The world’s largest digital aggregator, CoinSwitch searches all the popular exchanges around the world and sorts the best ETH to BTC exchange rates for you.
One of the ways to get Bitcoin is trading which is simpler and the other way is by mining. However, the process of mining is difficult and the PoW algorithm only rewards the person who can solve the equation fastest. This means someone who has the most computational power will win. But, you can learn Bitcoin mining if you wish and get Bitcoin that way. For now, let’s focus on the easier method.
Before you begin you will need either a wallet that supports both Ethereum and Bitcoin or two separate wallets. Without a wallet, you will not be able to trade your ETH to BTC>
4 simple steps to trade your Ethereum to Bitcoin on CoinSwitch –
- Search for the exchange rate: Enter the amount of Ethereum you want to convert on the homepage and the right trading pair i.e. ETH<>BTC. The default rate displayed is the best rate. Currently, at the time of writing this 1 ETH = 0.019037 BTC.
- Choose the best offer: The best offer is marked ‘Recommend’ and other offers might have fixed price or other tags such as more reliable on it. Some exchanges have a minimum limit for transaction so you may want to take that into account. Also, based on your country some exchanges may be blocked and you will not be able to use them. You may want to choose an offer other than recommended offer if you have a preference or you want to avail of the fixed rate.
- Enter your wallet address: After you choose the best offer, you will need to input your Bitcoin wallet address. This starts with 1 followed by a string of letters and numbers. You will then have to send Ethereum to a wallet by scanning a QR Code. This wallet is held by CoinSwitch. Once this transfer is done, the actual conversion will begin.
- Conversion: It should not take more than 15 minutes for your Ethereum to be converted to Litecoin. You may have to wait a while if the blockchain speed is slow. You will get a transaction hash once the conversion is complete.
Resources: CoinSwitch recommends a list of secure wallets, blogs and guides on the crypto space. This makes the decision making process much easier if you’re on the fence about something.
Low transaction and withdrawal fees: CoinSwitch actually has low or no transaction fees as well as withdrawal fees.
Customer Service: CoinSwitch has 24×7 customer service which will solve your issue should you run into one.