How to Buy Yuan Cryptocurrency ( Step-by-Step)

Since the Chinese economy plays a more prominent role in international commerce and the yuan gains acceptability, an increasing number of investors seek strategies to get access to the Chinese currency.

To begin, you should understand what yuan is. As a result, the yuan, China’s new digital currency, is also known as “e-yuan,” “e-CYN,” and “e-RMB.”

Moreover, it is critical to grasp the contrast between the Chinese yuan and the renminbi.

Renminbi: China’s official currency.

Yuan: a considerable element of the renminbi; widely used as a broad term in accounting for China’s economic system.

Moving on, the question of how to buy yuan cryptocurrency arises.

If you want to buy yuan cryptocurrency, you must first complete two transactions before you can buy Yuan Chain Coin (YCC) with money from your bank. You’ll buy BTC or ETH on an exchange that accepts debit card or bank account deposits, and then trade your new crypto for YCC on a marketplace that trades bitcoin or ether for YCC.

• Coinbase Wallet
• Huobi 

 These are two popular exchanges where you can buy yuan cryptocurrencies.

How to Purchase Yuan Chain Coin via Coinbase Wallet

There are several aspects to consider while purchasing cryptocurrency, including location and protocol. Coinbase’s controlled exchange does not presently support Yuan China Coin. However, you may still purchase Yuan Chain Coin with Coinbase Wallet, your gateway to the world of cryptocurrency. Here’s how to acquire Yuan Chain Coin using your Coinbase wallet.

Step1:Install coin base wallet

Yuan Chain Coin may only be purchased with a self-custody wallet such as Coinbase Wallet. The Coinbase Wallet smartphone application and browser extension are also available.

Step 2:Create your Coinbase account

You must select a username as part of the Coinbase Wallet setup process. This username enables Coinbase Wallet users to quickly transfer cryptocurrency. You may keep your username secret, but you’ll need it to log in to your account.  Since Coinbase provides iOS (iPhone) and Android apps for your device, you must first create a username and password on a desktop or laptop computer.

Step 3: Keep your recovery phrase safe

When you establish a new considerable-custody wallet, you’ll be issued a 12-word recovery phrase at random. Because the unlock password is the secret password to your crypto, anyone who knows it has access to it. Nobody should know what your recovery phrase is.

We strongly advise writing these down and securely saving them, as well as utilizing Coinbase Wallet’s backup in the cloud option.

Remember not to tell anyone your recovery phrase. You will never be asked for your phrase of recovery by Coinbase. If you forget your password for recovery, Coinbase will not be able to let you log in to your wallet.

Step 4: Keep your recovery phrase in a safe place

When you establish an entirely novel self-custody wallet, you’ll be issued a recovery phrase made up of 12 unknown letters. The return phrase is the password to your digital currency, which means that anyone who knows the phrase you use to recover gets permission to use your crypto. Do not reveal your recovery phrase to anyone.

We highly advise writing these down on pieces of paper and keeping them secure, while also enabling Coinbase Wallet’s offline backup option.

Step 5: Recognize and budget for Ethereum network costs 

Fees vary according to the amount of traffic the connection handles, how intricate the exchange of information is, and how quickly you want the transaction to be completed. Make a plan to save money for fees. More information about Ethereum fees may be found here.

Step 6: Purchase and transmit ETH to the Coinbase Wallet

If you don’t already have an existing Coinbase account, you’ll need to get one to purchase Ethereum (ETH). Learn how to get a Coinbase account and purchase Ethereum (ETH) here. Transferring ETH to a Coinbase wallet differs depending on whether you use the app on your mobile device or the extensions for Chrome. Details may be found here.

Step 7: Use your digital currency to purchase Yuan Chain Coin

After you’ve transferred ETH to Coinbase Wallet, you may exchange it for Yuan Chain Coin directly from the smartphone or tablet application or browser extension. In the Assets tab, press or click the “Swap” icon, choose “Choose an asset,” and select Yuan Chain Coin. Enter the number of coins of ETH you want to trade with the Yuan Chain Coin. Remember to budget for transaction costs. Confirm that you bought it and follow the on-screen instructions to complete it.

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How to Purchase Yuan Chain Coin via Huobi

Huobi Global allows you to trade over 500 different cryptocurrencies. Huobi Global is one of the best and most straightforward-to-use exchanges for acquiring YCC coins, with 57 nation-specific currencies and 60 funding alternatives.

Step 1: Create a Huobi Global account

The first step is to create an account and validate your email address on the Huobi Global website.

Step 2: Enable two-factor authentication

Once signed in, look for the top-most menu and select “Security,” then “Enable”  under Google Authenticator.

This will display a QR code, which you have to scan with your phone’s Google Authenticator software.

Insert the app’s code into the Huobi Global website, then press the “Submit” button.

Step 3: Contribute to your account

In the topmost menu, choose “Balances” and then “Deposit.” Click the “Deposit” button next to it.

You’ll receive an outline of all the cryptocurrencies available for transfer into your account.

You will be the ones depositing Ethereum (ETH) for this guide, so click the “Deposit” button next to it.

Step 4: Purchase Yuan Chain Coin (YCC)

In the top menu, pick “Exchange” and then the “Basic” trading view.

To discover the YCC/ETH trading pair, use the keyword search box in the upper right corner.

Open the trading book and track resources and buy/sell orders by clicking on it.

To purchase Yuan Chains Coin (YCC), go to the “Buy YCC” page.

Choose the total number of ETH or YCC that you wish to spend, and then click the “Buy YCC” button.

This will prompt you to verify your deal in a new window.

Select the “Confirm Buy” button.

Your order has now been placed and will appear in the “Open Orders” area at the bottom of the page.

When your order is filled, it will appear in the “Trade History” area.

You have now successfully purchased Yuan Chain Coin (YCC) and may begin trading the digital asset.

Pros 

•  It is easy to use
•  There are no transaction costs.
•  It provides financial security.
• User savings:

 For instance: a digital yuan may allow users to avoid or even delete fee-based activities such as wire transfers and business applications.

• Quality data collection:

 By electronically documenting transactions, the PBOC can gather financial knowledge and compute statistics more effectively.

• Crime detection and prevention

Cons 

•  Users facing Privacy issues
•  Money cannot be sent to friends.
•  It lacks concealment:

Unlike other cryptos, China’s digital assets are not going to be circulated privately, as the central bank of the nation and administration will be able to trace transactions.

•  It Increased competition:

While this may help the Chinese government, higher rivalry in mobile payments may affect companies such as Alibaba (BABA) as well as Tencent (OTCPK: TCEHY), which generate money from digital payment

Wrap up 

In this way, you buy yuan in cryptocurrency. The yuan coin has numerous advantages over other cryptocurrencies; however, it also has certain disadvantages. Yuan Chain is a next-generation public foundation chain designed for commercial applications. The Yuan chain combines the functionality of a publicly accessible blockchain with the secrecy features of an authorized chain.