As digitalization of the banking system in the society progresses. Telcoin (TEL) is an ERC- 20 token built on the Ethereum blockchain and is the native token used in the telecommunication system for making payment of e-commerce.
Telcoin is a decentralized crypto created in 2017 , to serve as a bridge between other crypto’s, blockchains and telecommunication industry. Breaking it down, it is a financial technology leveraging the blockchain to facilitate high-speed, low cost international remittances.
Also, it is aimed at partnering with top telecommunication industries and brands like Verizon and AT & T to eliminate the problem which exists between billing platforms and mobile money. Also, Telcoin partners with mobile operators and e-wallets internationally serving as an avenue to reach a broader base of users with a contactless service aiding to achieve its purpose.
Today, the network is on everyone’s mind and of popular demand for it enables users to send and receive money from anywhere in the world , simple and friendly and can be easily navigated with an interesting user case and a flashy market cap.
Telcoin is known for its uniqueness because it offers its users complete access to their funds through their phones.And as well allows all telecom operators that are connected to the to the Telcoin network to easily and immediately give out TEL Tokens.
To buy Telcoin, you would need to, first, buy Ethereum (ETH) after which you would then use ETH to buy Telcoin.
To be able to carry out these processes you would first need a self-custody wallet like the Coinbase wallet. Now let me give you a step-by-step guide on how to buy Telcoin (TEL) token , is pretty easy if you follow the steps listed :
Step 1: Download Coinbase Wallet
To start up your process of buying a Telcoin (TEL) token you would need a self-custody wallet like Coinbase Wallet. Coinbase Wallet is available as a mobile app and browser extension which can be easily downloaded from their official website.
Step 2: Choose a Coinbase Wallet username
You would be required to set up your Coinbase account, and you be required to choose a username as part of the setup. This username allows funds to be easily sent to you by other Coinbase wallet users.
Step 3: Securely Store your Recovery Phrase
Whenever you create a new self-custody wallet, you’ll be given a recovery phrase that comprises 12 random words. This recovery phrase is the key to your cryptocurrency and funds.
This simply means that if anyone gains access to your recovery phrase, they automatically have access to all your funds and crypto in that account.
It is, however, expedient to never share your recovery phrase with anyone and to always keep it safe at all time.
Step 4: Understand and Plan for Ethereum Network Fees
The Ethereum network currently has one of the highest transaction fees in the world of cryptocurrency.
These fees vary based on how busy the network is, how complicated the transaction is, and how fast you’d like the transaction to be completed. You should plan and set aside some funds for these fees to avoid failed transactions.
Step 5: Buy and Transfer ETH to Coinbase Wallet
Once you are through with setting up your Coinbase account, the next step would be to buy and transfer Ethereum (ETH) to your account.
The next step would transfer the Ethereum (ETH) to your Coinbase wallet and to do this depends on the platform you are currently using.
The mobile app and chrome extension have slightly different user interfaces but all you need to do is navigate to the Ethereum listed as part of your portfolio, select it and click on “receive” after which you would be given a unique address through which you can transfer Ethereum to your wallet.
Step 6: Use your ETH to buy Telcoin in the trade tab
If you’re using Coinbase Wallet on your mobile phone, you can easily buy Telcoin right in the app. Select the Image of Coinbase Wallet App.
Then click on the “Trade” tab, where you could swap ETH for any token that runs on the Ethereum standard (called “ERC-20 tokens”) and is available and supported by Coinbase. Click on “choose coin” and select Telcoin.
After that, input the amount of ETH you wish to exchange for Telcoin. Remember, when selecting the amount of ETH to use, leave a little leftover for payment of transaction fees. Make sure you confirm your purchase and follow the instructions on the screen to complete the transaction.
If you’re using the Coinbase Wallet extension, select the “Convert” button. Search for Telcoin (TEL) and input the amount of ETH you’d like to swap for Telcoin.
Also, remember to leave a few Ethereum left behind for payment of transaction fees. Confirm your Transaction and follow the instructions on the screen to complete your transaction.