One Businesspersons Introduction to Crypto

I work in an industry where I have suppliers all around the world producing content for my customers. Some of those producers are located in Russia, and after the war started with Ukraine it became difficult to pay these producers. So, I created a Biance.com account so that I could buy crypto and send it to my producers.

Biance is a crypto trading site. It is similar to a site like Charles Swab or E*Trade, which are stock trading sites, but from what I understand Biance only does crypto. Though I didn’t look into it completely, so maybe you are able to buy stocks and I just don’t know how. Anyway, it only took a few minutes to set up my wallet and then I was able to fund my wallet instantly. Once I had money in there, I was able to buy any type of crypto that I wanted. I was only looking to buy and sell bitcoin so this is all I did but again there were lots of other options.

Your wallet is what you send funds to from your bank account or debit card. You have to have funds in your wallet to buy crypto and when you sell your crypto the money goes back to your wallet until you withdraw it.

To be honest at first I was pretty intimidated by the whole process as this was something I had never done before. Thankfully one of my Russian producers was familiar with the process and wrote up a step-by-step guide for me to buy and sell/trade my crypto. The only problem is his guide was for the Russian version of the Biance.com site which is different than here in the US. Thankfully I was still able to figure the process out.

Here is what the producer sent me:

1. First of you need to go to https://www.binance.com/en and register
2. Then you need to click on the top left side “Buy Crypto” and choose preferable method to buy Crypto. For example: Credit/Debit Card (you can also choose P2P trading or bank transfer)

• You need to enter required amount in USD, for example 100 USD and click “Continue”:

• You will be required to add a new credit/debit card and continue as any purchase on the web:

• After that – the amount of BTC will be transferred to your wallet and you can find it in “Fiat and spot” menu

• In order to send BTC to other person you need to click on Withdraw button.

• You will be required to fill the following information: Wallet address and Network

Wallet address has to be provided by recipient of funds (on the screenshot above is filled for reference only).

Regarding Network – you’ll need to choose between different bitcoin networks (should be confirmed with recipient) but most of the time you should choose BTC (Bitcoin primary network) unless you’ve been asked to choose another one.

• After filling the gaps and clicking “Withdraw” you’ll be required to confirm recipient’s wallet address and amount. Depending on the amount of transferring funds Biance may send you security codes via sms and email to confirm transaction.

Of course I was nervous because if something had gone wrong on my end I would still be on the hook to pay that producer the money I owed him. And something did kind of go wrong. after I funded my wallet to buy the crypto, I immediately bought the bitcoin to trade to him, however, after I bought the bitcoin, it told me I had to wait 7 days before withdrawing. This meant that my bitcoin was going to go up or down over this time and hopefully it wasn’t going to drop less than what I owed this producer. The producer didn’t explain this to me nor did I see this on the site. It might have been there but missed it. Needless to say, after the 7 days, bitcoin did drop and I ended up sending him less than what I owed him. That was a learning experience. Now when I need to send him money. I put the money in my wallet and let it sit there for 7 days. Then on the 7^th day I buy the bitcoin and then immediately withdraw it to his account. We have now been doing this for a few months and it seems to work good other than my producers have to wait 7 days for their payment to hit their accounts. As I said though, for the time being this seems to work for both me and the producers I pay in Russia. I should also mention there are site fees for not only funding my account/wallet but there are withdrawal fees as well.

With regards to cryptocurrency, I had no idea you can buy other online products from sites like Amazon, but I wouldn’t be interested in buying online products with crypto. Honestly seems like more of a hassle then just using my credit or debt card.

I would consider cryptocurrency an investment instrument. However, just like the stock market cyrpto also fluctuates and there is a risk you could lose what you invest. Which also means you could make a nice return on your investment if you know when to buy and when to sell. Of course, that is the real question in any of these types of investment.

Dan

Online Content Broker