Cryptocurrencies are taking the world by storm. No one imagined that something that was valueless a decade a go can be this valuable now. The value of bitcoin (BTC) rapidly increased, paving the way for other digital currencies like Litecoin, Ethereum, Monero (XMR), and so many others to be introduced.
Right now, there are several digital currencies on the market, but converting them to cash is a huge challenge. As a result, these digital currencies have to be first converted to popular cryptocurrencies like BTC, which can then easily be converted to cash. For instance, you have to convert XMR to BTC if you want to cash it out.
You might wonder why someone might opt to trade with XMR when it requires a long process for you to convert it to cash. However, XMR offers some advantages that you cannot find with BTC trading. For instance, XMR trading offers complete anonymity as opposed to Bitcoin where some of your personal details can be accessed.
So how can you convert XMR to BTC? In this article, we share tips that can guide you.
Here is how to convert XMR to BTC in four easy steps:
Choose the cryptocurrency
Most crypto exchanges allow you to trade with various digital currencies of your own choosing and some of these cryptocurrencies can be traded with other cryptocurrencies. It is therefore critical to select a crypto exchange that allows to convert one digital currency to another. You can try these out if you are looking for crypto exchanges where you can convert XMR to BTC. Before signing up with a crypto exchange, check whether it supports the digital currencies you want to trade with.
You can convert XMR to BTC and several other cryptocurrencies like Ethereum, so you have to first choose the digital currency you want to convert your XMR to. In this case, you will select bitcoin. You will then enter the number of BTCs you want to trade and the number of XMR coins required will be shown. You can then adjust the number if needed then select next.
Enter the address of the recipient
To convert XMR to BTC, you first need a cryptocurrency wallet. If you do not have a wallet yet, most crypto exchange sites will direct you on how you can sign up with one that supports BTC. You can then enter the address of your wallet and your XMR coins will be converted to BTC and transferred to your wallet. You will then select the next option.
Confirm the transaction
This is a crucial step because this is where you check the details of the transactions you have entered to ascertain whether they are correct. The details you need to pay close attention to is the address of your wallet as this is where your BTC will be transferred to. You can then proceed and press confirm once you are sure the details are correct.
The converted BTC coins will be then deposited to your wallet. Depositing can be done manually or using a QR code provided by several exchanges. Once you have BTC in your wallet, you can decide to hold until a suitable time for selling arrives or immediately convert them for cash.