Description: In this article you can find information about Stellar and Bitcoin cryptocurrencies, and how to exchange one for another.
Can I Convert Stellar to Bitcoin?
Do you know what is one of the best things about modern cryptocurrencies? You can not only purchase them easily, but also exchange them without any problem. Thanks to the development of modern online exchange services, you can complete any exchange, no matter the cryptocurrencies, in several minutes.
Some of these services, such as Godex, are anonymous, which makes it even better for those who do not like to share their private information.
Can you convert Stellar to Bitcoin in a few minutes and without registration here? Sure, why not! You can convert any cryptocurrency you desire to another one. It is possible, because more than 100 cryptocurrencies are available for exchange, buying or selling every minute of every day on Godex.
In this article, you will find out not only how to exchange cryptocoins with Godex, but also why you need to do it, and how the exchange process differs from the fiat money exchange.
Why do people convert cryptocurrencies?
As a crypto trader or a financier, you may say that converting cryptocurrencies one to another is about gaining profit. You invest in what you consider will lead to gaining profit in the foreseeable future. Certainly, gaining profit is important, but still there are some other reasons you may take into consideration while thinking about cryptocurrencies’ conversion.
When you decide to exchange one cryptocurrency to another, you should ask yourself several questions, such as:
- What are you going to do with new cryptocoins? Are you going to resell them in time or use them for your everyday life?
- Why do you need to exchange your cryptocoins? Did they lose financial value, or did they currently gain it?
- How fast do you want to gain profit? Some cryptocurrencies have high volatility, which means that buying and selling them in the same day can already guarantee you some profit.
Is It the Same as Paper Money Exchange?
It is a well-known fact that the whole concept of cryptomoney was based on the structure of fiat money. The biggest difference between the two of them is the fact that they have different goals of existence.
The main goal of paper money everyone uses every day is to make the world economy work. Every modern currency is strongly connected to gold. Such a system works according to the gold standard concept. The main essence of it is simple — the more gold the country has, the more valuable its currency is.
When the first cryptocurrencies appeared, their creators set a clear goal of their existence — make money more digital and upgrade the world’s financial system. The essence of such a currency was also to stop using the gold standard, which was considered as too old-fashioned.
Converting cryptocoins one to another is quite similar to exchanging one fiat currency to another. However, there is one significant difference. To complete a regular money exchange, you usually need to find a special center that can exchange one currency to another, based on an exchange rate. During cryptocurrencies conversion you don’t need to go anywhere, just choose the online service with the best rate and the lowest fees.
How to Exchange Stellar to Bitcoin
When you decide to convert xlm to btc with Godex.io, you need to complete several easy steps:
- Step 1. Go to Godex.io.
- Step 2. Choose Stellar as a cryptocurrency you want to exchange in the left field.
- Step 3. Choose Bitcoin as a cryptocurrency you want to buy in the right field.
- Step 4. Write the amount of coins you want to exchange. You can write the amount in just one field, and the service will automatically calculate the amount of coins in the second field, based on an exchange rate.
- Step 5. Push the “Exchange” button.
- Step 6. Enter your Stellar and Bitcoin wallet addresses.
- Step 7. Verify the data and click “Exchange” again.
- Step 8. Send your coins to the deposit address generated by Godex and let it do its work.
- Step 9. Your exchange is complete, and you can check its status on the “Completed” page.
Important fact: you don’t need to create an account or verify your identity to buy or convert any cryptocurrency to another. Godex does not collect personal information of users, because they value your privacy and anonymity.
While exchanging, you need to remember that it is not always possible to gain extra profit from the transaction. Sometimes the market changes too fast, and you may not be able to adapt at the same speed. That is why, you should always keep in mind the reason why you exchange one cryptocurrency for another, and what you wish to gain doing so.