sending tokens.
***NFT (Non-Fungible Token)
Unique digital asset representing ownership/authenticity.
Cannot be divided or exchanged 1:1 like coins.
Commonly used for digital art, collectibles, and virtual assets.
***Cryptocurrency Exchange
Online marketplace for buying, selling, and trading cryptocurrencies.
Allows crypto-to-crypto and crypto-to-fiat transactions.
***CEX (Centralized Exchange)
Managed by a company or organization (e.g., Binance, Coinbase).
Requires KYC (ID verification).
Easier for beginners; customer support available.
****DEX (Decentralized Exchange)
Peer-to-peer exchange using smart contracts (e.g., Uniswap).
No central authority or customer service.
More control and privacy, but best for experienced users.
***First Cryptocurrency Purchase (on Binance)
1. Create an Account
2. Verify Identity (KYC)
3. Deposit Local Currency (e.g., USD, EUR)
4. Choose the Cryptocurrency
5. Place a Market Order
6. Confirm the Order
7. Check Wallet for Purchased Crypto
8. Enable Security (2FA, anti-phishing, etc.)
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