At the CoinNoob community, we believe that Bitcoin is a great cryptocurrency, however, there has been appearances of cryptocurrencies in the past with greater potential. It is possible that BTC may crash, and that is why we want to teach you how to convert your BTC into ETH or other altcoins. If you want to know why we believe Bitcoin will crash, check out our post regarding that topic here.
Now that you have read the previous article ((*sarcasm*) really, do read it) you must be saying to yourself that you HAVE to change those Bitcoins into another cryptocurrency. Sometimes, it can be really interesting to leave some of your wealth in bitcoin, and use to rest to invest in other cryptocurrencies you believe are going to succeed. This way you will make sure to have a decent balance on your investments, and hence, more probability of achieving high profits.
Using Shapeshift to exchange Bitcoin
This website is great to exchange any type of cryptocurrencies, and it is also one of the quickest ways. In this article we are interested in exchanging BTC to ETH, so you basically will need only two things:
- Bitcoin (you didn’t think of that didn’t you. I know, you don’t have to thank me).
- Ethereum wallet with its address number. (The fastest way to create one, is to visit myetherwallet.com) (use the wallet you need in case you do not want to exchange it for ETH)
Once you have these two, you have to visit Shapeshift’s website. Then Select Bitcoin in Deposit & Ethereum in Receive under the “Choose Which Coins to Trade” option. Make sure not to do it the other way around!
It is better to use the precise option so that you make sure the coins arrive where you want them to arrive. Once you have clicked continue, this should appear:
This is the moment in which you have to enter your Ether wallet address, and your Bitcoin address, just in case something wrong happens in the transaction process, you can then get your coins back.
After that, you will need to select the amount you desire to transfer and click the Deposit button. You will be able to download a receipt if you really want one.
NOTE: Let me advise you that you have 10 minutes to complete the transaction. Also, they will charge a small fee in exchange. (0.005 ETH in this case).
If you want to see it on video, watch it here:
Shapeshift also has an app, so if you want to download it, its available on Google Play Store and Apple Store.
Using Changelly to exchange cryptocurrencies
Just like Shapeshift, Changelly is a trustworthy website. It allows you to exchange all types of cryptocurrencies for a small transaction fee (just like Shapeshift). The only difference is that you need an account, which can be a bit annoying for some.
The first step is to visit Changelly. Then, you will need to make an account to be able to use the platform. Once you have created an account (very easy), you will go to changelly.com again and this will appear:
Now you probably know what to do. Place the amount of BTC (left side) you want to transfer into ETH (right side). It will the tell you the estimated time to complete the transaction (usually much less than 10 minutes) after you click exchange. You then place your wallet numbers (just as in Shapeshift). You place the origin (BTC wallet address) and the destination (ETH wallet address).
NOTE: In the case of Changelly, the transaction fee is 0.5% of the transaction.
After putting the addresses, a confirming page will appear with all the details of the transaction. You click confirm and the coins will be exchanged. A good thing about Changelly is that it has a Transaction history. This way you can see what you have exchanged in the past, which can be useful for some, and you will also have a “receipt” of all your transactions. (You will be only one that can access these details since that was the purpose of creating the account).
Check out the video tutorial if you need it:
Other Uses of Changelly
Unlike Shapeshift, Chengelly offers other options:
- Supports USD Tether (USDT).
- Buy Bitcoin using a credit/debit card. (It can be useful if you do no want to use coinbase.com to buy crypto coins, this way you have all you need in one place).
And as always…
Cryptocurrencies are the near future and I believe it will change the world as we know it. Start learning with me and the rest of the CoinNoob community!