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Janice Cook
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What is best/safest way to purchase BNB cryptocurrency?

I have never purchased a single cryptocurrency in my life. I was recently notified of a prelaunch/launch of an afrocryptostar currency and decided to put a little into it. The problem is, the process seems so complicated to me. The object is to eventually swap BNB(I think it must be smart chain) for the Afrocrypto. The directions provided by the people/company offer what to me is a very complicated set of steps to accomplish this.
First I have to buy BNB from Binance, or Binance US in my case. Then tranfer to Trustwallet, some hocus pocus with pancakeswap and then convert to smart chain version.  You can also start with Crypto.com, or paybis.com. 

I tried to do this through Binance US, as my first attempt through Crypto.com has not yet confirmed my identity. The launch is on 10/26. 

After Binance US  linked to  my bank account(they actually have your user id and password) and was ready to buy a small amount, a message popped up saying I would not be able to withdraw USD or crypto for 10 days or be subject to chargebacks. I didn't go through with it.

What confounds me is that I can purchase BNB directly through Trustwallet, so why the complicated steps? Does anyone understand this process?

Furthermore, they had a chat group and a separate official announcement group on the Telegram app, but today, the chat/community group is not accessible. I don't know if this is a glitch or permanent, but it's very difficult to get information other than through the Telegram app.

Crypto fans, please offer enlightenment. Thanks in advance.

Windows OS* Cryptocurrency

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David Favor

8/22/2022 - Mon
David Favor

https://www.binance.com/en/bnb provides your starting point.

There are many... Exchanges where you can work with BNB + best to stick with Binance in the beginning.
David Favor

Suggestion: If you're actually minting your own currency tokens... coins are only minted if you run a Blockchain yourself... so most likely you're afrocryptostar will be tokens on an existing Blockchain...

Best to open a new question... something like... "Describe how you'd go about minting your own Cryptocurrency Tokens".

There are many considerations + choices to make, prior to minting coins or tokens.
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David Favor

Remember...

Coin != Token != NFT

These are 3x different entities.
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James Murphy
Janice Cook

ASKER
Hi,

If you have time, could you please explain the difference between a coin vs a token? I have a hard time wrapping my mind around this subject, as I don't yet see the value, or even see agreement, of this form of digital currency. I understand what an NFT is, yet wonder is the zeal to buy will not end up being "fool's gold" in the long run.
There is a difference between Ethereum and Bitcoin, but what is it? I appreciate any sharing on this.

David Johnson, CD

There is a difference between Ethereum and Bitcoin They are both digital currencies like GBP and USD are different countries currencies.

Bitcoin has been around the longest and currently is the hardest to solve the puzzle as the number of solutions has become limited. The puzzles are different and use different methods and algorithms.

Like all currencies the value of a currency is decided on how much in actual goods someone is willing to give you for a unit of currency. I don't know of any non-fiat currency currently being used. The USD was one of the last countries to go off the gold standard. Bitcoin is a form of fiat currency

A fiat currency is a national currency that is not pegged to the price of a commodity such as gold or silver. The value of fiat money is largely based on the public's faith in the currency's issuer, which is normally that country's government or central bank.
https://www.investopedia.com/ask/answers/041615/what-difference-between-fiat-money-and-representative-money.asp
David Johnson, CD

The two most common blockchain-based digital assets are cryptocurrencies and tokens. The biggest differentiation between the two is that cryptocurrencies have their own blockchains, whereas crypto tokens are built on an existing blockchain.https://www.gemini.com/cryptopedia/cryptocurrencies-vs-tokens-difference
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Janice Cook

ASKER
I can see that there is a lot to know, not only in terms of investing, but also for safety. I appreciate the pieces of the puzzle that have been shared, but will need to pursue answers outside of EE.

I award points based on info most helpful to me.
David Favor

Read a few books about, Outside The Box, long term investing.

For example, is it better to have silver + gold rounds + freeze dried food with a 25 year shelf life + ammo + Solar Generators + Ham Radio Gear... if things get bad...

Or is it better to have Coins/Tokens/NFTs all of which will fail without electricity.

There are many considerations to long term investing, all of which revolve around risk... where only you can define what risk you'll consider...

For example, until last your I took for granted Texas Electricity, till it went off for many days in 0-20 degree weather.

After researching the level of crazy Solar + Wind + Gas on the Texas Grid... none of which work in the cold... my risk analysis for investing changed dramatically... what I read + study changed... how I... explore nature changed (looking for ground water sources + foraging for food).

Best to determine your highest risks first, then determine your investing strategy.