Depending on where you live, it can sometimes just be much easier to buy Bitcoin directly and then convert it into Ethereum. This can put up certain roadblocks for new cryptocurrency users, maybe they are very interested in an Ethereum blockchain based project and ready to participate in a promising ICO but are thrown off by the hoops they have to jump through just to buy their first ETH.
Today I wanted to have a quick look at the Changelly platform and show you how easy it is to turn BTC into ETH. Nothing to worry about! The Changelly platform does all the hard work for you and finds the best available rate on the market, for a little fee.
First you are going set up an account, just click the Sign Up button on the top right and enter an email. Changelly recommends you leave a valid email, so if anything goes wrong they have a way to contact you.
Once you are logged in you will find the main dashboard section, which provides you with a breakdown of all your transactions. The important part is the section at the top that lets you select which cryptocurrencies you want to exchange and how much. For example, as of the time of writing this tutorial, if I exchanged 1 BTC via Changelly I would receive 12.438495 ETH.
- Once you have set up the amount, click Exchange and you will be provided with a summary for the transfer, if you are happy click Next
- Here you will need to enter where you wish to receive the ETH, your Ethereum wallet address. Again you simply click Next to proceed.
- Changelly will provide you with another summary, make sure all the details are correct and click Confirm and make payment.
- On the next screen, you will be told the address where you need to send your BTC, you will have the full wallet address and the QR code. For the process to work correctly make sure you send the whole amount in one transaction.
- Once your Bitcoin transaction is confirmed, the exchange process will start and you will receive your Ethereum. Once completed you will be redirected to a confirmation page that provides you with a full summary. It will look something like this:
And there you go, it was that simple, remember that Bitcoin transactions can take up to an hour to confirm so do factor that in when planning to use Changelly. Do not panic that you do not receive your Ethereum straight away.
If you do need ETH very quickly, as in immediately, then it may be better to use a peer2peer exchange like LocalEthereum, which we have also wrote a guide about here.
Now please excuse me, I have some fresh ETH to send to our...