Once you have a Coin wallet set up it's highly likely you will have seen a few more Youtube clips and started to get a little more excited about this space!
The next question most people ask is, why would you want to change one coin to another?
To answer this you need to understand the evolution of Cryptocurrency and the BlockChain space. As mentioned in a prior article, the BlockChain is about decentralization of control and power. It started with the creation of Bitcion and since then has moved into other areas where decetralization is more efficient and effective than centralization. As a general overview Cryptocurrencies will fall into these categories:
Coins - for the main purpose of payments and a long term store of decentrlizaed wealth. The grandfather in this space being Bitcoin and then littlerlly hunderds of others that are forks, or variants of this that solve problems that Bitcoin missed. Within this space there are coins created specifically for a few different categories - privacy (i.e. Dash and Monero), micro payments (Dogecoin and Reddcoin), then simply fun such as gamling and gamer coins (GameCredits, MobileGo)
Contracts - this is a relatively new space, but Ethereum is leading the charge here. Ethereum is the platform in which other companies can build on top of for decentrlizaed contracts. This could be companys that want to sell property, cars, business deals, corporate governence and more!
Power, bandwidth and memory - as the blockchain is decentralized it makes it ideal for a business to start that enables sharing of latent assets, such as power, bandwidth and computer memory. This is releatively the newest wave of offerings on the blockchain and interesting projects are Golem and NEM
Coins that underpin a service - again this is a very new phenmonon in this pace however blockchain technologies such as Humaniq and TokenCard, have created their own coins/ tokens to support the development of their platforms and infrasturucture and users are paid out over time
This is not an exhaustive list, rather a breif cap and overview of what is out there and why someone may want to change a coin from one to another.
So to get this done there is a simple platform called Changelly https://changelly.com?ref_id=b83f5b1a4dc5
Changelly works by inputting a coin that you have and then choosing a coin that you would like to convert it to. Here is an example:
In order to complete the transaction you will need:
To have a coin wallet with the amount of coins you want to change - this the example above 1.5 Bitcoin (BTC)
You will need to have a destination wallet set up. Again in this case you will need a coinwallet that can hold Ethereum (ETH)
Your done!
The Changelly platform is intuative and you can follow a step by step process to convert coins. There is a fee, so take that into consideration when making transfers.
Enjoy the ride - KTB
Well done @knowtheblock! Changelly fee is just 0.5% of your transaction. There is another very good exchange known as shapeshift https://shapeshift.io/#/coins . To use shapeshift, you don't need to register. Summarily, both exchanges are good, but it's always good to have options. I see you are new. A very warm welcome to steemit. STEEM ON!
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Thanks, @maryfavour - I haven't used Shapeshift yet, but have heard lots about it so I'll give it a crack next time round.
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When I need to swap any cryptocurrency I used ChangeNOW. It swaps crypto very fast & free Custody. You can check out here for more details: https://changenow.io/
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