If you've never done so, buying cryptocurrency for the first time can be overwhelming if not downright scary. Worry not, here's a simple walk-through on the process to owning your first PIVX coin(s).
Often those who’ve been in the game forget that every day new people are trying out cryptocurrency for the first time (guilty). That as it may be, one of the biggest struggles for those new to the ever-expanding crypto-sphere is how to obtain a specific coin.
This article is for informational purposes only and should not be considered investment advice.
Well, as this is a PIVX centric community, I thought it would be a good place to discuss how one goes about becoming a PIVX owner through Binance. Do note that Binance will not work if you are located in the United States (and several other countries).
On our credit card page, you can see it’s fairly simple. It’s really, “I want to spend this much, and I’ll get this much,” type of a deal. Unfortunately, we can’t buy PIVX directly via a card; that would be too easy. The truth is, you can only purchase those coins which Binance considered very popular. And as their one of the most popular exchanges in the world, we’ll have to take their data at face value.
We can purchase one of two coins that are trading pairs with PIVX. A “trading pair” is a term that means you can use coin-one to trade for coin-two, a pair. For PIVX, the two trading pairs available to us are BTC/PIVX (Bitcoin/PIVX) and ETH/PIVX (Ethereum/PIVX). This is a personal choice, but I will give you my experience with both.
BTC: Using Bitcoin to trade comes with only one drawback, in my opinion; every time I’ve done so, I’m unable to transfer my newly acquired PIVX to my Core Wallet right away. I have to wait for Bitcoin’s blockchain to catch up. Because I purchased or traded into Bitcoin, the blockchain now needs to catch up with two transactions, the first being my acquisition of BTC and then my trading of BTC to PIVX.
That said, it is often better than using ETH if you want to see your funds change right away.
ETH: Unlike BTC, ETH’s agreement on the blockchain is generally faster. The downside of using ETH over BTC is that the trading pair is not as popular; thus, it can take longer to execute a trade at market value. As a result, I’ve never not had a trade complete, but I have gone to sleep waiting for it to do so.
On our “Buy Crypto” page, let’s purchase some Bitcoin. Put in your desired amount; I can understand you might be a little nervous if this is your first time. Thus I suggest starting at the minimum amount. Say USD 15. This brings me to a life lesson of crypto:
Life Lesson: Do not, under any circumstances, purchase more than you’re willing to lose. Most people who’ve been doing this for a long time know at least one person who went a little too deep and lost a lot for no reason.
Once you’ve chosen the amount you would like to try, it's time to get some crypto. Don’t worry if it looks like a small amount- most coins next to BTC or ETH look small right now. Go ahead and click continue. If you get a pop-up reminding you to verify your account, well, there’s little one can do to get around that. You’ll need to verify. Or use BTC or ETH from another account like Coinbase. If you are verified, fill out the information required to complete your purchase. Once that’s done, you’re now the proud owner of crypto! Congratulations, and welcome.
Trade to PIVX
That was the hard part, in my opinion. Next, we’re going to trade our BTC or ETH for PIVX. Before we click anything, I’ll use this as a caution: don’t let the next screen scare you; it’s not that bad. Just follow along.
One: We’re going to click “Trade” at the top and choose “Classic.” Again, don’t let this new page scare you. It’s just data.
Two: We will concentrate on the section under the bell (at the top right) in my screenshot. Yours may look a little different if you’re using a mobile or a larger screen. In this section, you’ll find the search bar just below the highlighted BTC. In this search type PIVX. You’ll now be presented with the two trading pairs of PIVX, PIVX/BTC, and PIVX/ETH. At this point, don’t worry about colors or numbers moving.
Three: Assuming you are done purchasing or trading your crypto, you should have either ETH or BTC available. Click on the one you own. For instance, if you just bought BTC, click on the PIVX/BTC. If ETH, click the other one.
Four: Once you click on your pair, you’ll know you’re in the right spot if you look to the left near the top. In my screenshot, I’ve circled the PIVX/BTC pairing in Binance Yellow. Now that we are where we need to be scroll down to the bottom. In the center, you’ll see a “Buy PIVX” button in green and “Sell PIVX” in red. This is where we need to be.
Five: We’re here to buy PIVX. I’m making another assumption here, but this will be easy for you if you only purchased a little bit (less than USD 50). Under the buy PIVX area, you’ll see just below the area where it states “Amount PIVX,” a pull bar. You can slide this all of the ways to the right to use all of your newly purchased BTC or ETH. If you’re one who bought a larger amount, you can do the same if you wish. However, I’d only pull that over enough to where you’re going to be comfortable. Note that on my screenshot, it says zero; that’s because I’ve already moved my money to my PIVX wallet. If you have ETH or BTC in your Binance wallet, this amount will correlate with your available amount.
Note: very rarely is there a one-for-one trade in crypto. For example, if I bought a coin worth USD 1.20 and wanted a coin worth USD 1.10, I could buy just over one of these new coins (less processing and other fees… there are always fees).
Six: Once you’ve gotten your amount set, you click “Buy PIVX.” This may take a bit, but sometimes it’s speedy. While this is working, let me explain what you’re waiting for. There are people out there who have PIVX for you to trade for. What we’re doing now is called a “market value trade,” that is, we’re paying the current market value. Once you get into the game a bit, you can start to play with the price. It basically becomes day-trading with crypto.
Once the computer matches your selling amount of BTC or ETH with someone else's selling amount of PIVX, the computer will complete the trade. Of course, though very minor in this price range, there are fees, so that you know.
Seven: Your trade is made! You should now have some PIVX in your Binance Spot Wallet (that is what they call their crypto wallet). To get there, you want to click on “Wallet” at the top and then “Fiat and Spot.”
Once in your Spot Wallet and assuming this is your first time on Binance, you should see your PIVX at the top (like the image below). You may also see ETH or BTC as you might have a fraction of a cent or so left. Crypto’s weird like that.
And that’s it. You’ve gone from buying your first crypto to trading that crypto to PIVX. Next time we’re going to discuss moving that crypto from an exchange, such as Binance, to your PIVX wallet. Oh, and by the way, did you know you can earn more PIVX by just holding it in your wallet? It’s true, and it's called staking. We’ll also discuss that.
Questions, Comments, or Concerns? Contact me via ryan@PIVX.org.