How to Turn Bitcoin Into Altcoins
The current Bitcoin and altcoin global hype has seen unprecedented crypto adoption globally. More people are investing in these digital currencies, hoping to earn a fortune.
Bitcoin is most people’s entry coin. While you can make great profits with your BTC, most traders pick promising altcoins that can offer better gains soon enough. So, how do you convert Bitcoin into altcoins?
Here are important aspects to consider before proceeding with Bitcoin to altcoin conversion.
Deal With Price Fluctuations When Converting Bitcoin to Altcoins
Turning BTC to altcoins, such as Ethereum or Dogecoin, requires due diligence that goes beyond focusing on price charts at face value. Cryptocurrencies are highly speculative. Unlike fiat that is only highly volatile during the extreme crisis, crypto prices always fluctuate.
Price fluctuations can be a result of the value of an altcoin falling in relation to the USD due to a drop of interest, or people dumping it, or a rise in Bitcoin’s value.
The best approach to the price fluctuation between any BTC/altcoin pair is to check specific price movements and normalize them. You can do this by using a percentage of the base currency with regard to the same timeframe.
Mitigation of large digs or spikes in altcoins can be achieved by dividing the base currency’s percentage change. Alternatively, you can multiply the change in the value of altcoin by the change in volume. Then divide whatever you get by the altcoin’s change in volume (percentage).
Now that you have a glimpse of what to expect when converting Bitcoin to altcoins, choose a good platform. Today, some exchanges protect you from price fluctuations by offering fixed rates.
Godex.io has a cryptocurrency conversion calculator that allows you to transact crypto at a fixed rate. The exchange rate doesn’t change as you turn BTC to altcoins irrespective of price fluctuations. Even better, Godex has over 200 coins to pick from.
How to Convert Bitcoin to Altcoins on Godex
Choosing a platform to convert your Bitcoins into altcoins is not an easy task, especially with such a variety of services. An ideal exchange lets you carry out secure transactions anonymously and at the minimum cost possible.
Godex provides information on the price of Bitcoin and altcoins along with real-time exchange rates. Besides, traders on Godex can view trading volumes within the last 24 hours and conversion tables.
To convert Bitcoin into altcoins, you must perform thorough calculations. Fortunately, Godex is one of the most accurate crypto conversion services in the market.
Why Choose Godex
- Godex is all about anonymity. The platform does not require you to register or provide personal information.
- Fixed exchange rates ensure the coins calculated at the time of conversion is what will be received at the end of the transaction.
- Technical account support with responsive staff operating 24/7.
Procedure for Converting Bitcoin to Altcoin
Godex provides a simple approach to crypto-to-crypto conversion. To get started, follow the steps outlined below:
- Select your cryptocurrency pair. If you’re converting Bitcoin to Dogecoin, go to the ‘You Send’ box and select BTC from the list in the drop-down menu. Enter the amount of coins you wish to convert, then go to the ‘You get’ box to pick your altcoin of choice, in this case, Doge. Godex will calculate and display the amount of Doge you’ll receive. If you’re satisfied with the amount, continue by clicking on ‘Exchange.’
- Provide your wallet address. In the ‘Destination address’ insert your Dogecoin wallet address, then fill in the ‘Sender address.’ Click on ‘Exchange.’
- Wait for the deposit. Your BTC will be received by Godex and kick-start the processing of your altcoins. After a few minutes, Doge coins will be sent to your wallet.
- Transaction completed. Godex has a ‘Completed’ page where users can view Bitcoin/altcoin conversion history.
Conclusion
Converting Bitcoin into altcoins is a tedious process that requires a rigorous phase of research to get the most desirable exchange platform. You need to find a secure platform that guarantees your anonymity and doesn’t rip you off through huge transaction fees.
Besides, to avoid hopping from one exchange platform to the other, go for a service that offers multiple trading pairs with fixed conversion rates. This should allow you to convert BTC to an altcoin of your choice seamlessly.