In today's digital age, legal tender transactions have become an indispensable part of people's daily lives. Whether it is online shopping, offline consumption, or even investment and financial management, legal tender transactions play a vital role. So, what is legal tender transactions? For novices, how to get started? This article will explore this topic in depth, unveil the mystery of legal tender transactions for you, and take you on a learning journey.

Legal tender transactions, as the name suggests, refer to transactions conducted in the country's legal tender. In this transaction, people use government-issued currency for economic activities such as purchases and sales. Legal tender is usually issued and regulated by the central bank, has legal status and payment ability, and is a means of payment recognized by the state. In legal tender transactions, the circulation and use of currency are protected by law to ensure the legality and security of transactions.

For beginners, understanding the concept of legal tender transactions is a crucial first step. Only by understanding what legal tender is can we better trade and invest. At this point, a vivid example can help beginners understand better. Imagine that when you are shopping in a mall, you pay with banknotes or credit cards in your hand. This is a typical legal tender transaction. The merchant accepts the legal tender you pay and completes the transaction. The whole process follows national laws and regulations.

With the continuous development of science and technology, legal tender transactions are also evolving. Now, people can make online payments through mobile phones, computers and other electronic devices to achieve a more convenient transaction experience. The emergence of virtual currencies such as Bitcoin has also added new elements to legal tender transactions. However, whether it is traditional paper currency transactions or modern electronic payments, the essence of legal tender transactions remains unchanged, that is, economic transactions carried out with national legal tender as the medium.

For novices, how can they better understand and participate in legal tender transactions? First of all, it is recommended that novices start with small transactions in daily life and gradually become familiar with the methods and rules of using legal tender. For example, you can try to use cash payments when shopping in the supermarket to experience the transaction process of banknotes and coins. In addition, novices can also pay attention to the dynamics of the financial market, understand basic concepts such as currency exchange rates and interest rates, and lay the foundation for future investment.

In addition to practice in daily life, novices can also gain in-depth knowledge of legal tender transactions by reading books, participating in training courses, etc. In the learning process, be cautious and rational, and avoid blindly following the trend or speculative behavior. Investment is risky, and novices should formulate reasonable trading strategies based on their own risk tolerance and investment goals, and move forward steadily.

In general, as a vital part of economic activities, fiat currency trading affects people's lives and work. For novices, understanding the basic concepts of fiat currency trading and mastering trading skills are the first step to open the door to wealth. I hope that through the introduction of this article, you will have a deeper understanding of fiat currency trading, and be able to handle future transactions with ease and achieve better investment returns. Let us explore the mysteries of fiat currency trading and start the journey of wealth growth!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Speaking of fiat currency transactions, the editor will first popularize fiat currency with you. The fiat currency here is not the French currency we are familiar with, but the legal currency. Different countries have their own legal currency. For example, citizens with Chinese ID cards use the RMB to buy virtual currency on the Internet. Next, the editor of the currency circle will explain to you what fiat currency transactions mean? And the beginner's introduction to fiat currency transactions, I hope to help investors who want to invest in virtual currency.

 What does fiat currency trading mean?

The fiat currency transaction of cryptocurrency is simply understood as directly using the currency of the country where the investor is currently located. For example, if a bitcoin is quoted at 60,000 yuan per, then whether I swipe my card, Alipay, or WeChat, I will buy it directly with money, which is a fiat currency transaction.

Fiat currency transactions are the most direct and convenient way of trading, but most current trading platforms have separated fiat currency transactions into over-the-counter transactions. We have previously popularized over-the-counter fiat currency transactions. It is similar to Taobao's C2C platform. Users trade directly with users, and the platform acts as a guarantor.

Generally speaking, there are not many types of cryptocurrencies that can be directly traded with fiat currencies. The most common ones are BTC, ETH, or special cryptocurrencies such as USDT and BitCNY that serve as "fiat currencies" in the circle. If you want to buy other types of cryptocurrencies, you need to exchange them with BTC, ETH, and USDT in the exchange, which is the so-called currency-to-currency transaction.

Mainly due to legal policies and the difficulty of operating exchanges, fiat currency transactions will be restricted. For example, some countries have strict supervision on cryptocurrencies and do not encourage fiat currency transactions. In addition, if the exchange uses fiat currency transactions in full, it will inevitably require huge cash reserves to support it, the threshold and operating costs will be greatly increased, and it will also face more potential risks. Therefore, in the current cryptocurrency market, fiat currency transactions are mainly over-the-counter transactions.

The digital asset counterparts of this type of platform are all fiat currencies, which may be RMB or US dollars. The fiat currencies of different platforms will vary according to the platform's positioning, country, etc. For those investors who are eager to withdraw cash, the biggest convenience is that they can directly cash out digital assets.

 Getting Started Tutorial for Fiat Currency Trading:

Fiat currency trading refers to the use of legal currency (RMB, USD, etc.) to purchase digital assets, or to sell digital assets for cash. It is our access channel. The OKX fiat currency trading area includes three major trading areas: quick buying and selling, C2C trading, and bulk trading.

1\. Open the OKE official website, click the [ ] button in the upper right corner of the page to enter the registration page, and enter your email address on the homepage.

2\. Slide the slider to the right to complete the puzzle for verification, and then enter the verification code received in the email. The verification code is valid for 10 minutes.

3. Then enter your mobile phone number and click "Verify Now"

4. Enter the six-digit verification code received on your mobile phone, which is also valid for 10 minutes

5. Select the country/region of residence, check the terms of service, "Risk and Compliance Disclosure" and Privacy Policy and Statement

6. The password you create needs to be 8-32 characters long, 1 lowercase letter, 1 uppercase letter, 1 number, and 1 symbol, such as:! @  $ % and other conditions

7. Verify your identity (KYC verification) before you can trade. Enter the identity authentication page and complete LV.1 basic authentication, LV.2 advanced authentication and LV.3 video authentication according to the prompts on the page.

Notes:

(1) The higher the authentication level, the easier it is to match better merchants and more favorable prices when conducting fiat currency transactions.

(2) The official website cannot perform LV.3 video authentication. Please download the Ouyi APP to complete the authentication.

8\. After completing registration and identity authentication, you can trade. Click [Buy Coins] - [C2C Buy Coins] on the homepage.

9. Select [Buy] - Select [USDT] for currency. You can choose the appropriate merchant according to your needs, and then click [Buy USDT] on the right.

10\.
Enter the payment amount in the pop-up window, and the number of currencies to be received will be displayed. Click [Buy USDT]. Then the merchant's payment information will be displayed on the page. After paying the merchant according to the payment information on the page, click I have transferred the money. Next, wait for the other party to release the currency.

Notes:

1. Please do not note any information related to digital assets, such as OKX, BTC, Bitcoin, etc., to prevent remittances from being intercepted, bank cards from being frozen, etc.

2. During non-working hours (17:00-8:00 on holidays and working days), please pay in batches for interbank remittances of more than 50,000 yuan to avoid transaction problems caused by delayed arrival.

3. You can cancel the order within 15 minutes of placing an order, but please note that multiple cancellations or continuous overtime failure to pay will affect your credit and you will not be able to place orders on the same day.

 Restrictions on legal currency transactions

1. National policies on cryptocurrencies. Some countries have strict regulations on cryptocurrencies, which is not conducive to legal currency transactions.

2. The domestic economic system and capital reserves required for cryptocurrency transactions have not been formed.

3. Exchange operations are difficult and have high thresholds.

Through the above introduction, I believe everyone has some understanding of legal currency transactions. Since there are certain risks in trading digital assets, there may be problems such as price manipulation and loss of value. Therefore, the editor of the currency circle reminds investors to be cautious when investing in digital assets and choose regular exchanges for transactions.