Speaking of the reasons for exchanging one currency to another like BTC to ETH — it might be because one currency has more trading possibilities, has any significant features and maybe generally speaking people can exchange currency to expand their wallet portfolio. Taking ETH and BTC as an example — they’re both decentralized (yet not really, regarding Ethereum) cryptocurrencies. They both use blockchain technology, they’re traded using cryptocurrency exchange services and stored in different kinds of cryptocurrency wallets.
The growth of bitcoin in popularity gave the start for other cryptocurrencies — some were competing with it, yet some were exploring other mechanisms of encryption. They found different ways to apply something more than just transferring money using that technology. But the latter one has the potential to compete with bitcoin over time, just like it happened with Ethereum. Introduced in 2013 and launched in 2015, this currency can be viewed as a platform for smart contracts and decentralized applications and their management. It has its programming language that uses blockchain, therefore helping developers to create distributed applications. It also should be noted that cryptocurrencies can be exchanged one to another. Therefore it’s possible to convert Ethereum to Bitcoin using exchange platforms.
Ether value, just like Bitcoin value, is volatile. Therefore, it’s never static and changes quite rapidly, influencing not only the value itself but also exchange rates on different platforms. The latter topic and the topic of choosing the best crypto exchange is tackled in our How-to. However, some points can let a person understand, why does the price of the crypto change:
Another question that might be arising — are there any problematic places about anonymity and fees on those platforms? One thing that should be noted about exchanges is that anonymity can be compromised during exchanges. Of course, it’s less possible to de-anonymize transactions and the person who made them on an exchange platform. Yet there are some internal rules and safety measures that the platform takes to avoid fraud or any other abuse of the system. All of the transactions are viewed because of the blockchain, so there’s an extremely brief possibility that someone would exchange stolen currency or anything like that. Certainly, people don’t like having their data exposed to a million others. Just as much as they don’t like getting into really long and tedious situations with authorities, so a lot of people would get into anonymous or semi-anonymous exchange platforms. Even though every platform is willing to exchange and most likely does it according to their own rules (duh), they’re still considered to be — and registered in a country as — organizations and they do follow the law of the relevant country. The law might imply a need to take a closer look for any suspicious transaction, so it’s essential to choose an exchange platform considering this aspect.
In other words, people who trade Bitcoin have a short-term interest in it and are able to make money via selling the currency, while those who invest in it see the long-term potential of it, including growing rates that affect the value itself.
As it’s been discussed before every platform has its pricing on an exchange, just like their rate. Some platforms might tease newcomers with zero fees, yet if it’s too good to be true, then it’s highly possible that it’s not true. There are several ways to get the math right and to understand whether you will lose money investing with a certain platform and their hidden fees or won’t:
So, can those fees be called hidden? Some of them — yes, especially those that are hidden in higher rates. Yet it’s up to the person that wants to find a better place for investment and trading to find about those fees on a platform that they want to use and not to lose money while converting Bitcoin to Ethereum. Not every platform honestly and instantly tells its users about all of the fees that they have, but Swapzone allows users to see hidden fees. Swapzone also helps to decide to choose the best cryptocurrency exchange platform by acquiring offers from a range of partners and letting users choose the best exchange rates for them.
Swapzone accumulated all the convenience of a swapping service along with the best rate option and safety of the whole process of the exchange. There is no need using any supporting documentation, nor registration in the system.
To exchange Altcoins to Bitcoins with us is as simple as that: