There are a loterijlot of different cryptocurrencies around at the ogenblik. Of thesis, there are a few top-tier coins, such spil Bitcoin and Etherium. There are many, many others too.
Some of thesis other coins aim to be the superior coin. For example, Bitcoin Metselspecie has features that some voorwaarde make it a more useful coin than Bitcoin, and they suggest that everyone budge overheen to Bitcoin Contant instead of using Bitcoin. (It’s a heated argument, and not one I’m making a specific recommendation on!) Other coins are specialised, like Golem, designed to be for people to sell their computing power to others.
Regardless of the precies coins, you may want to convert your coins from one coin to another, or even just convert a little at a time. Doing this requires a way to exchange your coins. Most of the time, you do this by converting from your coin to Bitcoin, and then from Bitcoin to the other coin. Bitcoin is chosen due to its dominance ter the crypto-world, and its lighter to just have one conversion to bitcoin, than inbetween all possible coin-pairs. That said, some websites do provide other ongezouten coin-exchanges.
One such webstek is the exchange Binance, which permits you to convert inbetween coins on an open exchange. One thing to note is that Binance is an exchange, where you make an suggest of your coin and the price you want to sell or buy at. At that point, someone else needs to come along and fulfil that order. Spil an exchange, Binance records that “I want to sell Three Etherium for 0.125 Bitcoin”. Other people come through, accept that suggest and perform the trade. If you are selling for too much, your trade may not find a buyer!
Related video: How to claim your NEO GAS using the Neon Wallet
There are other services, like Shapeshift, that simply convert your coins, but they simply just set the price to whatever is needed to do the conversion (i.e. market price, which wij will use te a minute), or those services keep a cache of coins for conversion and determine their own price. This makes it nice and effortless to use, but it may not be the best price for you!
Ter the surplus of this lesson, I’ll go through the process of using Binance to convert coins from one type (Bitcoin – BTC) into another type (EOS). Every exchange will be slightly different, and ensure you are aware of the consequences of your steps before you take them. Reminisce, you are dealing with coins of value, and mistakes are often very hard or unlikely to undo. Take it leisurely and cautiously!
Sign up on Binance with an account. If you want to exchange large amounts, you will need to formally identify yourself, which you can do from your account settings, found on the top right of the screen. After you have registered, sign into Binance.
To exchange, you’ll need some initial coin. I recommend Bitcoin spil the initial coin spil there are more places to buy bitcoin. That said, Binance accepts many different coins.
Click the Funds option on the top navigation tapkast, and click Deposits Withdrawals . The spijskaart buffet is shown below.
This next screen shows all the coins that Binance can accept. Choose your deposit coin (i.e. the coin you already have) and click Deposit .
Te the screen below, I had some spare Litecoin and used that coin to deposit.
Copy your address and send the coin from your other wallet. I’m going to use Bitcoin, but be aware that it has high transaction fees compared to other coins. Check Binance’s list of coins, compare with what you have or can get, and find a coin that suits you.
Dual check the hash before sending, and also confirm you are sending the right coin. Spil an example, Bitcoin Metselspecie addresses look exactly like habitual Bitcoin addresses, and no error will be identified, but your money will not turn up! Check with a almacén accomplished if you are unassured – there are many coins that share similar address structures.
After your coins have arrived, you’ll have a listed oscilación ter Binance.
Click the Exchange button te the top spijskaart, then choose Basic .
On the right of the screen is a search caf. Te this buffet, come in the non-bitcoin coin you want to convert to or from.
I’ll do two trades ter this lesson. Very first, I’ll sell my LTC (Litecoin) for some BTC (Bitcoin), and then I’ll also trade Bitcoin for EOS. Very first, I inject LTC, and LTC/BTC comes up. Click that entry, and it shows the trades for this conversion.
At the bottom of the screen is a tabbed section with the options “Trade” or “Market”. If you want to set your price, select Trade. If you want to let the market determine, choose Market.
For this very first trade (LTC to BTC), I’ll choose Market, which uses the current price of the market. This means the price is set by finding an order that can fulfil your request to buy or sell, and then selecting that price. Sometimes this doesn’t toebijten (i.e. if the price drastically drops just spil you waterput your trade ter, or if you are trading a coin with no buyers at the ogenblik).
I want to trade all of my LTC for BTC, and therefore select the 100% option. If you have a specific amount to trade, you can come in that by hand, or select spil a percentage.
After making your order, if it wasgoed a Market order, it is usually performed pretty quickly. You can check by clicking Orders ter the top menukaart, and then Open Orders to seen any incomplete orders. If your order is not there, click Orders again and then Order History to see your order.
If you want to set your price, you need to use the Trade tabulator wij witnessed earlier. Click Exchange and Basic again to go to the basic exchange screen. Come in the non-bitcoin coin te the search spijskaart (I’m converting my bitcoin to EOS) and select the conversion.
The ticker will vertoning the current price. At the time of writing, the conversion wasgoed 1 EOS for 0.00015200 BTC. I’d like to buy if the price dips a little, so I set my price at 0.000145BTC. The order will not process straight away. Instead, it will likely sit ter the queue until people sell at higher prices. If the price drops to my offerande, someone may choose to sell their EOS for my price.
You need to come in the current price you are suggesting, spil well spil how many coins you are buying or selling at that price. Te my example, I want to buy Ten EOS and am willing to pay 0.000145 BTC vanaf EOS.
Related video: Binance Coin
You can see how hard it will be to sell at a given price by checking the depth chart. On the top right of the plot te the middle of the screen, select Depth . The depth chart highlights the cumulative orders at different prices. It has pointed to my price, and it shows all the buy orders that need to be fulfilled that are at higher prices ter green and to the right of my order. That’s a loterijlot of orders! Learning to read depth charts can give you a sense of how effortless or hard it will be to sell or buy at a given price.
That’s it on exchanging coins. If you use our referral linksaf to Binance above, half of your transaction fees to to the webpagina, helping us stay up and with fresh content coming regularly. On top of that, it doesn’t cost you any more than usual to do your transactions!
Published: November 02, by dataPipeline