Paxos Gold (PAXG) is a cryptocurrency backed by real gold reserves stored by the Paxos company. Operating on the Ethereum Blockchain, PAXG is equivalent to 1 troy ounce of gold, allowing token holders to invest digitally in gold and withdraw as physical gold when needed. This article delves into the essence of Paxos Gold (PAXG) and how to acquire Paxos Gold (PAXG) with TRY.
Exploring Paxos Gold (PAXG)
Paxos Gold, a cryptocurrency issued by the New York-based for-profit Paxos company, is backed by real gold reserves. Each PAXG token can be exchanged for 1 troy ounce of pure gold stored in vaults by Paxos and its partners. The token's market value is designed to reflect the value of the physical gold it represents.
As PAXG is developed on the Ethereum Blockchain, it can be traded with other cryptocurrencies and secured by holders with cryptographic keys. Paxos conducts monthly audits to verify that PAXG tokens correspond to gold reserves. Users can convert PAXG tokens into gold bars at any time. PAXG tokens are divisible up to 18 decimal places, allowing small amounts of gold to be withdrawn through a network of physical gold retailers worldwide.
Operating on the Ethereum Blockchain ensures that transactions with PAXG follow smart contract rules. The company charges a small fee (approximately 0.02%) for the creation and destruction of PAXG tokens. Additionally, users incur on-chain fees when moving their tokens on Ethereum. Paxos tracks every PAXG transaction using third-party analysis tools and conducts surveillance to investigate potential fraud and money laundering.
Regular smart contract audits are conducted, and developers review the code for errors and security vulnerabilities. Paxos' meticulous auditing and security measures aim to ensure the safety of users' assets.
Acquiring Paxos Gold (PAXG) with TRY
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to purchase Paxos Gold (PAXG). Binance TR allows quick account creation and offers the ability to buy and sell over 100 cryptocurrencies, including PAXG. To purchase Paxos Gold (PAXG) with TRY on Binance TR, follow these steps.
Opening an Account on Binance TR
Creating an account on Binance TR is straightforward. Visit trbinance.com and proceed from the 'Create Account' step. In the first account creation step, you will be asked to enter basic information such as email address, phone number, full name, date of birth, nationality, and Turkish ID number.
Verifying the Account on Binance TR
Account verification on Binance TR is a security procedure that needs to be completed before starting cryptocurrency trading. It can be done via your phone or the official Binance TR website.
Depositing Turkish Lira (TL) on Binance TR
You can easily deposit TL into your Binance TR account from all banks. Depending on your bank choice, you can deposit money 24/7 from specific banks or use FAST for amounts up to 50,000 TL.
Purchasing PAXG on Binance TR with TL
After depositing funds, click on the 'Buy-Sell' option on the left menu of the Binance TR website and proceed to purchase PAXG with TL.
Understanding Binance TR
Binance TR, the Turkish-specific platform of the world's largest cryptocurrency exchange Binance, was officially launched in 2020. By leveraging Binance's technology, security measures, and Binance Cloud infrastructure, Binance TR provides trading services from fiat to cryptocurrency and from cryptocurrency to cryptocurrency for users in Turkey. Users can easily deposit and withdraw Turkish Lira (TRY) via bank channels and trade various cryptocurrencies with TRY pairs.
Through Binance TR, users gain access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance's core functionalities.
