Bitcoin is certainly a good investment according to experts. Even Bill Gates openly endorsed Bitcoin. But you should also know that there are other cryptocurrencies.
It’s wise to also invest in other cryptocurrencies like Ethereum and Litecoin.
In this article, I will share how to convert Bitcoin into Ethereum, Litecoin, or any other cryptocurrency.
If this is your first time dealing with Bitcoin, here are a few guides that you should read first:
The above three tutorials will help you get a good grasp of how you can get your first Bitcoin. Now, let’s move ahead with the tutorial of how to swap Bitcoin with other cryptocurrencies.
Meet Shapeshift: Fastest Way To Exchange Cryptocurrency
Shapeshift is a currency swapping website which does one thing: Allows users to exchange between Bitcoin and other cryptocurrencies.
Update: A new alternative to ShapeShift is Changelly. I will be adding an updated tutorial soon for the same.
So let’s say you want to exchange Bitcoin for Ethereum.
You need just two things:
- Ethereum wallet address
If you are converting to something else apart from Etherium, you just need to know the wallet address where you can receive the converted currency.
If you don’t have an Ethereum wallet address, you can sign up for Coinbase & get an Ethereum wallet address for free.
Once you have fulfilled both requirements, head over to Shapeshift.io.
Select Bitcoin in Deposit & Ethereum in Receive under the “Choose Which Coins to Trade” option.
Click on Continue. This is where you need to add your Ethereum wallet address & your Bitcoin address. The Bitcoin wallet address is not necessary, but it’s useful in case a refund needs to be made.
In this case, I’m transferring 0.5 BTC to ETH.
Once you have entered the amount & your wallet address, click on Start Transaction. On the next page, you will get the address to send it to.
Note: You only have 10 minutes to make this transaction.
For this tutorial, I’m sending Bitcoin from my Unocoin wallet to the wallet address provided above:
Usually, it takes about 30-60 seconds for this transaction to happen & you will see a success screen like this:
That means that Bitcoin has been successfully converted into Ethereum & it has been transferred to your Ethereum wallet address.
The Ethereum wallet in your Coinbase account will show the new amount, but it will be in a ‘Pending’ state for about 30 minutes until is it verified by the network. You can read more about the process here.
However, you don’t need to worry at this point, as within a few more minutes the transaction will be verified & your Coinbase Ethereum wallet will be loaded with the converted amount.
Shapeshift also has a smartphone app that you can download from the below link.
Here is an official video demo of using Shapeshift for currency conversion:
Well, this is an example of converting Bitcoin into Ethereum. You can follow the same guide to convert Bitcoin into Nubits, Omni, Peercoin, Monacoin, or any other altcoins. If you have any problem making this exchange happen or have any query, feel free to ask me via the comment section below.
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