Guide to Understanding Crypto Terminology
December 19, 2017

TRONIX ($TRON) recently came to our attention via a bunch of Facebook groups, and after looking into it and deciding to buy into the digital media platform for the future, we realised something terrifying; WE CAN’T BUY IT. We decided we have to move quick, because the founder of TRON posted this on twitter:

Our existing cryptocurrency exchange accounts, with CoinSpot and a few others, simply didn’t cut it this time. $TRON is only currently listed on Binance…so we have to setup a new account.

EDIT! Coinspot has just added TRON to it’s list of coins you can buy and sell!

What is TRON / Tronix / TRX?

TRON is a blockchain for digital media and entertainment allowing content publishers to have a lot more control over content then current platforms. Musicians and videographers, amongst many other new digital media professions, are promised to be able to publish and monetize their content with much more control.

Setting up a Binance Account

First things first, we had heard of Binance a few times but never bothered to open an account. Binance is operated out of China, but international users can just as easily signup. You are limited to withdrawals of up to 2BTC before verification of your account is required, so you can happily create a new account and get trading within about 15 minutes.

Step one is simple enough, head to the Binance website, and find the Register button in the top right corner.

A quick tip on security! Like always, you should verify that the connection is secure, by referring to your address bar, seeing the “secure” label and that the URL begins with https://www.binance.com/. If not, ABORT ABORT ABORT. It should look like the below:

The registration form is straightforward enough; email, password, accept the terms, done. You’ll want to check your email next to verify your email address, and then come back to login.

Note; you should always use a password manager such as LastPass or 1Password to generate a secure password; if you use “Password1” or your dogs name, expect to have your account hacked! 

How to Finance Your Binance Account

If you’ve followed our existing guides on how to get started with cryptocurrency, you would have setup an account with Coinspot. You need to purchase and own some cryptocurrency to transfer to Binance to get started; unfortunately Binance doesn’t allow direct Fiat deposits, so stocking up on some Bitcoin, Litecoin, Ethereum or another cryptocurrency will be required. We recommend Litecoin for this purpose, as it’s generally quite fast to buy and transfer, as opposed to Bitcoin which could take hours to transfer. We’ve found Litecoin to perform exceptionally fast when transferring from Coinspot to Binance, at around 5-10 minutes maximum. If you already own Bitcoin and are happy to send this to Binance, go for it. Alternatively, you can use any exchange, like CoinJar, CoinTree, BTCMarkets or even CoinBase; pick your poison.

Next, you’ll want to get your Binance wallet address. To do this, find the Funds menu, and select “Deposits Withdrawals”

Next, find your coin of choice, we used Litecoin, and click Deposit. This will show you your wallet address (ours is LRTmg6fWsUHFnGmPfRhkPLQcAPaAteNDvw in case you want to make a donation!). Copy this address.

Next, from your existing cryptocurrency wallet, send funds to the address you just copied. Depending on the cryptocurrency, you may have to wait anywhere from a few minutes (for Litecoin) to a few hours (in some cases with Bitcoin, days).

You’ll get an email from Binance when your funds have been transferred successfully.

Changing Your Funds for Bitcoin

The majority of cryptocurrencies listed on Binance are listed against a BTC, or Bitcoin, pair. What this means is, to buy 1 TRX (TRON) you will require xxx BTC; at the time of writing this, this pair is 0.00000308 TRX/BTC, which means you will receive one TRON coin for every 0.00000308 Bitcoin.

Consider which coin you just sent to Binance; if you sent Litecoin, you will need to use the LTC/BTC pair to change your Litecoin for Bitcoin, before buying TRON.

To do this, head to the Exchange menu, then select Basic. This will give you a trading page that looks like this:

On the right hand side, use the search bar to find your coin (eg, LTC/BTC, or TRX/BTC for TRON), and click the star to make it a favorite. You can then switch to your Favorites and quickly change view.

To swap your LTC for BTC, you want to make a Sell Order.

Do this as follows for Litecoin:

  1. Under Sell LTC, select the 100% button. This will take 100% of your coin balance (Litecoin) as shown (LTC Balance: xxxx)
  2. Select a Price to sell at; you can leave the default here, or use the price graph to determine at what point you want to buy/sell and for what price.
  3. Note the red and green numbers to the left of the screen. This is “the market”. Green is “buy” orders and red is “sell” orders. Use this to determine how quickly your order will process; selling at the highest buy price will result in an almost instant trade, whereas, selling at a price which is higher than the lowest sell price may result in a wait, until someone is willing to pay that price (the buy price must increase)

Once you click this, your order will be shown below in the Open Orders list. Your BTC balance on the Buy LTC side of the screen should update with your new BTC funds.

Cool. So how do I buy TRON (TRX)?

Rinse and repeat! Add TRX/BTC to your favorites, and trade your new Bitcoin funds for TRX! Goodluck!

 

We hope this guide has been helpful! If you’d like to make a donation, you can send to our Litecoin address (LRTmg6fWsUHFnGmPfRhkPLQcAPaAteNDvw) or our Bitcoin address at the bottom of the page.

Resources:

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[…] begin with, I have setup accounts following some getting started guides for both CoinSpot and Binance before Christmas to get my cash into the game. I made an initial purchase of Litecoin (LTC) on […]

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