Text of the Lesson 5

Hi, crypto wallet owners!

My name is Alina from CryptoRobotics, and I hope you have completed your homework and now have a wallet. We will need it now. First, we will fund it, and then we will transfer the money to another wallet.

In this lesson, I will tell you:

* Цhere you can buy cryptocurrencies.

* Show how to buy TRX for USD with a card through the Trust Wallet.

* Show how to send coins from your wallet to another wallet.

* What is OTC.

Let’s get started!

The first and most reliable source for buying cryptocurrencies is a centralized exchange. For example, you can buy cryptocurrency for USD on the KuCoin or Binance exchanges.

The advantages of buying through an exchange are that the exchange acts as a guarantor of the transaction. The downsides are that the money will go to the exchange wallet, which is not the most reliable wallet if you are not going to trade, and sometimes high fees.

How to buy? You create an account on the exchange, pass verification, buy cryptocurrency for fiat money, and receive it on the exchange wallet.

All transactions that take place outside of exchanges are called OTC (over the counter), which is a deal concluded directly between the buyer and the seller, rather than through the exchange.

How to buy? You create your wallet on a convenient resource: cold or hot, register on the exchange, sometimes pass verification, sometimes not, send the number of your wallet to the exchange, as well as rubles to the exchange card, after payment, receive your cryptocurrency on the specified wallet.

Telegram bots are mini-sites for buying cryptocurrencies in the Telegram messenger. They can be considered a more convenient type of exchange, as they are highly anonymous. However, there is also a chance of encountering scammers, so it is always necessary to choose verified bots with guarantees and recommendations from friends.

How to buy? You create your wallet on a convenient resource, register in the bot, undergo verification if necessary, send the number of your wallet to the bot, as well as rubles to the seller’s card. After payment, you will receive your cryptocurrencies on the specified wallet.

There are bots from separate services, where you buy from one seller, and there are p2p exchanges (person-to-person), where you meet a seller or buyer in the bot. 

The bot creators guarantee you a safe transaction. 

Such p2p exchanges are also found on exchanges, where the exchange acts as a guarantor.

Perhaps the least popular way to buy or sell cryptocurrencies is through crypto ATMs. They are located on the street or in buildings and work like regular ATMs.

How to buy? You approach the ATM, deposit money or pay by card, enter the number of your wallet or create a new one in the ATM (depending on the type of ATM), and receive cryptocurrency in your wallet.

It is not very convenient, as these crypto ATMs are also difficult to find, and they often have a high commission.

And now I’ll show you how to buy the TRX coin with a card. 

Choose Buy 

Choose TRX

Choose the amount to buy

Choose Mercurio or other relevant service

Choose the payment method — I’ve chosen Credit or debit card

Verify your identity 

Add your passport or other I’d document required

Make a selfie with this document

Finish the payment 

Wait for some minutes (from 5 to 15 and get notification about deposit to Trust wallet)

We have our first TRX on our wallet.

Alright, I have TRX in my wallet now, so I can send them to my sister in Germany. I ask her for her TRX wallet number, like mine in Trust Wallet, and begin the transfer.

We open the wallet, 

select the TRX coin, 

choose Send, 

enter the wallet number and amount.

We see the fee for sending, agree, and… our cryptocurrency is sent. It took only 1 minute. We find the transaction hash, it’s already confirmed, which means my TRX is already with my sister in Germany.

Use these 2 videos and slides from the presentation as guides for buying and sending cryptocurrencies, and the next time you’ll be able to do it on your own.

You’ll learn how to work with exchange wallets, how to choose the right blockchain for such a wallet in Lesson 8, and in the next video lesson, we’ll look at how to apply, earn, and store cryptocurrency.

As usual — a Glossary of Terms for you.

Link to the Trust Wallet is again available for your first and safe cryptocurrency purchase.

This was Alina, see you in Lesson 6 «How to Use Your Crypto Assets».