Text of the Lesson 9

Hi crypto enthusiasts!

In this 9th lesson, we will learn:

* What crypto deposit and withdrawal are

* How to send crypto correctly

* How to find your wallet address on Binance exchange

* How to quickly exchange one cryptocurrency for another on Binance exchange

* How to send cryptocurrency from Binance account

* Which tokens are listed and delisted

To deposit or withdraw crypto means to buy it or receive it on your wallet. If you deposit crypto to your wallet on the exchange, you can deposit it from fiat money or from another non-exchange wallet.

If we withdraw currency from our exchange wallet, then we withdraw to another wallet or to fiat.

In this lesson, we will deposit and withdraw crypto from our wallet on Binance, but before that, let’s make sure we know everything we need for this?

As we discussed in the second lesson, each cryptocurrency or token has a blockchain on which it was created, which means that this coin can only be sent in the blockchain where it was created. 

This is all correct and logical, but technologies decided not to limit their users to one blockchain and created special cross-chain bridges.

The cross-chain bridge made it possible to transfer the same coins in different blockchains, for the user, this is an invisible process, meaning you don’t need to do anything additional, but before sending cryptocurrency, you need to clarify which blockchain wallet the recipient is ready to accept coins. 

If we use ERC-20, Ethereum blockchain, and a wallet in it, then tokens will come only if your wallet supports sending tokens in this blockchain and the recipient has provided you with an address in this blockchain.

But you can distinguish addresses in different blockchains by the first letters of the address. For example, all ERC-20 addresses start with 0x.

On your screen, you have popular coin blockchains that other coins use to expand their audience and add the ability to store and transact in these blockchains. 

Adding a new blockchain does not mean that new coins are being issued, it simply means that old coins become available to new addresses.

In this case, I would compare blockchains to money transfer services. For example, to receive a transfer through the Moneygram system, you need to go to a point where these transfers are also accepted.

Now we can find our wallet on Binance and choose a specific blockchain. We log in to the exchange, go to the wallet section on the top panel of the site, the main wallet, choose USDT, for example. To get the wallet number, you need to select the deposit function.

We choose the network, today it will be the TRC-20 network or TRX as the network with the most favorable commission for USDT, get the wallet number, and can copy it or send the wallet QR code.

Now this is your permanent wallet for receiving this cryptocurrency.

We can transfer a little USDT from our Trust Wallet to our Binance wallet. We go to the Trust wallet, choose USDT in TRC-20 format, send, enter the number of our Binance wallet and the amount to send.

We check, if the commission is in TRX for the transfer commission, we send it.

After 2 minutes, we check the wallet, go to the history and see the transaction hash, as well as receive notifications about the receipt and sending of funds to our email.

To exchange USDT for BTC on the Binance exchange, we don’t need to go to the exchange. Instead, we can use the same Basic Wallet and access it through the top panel of the website. We select USDT and the exchange button.

In the new window, we have already selected the two coins we want to exchange. We enter the amount in USDT and confirm the action twice. That’s it! We check the wallet and now we have BTC too.

In this lesson, I also wanted to tell you that not all currencies are traded on all exchanges, so you need to be careful when transferring coins. 

It’s important to know that adding a cryptocurrency to an exchange is called a listing, while removing it is called a delisting. 

Coins are usually delisted due to low trading volume or if the project has compromised itself in the crypto community.

Before the next lesson, which will be about news, remember that news of an upcoming coin delisting is a urgent reason to sell it.

Add these new terms to your vocabulary and I’ll see you in Lesson 10.

It was Alina.