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The rapid development of cryptocurrencies has changed the world of finance forever, making possible things that were hard to imagine before, like instant cross-border exchanges.
Despite the creation of thousands of crypto projects, Bitcoin and Ethereum hold their leading positions firmly. As this sphere continues to develop, users often wonder how to swap BTC to ETH to make the most out of their investment strategies.
Below you will find a guide on how to convert Bitcoin to Ethereum.
What is Bitcoin (BTC)?
The very first (and currently largest) cryptocurrency appeared in 2009. Bitcoin leverages peer-to-peer technology to function independently of any regulatory authority. Network participants collectively manage transaction processing and issuance. As an open-source system, Bitcoin’s architecture is transparent and accessible to everyone, with no single entity owning or controlling it. Anyone can join the network. Bitcoin’s distinctive features unlock new possibilities that no previous payment system has offered.
What is Ethereum (ETH)?
Ethereum is a global software platform launched in 2015 that harnesses the power of blockchain technology. Celebrated by investors for its native cryptocurrency, Ether, and prized by developers for its capabilities in building blockchain applications and decentralized finance, Ethereum stands out in the digital landscape. Open to all, it offers a scalable, programmable, secure, and decentralized environment for creating innovative digital solutions.
Why Do Users Swap BTC for ETH?
Here’s why users want to know how to convert Bitcoin to Ethereum:
- Enhanced utility. Ethereum gives developers smart contract capabilities that allow creating many kinds of applications, from DeFi services to NFTs.
- Faster and cheaper transactions. Ethereum is more suitable for frequent or smaller transactions, even though we have to note that there are other blockchains with even cheaper transactions.
- Investment diversification. Holding both BTC and ETH can enhance a portfolio’s resilience against volatility.
- Engagement with Ethereum-based projects.
Benefits of exchanging BTC to ETH
Swapping the two cryptocurrencies can bring a lot of value to users:
- Diverse ecosystem. There are lots of dApps and other projects on Ethereum which gives numerous opportunities for earning and investing.
- Transaction efficiency. Despite occasional congestion, Ethereum still typically provides faster transaction times than Bitcoin..
- Lower fees. Although there are cheaper solutions than Ethereum, its fees are usually more affordable than Bitcoin’s.
- Programmable transactions. Ethereum’s smart contracts can be used for many applications, from automated trading to decentralized insurance.
Where to Swap BTC for ETH?
Since we are talking about two biggest crypto projects here, finding where to swap them is not a problem. Those interested can use cryptocurrency exchanges, decentralized exchanges, and atomic swaps.
If you would like to know how to swap BTC to ETH with no hustle, SimpleSwap is a great option. It is a non-custodial exchange which offers 1500+ cryptocurrencies and boasts some of the most affordable rates. The service does not require sign-up and it is very beginner-friendly.
How to Swap BTC for ETH: Bitcoin to Ethereum Swapping Guide
Let’s see how to change BTC to ETH on the SimpleSwap platform:
- Choose your crypto pair. Start by selecting the cryptocurrencies you would like to swap. In the first field (the crypto that you would like to exchange), choose BTC and specify the amount you wish to convert. Then select ETH as the cryptocurrency you would like to get. Click the “Exchange” button.
- Enter the address of the recipient. Provide the address where the ETH coins will be sent. Double-check to ensure the address is correct to avoid any loss of funds. Proceed with the exchange.
- Send the deposit. Verify the provided deposit address on the exchange page, and send the specified amount of BTC to this address.
- Wait for the exchange to complete. After your BTC deposit is confirmed, the platform will complete the swap. This step may take some time. As soon as the exchange is successfully finished, ETH will be sent to the address you have specified.
How the exchange (swap) process looks like
If you would like to see how to exchange BTC to ETH in more detail, here is the demonstration. If you would like to swap other cryptocurrencies on SimpleSwap, you can do so the exact same way.
The Bottom Line
Hopefully, this article answered all of your questions in terms of how to transfer BTC to ETH. Both cryptocurrencies hold very strong positions, all the while having very different capabilities and use cases. Having both of them in a crypto portfolio is generally considered a smart move due to the many benefits that such diversity can bring. For that reason it is essential to know how to exchange both coins. Using such services as SimpleSwap makes this process fast and easy for both beginners and experienced crypto enthusiasts.
This article does not contain any financial advice. Please remember that investing in crypto can be risky due to the constant fluctuation on the market and lack of regulation. Always do a thorough research before investing in any cryptocurrency to make sure your decisions are well-informed.
The post How To Convert (Swap) Bitcoin (BTC) To Ethereum (ETH) appeared first on Naija News.
