The number of people who trade Bitcoins has increased. Later, with more advanced technology and smarter, fast transaction capabilities, there are many other cryptocurrencies which have entered the market. Even though the list is always emerging, the most popular among those are Ethereum and Litecoin, while the others are Zcash, Dash, Ripple and many more. Gemini and Poloniex are two other fairly prominent bitcoin exchanges that let you trade for ethereum, while Kraken also offers Dash and Ripple. Trade fees vary from exchange to exchange. About Blocktane. Easy Blocktane offers the simplest way to buy Bitcoins and other cryptocurrencies. Any first time user can buy their digital assets with a simple click. Seasoned traders have a robust, high performance platform with more features constantly being added.
Trade bitcoin and other cryptocurrenciesThe 10 Most Important Cryptocurrencies Other Than Bitcoin
Dash — Another older cryptocurrency formerly known as Darkcoin, Dash is built on the same framework as bitcoin, but fixes some its glaring issues. Other currencies potentially worth considering are Monero, ZCash, and Ripple, but as with all cryptocurrency investments, do your research first and be aware that very few represent a stable investment. For a look at how all of these currencies are trading at any one time, live trackers like LiveCoinWatch and CryptoCompare can keep you abreast of the situation.
The most automated and hands-off method for trading bitcoin for another cryptocurrency is through an established exchange. Some may not offer trades for the cryptocurrency you are interested in, or provide wallets for that particular currency. For a look at all of the many options available to you, Bitcoin.
That said, here are a couple of popular options and the steps you need to take to trade currencies on them. The main trading page features live trackers for the major currencies traded on the site.
It is unlikely to be instantaneous, but it should be complete within a 24 hour period, especially if you are buying at market value. There are a few more advanced features that you can play with if you want, but they go beyond the scope of this introductory guide. ShapeShift technically operates as an exchange, though it fits more of a middle ground between something like Coinbase and the more direct trade platforms.
The important point to note with ShapeShift though, is that it does not deal in fiat currencies like USD. That means you will need to go somewhere else to buy or sell cryptocurrencies, but it makes it perfect for trading one cryptocurrency for another. The next screen will give you a wallet address to deposit your bitcoin into. Although transactions are typically fast on ShapeShift, it, like other exchanges methods, is susceptible to market traffic, so may take longer to make the trade at busier times.
Much like when it comes to selling your bitcoin or other cryptocurrencies, if you would rather take a more direct role in the sale process, direct trades or peer to peer transfers are preferable. They do require you to be on-hand to make the transaction yourself, but you have a much firmer grasp of the price being negotiated and the eventual time and point of sale. Since direct trades have a set price and you deal directly with your fellow trader, the process is slower and arguably more susceptible to fluctuations in value.
That can mean you get a better deal, but it might not. Although Paxful can be used to trade bitcoins for cash, gift cards, and bank transferred funds, it can also trade one cryptocurrency for another. It supports Litecoin, Dash, Ethereum, and more — check the full list to see if the coins you want are supported. All cryptocurrencies are held in escrow so everyone walks away happy from a trade and it can be completed safely.
For those a little uncertain about the process, Paxful offers its own support system to help you if you run into any problems. LocalBitcoins is primarily aimed at buying and selling bitcoin, but it does also support Ethereum at the time of writing.
You trade instead in the value of bitcoin, going short betting the price will go down or going long betting the price will rise. People who have succeeded using CFDs have often done so because they traded on the margin, paying a small margin requirement for full value.
Should your instinct pay off and bitcoin's price goes the way you thought it would, that could mean a hefty return from that initial investment. But you'd better be right; the increased leverage of a small margin means that losses can become far more than that first investment. Another important aspect of CFDs: They are done through brokers.
You'll need to make sure you're working with a respected and trustworthy broker - one that can actually pay you should you be owed money. Trading bitcoin via CFDs is incredibly risky - even by bitcoin's usual standards of risk. The wrong move can turn into a crushing loss very quickly. With CFDs posing such a risk, some may just decide it's better to own your own bitcoins. And those looking to trade it like stocks still have plenty of options.
Bitcoin is nearly a decade old now, and in its wake are hundreds, if not thousands of other cryptocurrencies that have sprung up in an attempt to compete with it. Some competitors have become mainstays in cryptocurrency news, but none have yet matched bitcoin's value. If you think cryptocurrencies are the future, or are even just fascinated by one or two particular ones, there are ways to trade in some of your bitcoins for them.
You'll need to make sure you have the right bitcoin wallets and use the right bitcoin exchanges, depending on which cryptocurrencies you're choosing; they're not all as universal across exchanges as bitcoin. In previous bitcoin articles, we've discussed other popular cryptocurrencies that one might look to invest in as well, such as Ethereum, Ripple and Litecoin.
There are other highly valued cryptos out there, like Bitcoin Cash and Dash each of which boast a much faster transaction time than bitcoin , that can be considered. Bitcoin owners who use Coinbase as their wallet use Coinbase's own exchange, GDAX, to buy and sell their cryptocurrencies. Go to GDAX and login with your information. On the left side of the page are the options for Market, Limit, and Stop.
Entering the amount of BTC you want to spend for Market and pressing Buy allows for an immediate purchase at current market prices. Limit tries to order at the specified price or better. A Stop order becomes active after a specified price is reached, and you have the option for it to be a market order or limit order. It actually offers far more cryptocurrencies to trade for - dozens of them, in fact. Bitfinex also offers several more options for your orders, such as OCO, aka One Cancels Other - placing a pair of orders with the understanding that if one order is completed the other is immediately canceled.
Gemini and Poloniex are two other fairly prominent bitcoin exchanges that let you trade for ethereum, while Kraken also offers Dash and Ripple. Trade fees vary from exchange to exchange. As always, none of these are recommendations for bitcoin exchanges to use, merely lists of known ones.
Research the success and security of any exchange you're interested in; many have been hacked before. Depending on which wallet you have and which currency you want to trade, you may need to first move your bitcoins to a different wallet.
It's a little annoying, but not as inconvenient as you might assume. Coinbase allows for transfers both on desktop and via your phone. On mobile, you can also use your other wallet's QR code to send bitcoins. Maybe when you mean you want to trade bitcoins, you just want to trade them away. You think it has peaked and you're never going to get a better investment, or you think you may as well pull out now before the losses get worse. Or maybe it's just stressful to watch bitcoin shoot up and crash down constantly and just want to use money again.
Whatever the reason may be, selling bitcoins isn't difficult. Many of the ways you bought bitcoin double as a place where you can sell it. All the exchanges mentioned above will let you sell bitcoin as well. Select where you want your money deposited to; often this is a bank account you already linked to the wallet when you first signed up. The time it will take for the funds to find their way to your bank account will depend on how long it takes for a sale to go through and how busy the exchange is when processing.
Direct trading websites like LocalBitcoins and Paxful connect buyer and seller directly without any additional third parties.
The buyer deposits money into the seller's bank account and, upon showing proof, the seller can send the bitcoins from their wallet to the buyer's. Some direct trading sites offer other methods of paying or accepting money, including gift cards and gift card codes, PayPal and Venmo.