What is the most efficient way to convert cryptocurrency?

The cryptocurrency industry has gone through many changes over the past few years. New tools that change the lives of investors and traders appear on the market every day.

All these factors increase the interest of new participants in the digital coin market. The industry is developing at a very fast pace and does not seem to slow down so far. It is actively discussed in the media, and some experts claim it won't be very long before crypto money completely replace traditional money.

Either way, now it’s the right time for learning how to buy cryptocurrency. Moreover, it only seems to be a big deal. You will find out proven ways to buy a cryptocurrency for a beginner in this article.

Crypto wallet

To exchange crypto coins you should acquire your own cryptocurrency wallet. Purchasing a cryptocurrency, you purchase the right to use it, as neither bitcoins nor ethereum physically exists and all operations for swapping cryptocurrency are transaction records fixed in the blockchain.

So, while managing your cryptocurrency account, you are managing records and keys, which you need to hold somewhere. Neither card nor electronic wallet or bank account will be good for it — you only need a special cryptocurrency wallet. They are different and each is suitable for a specific task. To buy a cryptocurrency and “forget” about it for years, choose a hardware wallet. For frequent transactions choose a hot (desktop or online) wallet. To make money on rate fluctuations, use cryptocurrency exchanges.

Buy cryptocurrency on centralized exchanges

Perhaps it is the most common way to buy cryptocurrencies. But it requires registration to use the functionality of such sites. Once registered, you are to verify your identity, it will help remove the restrictions. Verification can take several days.

Go to the trading section to proceed to the process of buying the currencies. Each site has slightly different functionality, but the toolkit remains similar. A list of cryptocurrency pairs available on the exchange is placed in the upper right corner of the home page. Large platforms provide about 100 popular coins for trading. Select the cryptocurrency you want to buy and open its chart.

To buy Ethereum, select the ETH/BTC pair in the upper right corner. This means that you are buying Ethereum with Bitcoin, and not vice versa. To date, the rate of 1 BTC to ETH is 23.96.

There are windows for placing deals below the chart. If you want to purchase, a window on the left "Buy ETH" is for you. Choose the "Market" tab and enter the number of coins to buy.

Buying cryptocurrencies on decentralized exchanges

If you find it challenging to handle with a centralized exchange, but need to quickly convert cryptocurrencies, then chose decentralized exchanges. You don’t need to register. Also, the conversion takes place in a few minutes.

Godex.io is one of these sites. Its interface is simple and user-friendly. To exchange BTC to ETH, use the cryptocurrency calculator, located on the main page of the Godex.io website. The process consists of a few simple steps:

1. Select the cryptocurrency pair;
2. Indicate the required amount to swap;
3. Specify the wallet for the coins to arrive;
4. Pay for the application.

It appears to be much simpler and faster to swap coins on decentralized platforms compared to centralized ones. Make sure you indicated the correct wallet address. Otherwise, you risk losing the coins. Cryptocurrency transactions cannot be canceled or returned. So be careful and always double-check your wallet address.

Conclusion

Hopefully, this article was helpful and now you will convert cryptocurrencies easily, quickly, and inexpensively. If you value anonymity, decentralized services are the best choice for you.