eCash (XEC) is the rebranded version of BCHA, which emerged from the fork of Bitcoin Cash (BCH) and was developed by the Bitcoin ABC team. It provides high security and almost instant transaction confirmation times using the Avalanche consensus protocol. eCash offers features such as staking and custom token creation and is more user-friendly with a new unit of account expressed in ‘bits.’ This article explores the essence of eCash (XEC) and the process of purchasing eCash (XEC) with Turkish Lira (TRY).

What is eCash (XEC)?

eCash is the updated identity of BCHA, a cryptocurrency originating from the Bitcoin Cash (BCH) fork and crafted by the Bitcoin ABC team. The transition to eCash (XEC) occurred on July 1, 2021, leaving the cryptocurrency's core functionality intact while introducing a new nomenclature and display format.

A pivotal feature of eCash is its utilization of the Avalanche consensus protocol renowned for bolstering Blockchain security and facilitating nearly instantaneous transaction confirmations. This protocol also streamlines future network enhancements, positioning eCash as a progressive platform designed for evolution and scalability.

eCash encompasses various innovative aspects. It supports staking, allowing users to engage in the network's consensus mechanism and earn incentives. Furthermore, the platform features eTokens, enabling the formation of custom tokens within the eCash ecosystem, especially advantageous for businesses and developers seeking to harness Blockchain technology for diverse applications.

The shift from BCHA to eCash incorporated a modification in the unit of account, with eCash denominated in ‘bits,’ where 1 BCHA equals 1 million XEC. This revised valuation system aims to enhance user-friendliness and semantic appeal, making it simpler for regular users to comprehend and transact with the cryptocurrency.

Despite the rebranding, the fundamental mechanics of the cryptocurrency persist unaltered. Additionally, eCash maintains the same supply as BCHA, adjusted according to the new ratio. Consequently, individuals holding BCHA before the rebranding now possess an equivalent worth in eCash, subject to the prevailing exchange rate at the rebranding instance.

eCash is primarily tailored for transactions, striving to offer a scalable solution for value transfers. By integrating Proof of Stake (PoS) Layer 2 solutions, eCash adeptly manages high-volume transactions. This blend of scalability, coupled with the security and swiftness furnished by the Avalanche protocol, positions eCash as a robust choice for digital payments.

How to Purchase eCash (XEC) with TRY?

Binance TR stands as the ideal cryptocurrency exchange for Turkish investors eager to acquire eCash (XEC). At Binance TR, where account creation is swift, users can trade over 100 cryptocurrencies, including XEC. To procure eCash (XEC) using TRY on Binance TR, follow the ensuing steps.

How to Create an Account on Binance TR?

Registering on Binance TR is straightforward. Visit trbinance.com and proceed from the “Create Account” stage. During the initial account setup, provide essential details like email address, phone number, name, date of birth, nationality, and T.C. identity number.

Post furnishing the information accurately, undergo email/sms verification to validate the details. Subsequently, move to the second phase, identity verification (KYC).

How to Verify Your Account on Binance TR?

Account authentication on Binance TR is a crucial security step essential before engaging in cryptocurrency trading and during account creation. This process safeguards both the user and the cryptocurrency exchange. Identity verification can be conducted via your phone or through the official Binance TR website. Ensure to have your mobile device handy for identity validation from the website.

To verify your identity on Binance TR’s website, hover over the “Profile” tab on the top right, select “Identity Verification and Limits” from the dropdown, and then click “Verify.” Follow by scanning the QR code displayed using your phone’s camera and continuing the process on your phone. In case of QR code scanning difficulty, opt for the “Copy URL” choice to receive the verification address via SMS on your phone.

On inputting the address or scanning the QR code, you will encounter a mobile screen akin to the provided illustration. Proceed by selecting the “Identity” option from the screen.

Subsequently, opt for the document type suitable for you to progress with verification.

Once the document type is chosen, proceed with “Upload Front.” Capture a photo of the front side of the document as per the specified type, followed by “Upload Back” for the reverse side. When photographing your ID or license, ensure clarity and readability of the information depicted in the images.

Further, proceed with the “Selfie” step. Activate your phone’s front camera and scan your face, ensuring it occupies a significant portion of the camera zone.

Completing these steps meticulously and accurately will swiftly finalize your identity verification process.

How to Deposit TL on Binance TR?

Depositing TL into your Binance TR account is conveniently achievable via all banks. Transactions can be executed and traded round the clock from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. For other banks, FAST allows deposits up to 50,000 TL 24/7, with amounts exceeding 50,000 TL processed during EFT timings.

To deposit funds into your Binance TR account, navigate to the “Wallet” selection atop trbinance.com's homepage and choose “Deposit” from the dropdown menu.

Access a page akin to the illustration below, and pick your desired bank to initiate the deposit. If your bank is yet to integrate with Binance TR, select “Other Banks” to proceed.

For instance, considering Vakıfbank, upon selection, viewing the account name and IBAN address for wire transfers, EFT, or FAST is possible. Transfer the intended deposit amount as per the displayed details to fund your Binance TR account.

Upon the bank's completion of the transfer, the sent funds will promptly reflect in your Binance TR account wallet.

How to Purchase XEC Coin with TL on Binance TR?

Post deposit, buying XEC coin with TL involves accessing the “Buy-Sell” option on the Binance TR website’s top-left menu.

After selecting this option, proceed to the page as depicted below. By typing “XEC” in the search bar on the page's right side, access the TL to XEC purchase page by selecting XEC/TRY from the outcomes.

Upon reaching the XEC trading page, input your desired purchase price and quantity of XEC in the respective boxes. Finalize the acquisition by clicking “Buy XEC” upon setting the amount.

What is Binance TR?

Binance, the global cryptocurrency exchange leader by trading volume, introduced Binance TR specially catering to Turkish cryptocurrency investors in 2020. Based in Istanbul, the exchange can be accessed at trbinance.com.

Binance TR furnishes fiat-to-crypto and crypto-to-crypto trading services harnessing Binance’s technology, security measures, and liquidity through the Binance Cloud infrastructure. Turkish users benefit from seamless Turkish lira (TRY) deposit and withdrawal options directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.

Users gain access to premier spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, underpinned by Binance’s core functionalities accessible through Binance TR.