Today, crypto traders and investors use different techniques and methods to achieve the desired level of anonymity in their transactions. However, when an individual is transacting Bitcoin, it is not entirely anonymous. Hence, to fill the space for anonymity, it is common for a lot of BTC traders and investors to convert BTC to ETH. The reason being that it allows them to be fully anonymous but this is not always the case. There might be other reasons for one to convert their coins and digital assets. Regardless of what the reason is, individuals have to be extremely cautious as these transactions are irreversible. This article will emphasize how to convert Bitcoin into Ethereum step by step.
How to exchange Bitcoin (BTC) to Ethereum (ETH)?
There can be multiple reasons for converting BTC to ETH, as both of these currencies have distinctive features and market values. However, platforms might charge extra fees like the Wallet fees, Network fees, and so on. These charges depend on the price movements of the desired currencies as well. Swapzone offers an exchange of BTC to ETH without any extra hidden charges, which makes the platform more reliable and user-friendly. The swapping service of Swapzone secures the exchange process, and the users do not have to provide any documentation or registration for using the system.
For exchanging BTC to ETH, users have to go to Swapzone, select the exchanging and acquiring currency in the Deposit and Receiving list respectively. By clicking on the Exchange button, the user can now enter the amount of BTC they desire to exchange, and they can also view the amount of ETH they will receive at the end. The user is also asked to enter the recipient and deposit address to proceed with the exchange. After the transaction is completed, the coins will be transferred to the account of the user.
Difference between Bitcoin and Ethereum
Even though both the cryptocurrencies are run by the basic means of distributed ledgers and cryptography, there are tonnes of reasons why BTC and ETH are different. For instance, executable code might be available for a transaction on Ethereum, however, information affixed to transactions via Bitcoin is only meant for keeping track. Another difference is block time, Ethereum takes a few seconds to confirm a transaction whereas bitcoin might take a bit longer. Additionally, Ethereum runs on ethash as compared to bitcoin which runs on SHA-256. Ethereum has the capacity and capability to influence all the industries of the world. But on the other side, BTC is far more popular and worthy at this point in time.
What is Ethereum?
Ethereum can be defined as an open-source blockchain system that is completely decentralized and has a cryptocurrency of its own, Ether. It works as a base for multiple different cryptos, including the working of executing a decentralized smart contract. In 2013, Ethereum was first given an in-depth explanation by Vayalik Buterin. The Ethereum network went into its working stage on 30 July 2015. Its vision is to empower the users, so they control their own data over distributing computing platforms.
What is Bitcoin?
Bitcoin, digitized money, is a cryptocurrency that is completely independent of banks and allows peer-to-peer transactions without the interference of any third party. It is entirely decentralized. This was the first type of cryptocurrency that was discussed by Wei Dai in 1998. Bitcoin went live on 3 January 2009. The increasing worth and value of Bitcoin have always been a driving force for attracting more people. It has provided an alternative mode of payment and transaction to the business community which raises its relevance to the global market.
Bitcoin or Ethereum: Which one is Better?
Ethereum is a platform that supports Bitcoin, and really should not be compared with Bitcoin. But Ether’s popularity has made it mandatory to compete against all the other cryptocurrencies, mainly the traders. For a long period, Ether has always been very close behind Bitcoin in terms of ranking the best cryptocurrency in the crypto market. However, it should not be disregarded that the ether ecosystem is not as big as bitcoin. Ether reached the market of almost $16 billion, whereas bitcoin is far ahead with nearly ten times more, set at $147 billion.
How do I exchange Bitcoin and Ethereum using 7b Crypto Broker?
Step 1: Open 7b, select the amount of BTC that has to be mixed, this will show the LTC that it will yield.
Step 2: Click ‘Start’ to proceed, if required, it is possible to change the amount here as well. Enter the Ethereum address. The exchange charges are very low.
Step 3: Click ‘Confirm’. It will show the details that have been entered for verification.
Step 4: Click ‘Start’ once all the information has been double-checked. Enter the BTC wallet address where the coins will be sent.
Step 5: the next thing that will be shown is a ‘transaction is confirmed’ pop-up message. Typically, this conversion requires three confirmations.
1. Getting confirmations
2. Exchanging BTC to ETH
3. Sending Ethereum to your wallet
Step 6: The last step is to wait. Once the conversion of BTC to ETH is completed, it will show all the details of the transaction.
Try the 7b crypto exchange app!
The 7b broker app takes the place of a broker. Many benefits come along with it such as efficiency and safety. This app fulfills all the requirements that a trader should look at while choosing a crypto broker. It has an extremely easy to use and user-friendly interface making it a more reliable platform in the market. Furthermore, being a mobile application, the 7b broker app can be easily accessed over smartphones in any part of the world with a stable internet connection, further adding to the feasibility of the users.
How to try it?
It is very easy to get started with the 7b broker app. All you need to do is to download the application from Google Play Store, and then make your own account by filling in the details. In the next step, you have to transfer the money into the account to make it fully functional. Now, you are good to go, as you can utilize all the features of the app without any inconvenience.