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 peoples 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 Bitcoins 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 currencys 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 altcoins 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 doesnt 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
Procedure for Converting Bitcoin to Altcoin
Godex provides a simple approach to crypto-to-crypto conversion. To get started, follow the steps outlined below:
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 doesnt 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.
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How to Turn Bitcoin Into Altcoins - The African Exponent
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