In a previous tutorial I showed you how you can easily purchase and earn Bitcoins directly from your computer. Now that you own a Bitcoin or two, I will show you how to turn them into other popular crypto-coins like Dogecoin or Litecoin and more.
Why would you want to convert your coins into other currency?
- Well, the future of Bitcoin is unknown, and it might be wise to diversify.
- The price of Bitcoin has also hit a standstill. Changing to a coin that has more movement might give you a better chance at increasing your profits.
Litecoin has always been number two to Bitcoin. It is relatively stable at the moment, but it has never really taken off like Bitcoin. Dogecoin on the other hand is a newer coin that has potential to go a lot higher. With all coins though, there is a chance that the bottom could fall out.
Converting your Bitcoin into one of these other coins is easily done with an exchange like Cryptsy. Cryptsy has 153 active markets that you can use to change your coins into any of the most popular crypto-coins out there right now, and they continue to add to their list.
Once signed up to Cryptsy all you have to do is head over to the Balances tab and deposit the amount of BTC you wish to convert. You can send it directly from your Coinbase account to your Cryptsy account. After the transfer has been verified, you can head over to the Trade tab and start trading.
The DOGE/BTC market allows you to trade between the two currencies. Similarly, you can trade between Dogecoin and Litecoin at the DOGE/LTC market.
Once you are in the correct Market you can set up a Buy order. You will enter the amount of the coin you want to buy, and the price you want to pay. If you enter a price that is too high though, you probably wont find someone that wants to pay that price. Cryptsy lists the current Buy/Sell Order prices, and that is a good place to start.
If you want the coins for a long term investment, I suggest you transfer them out of your Cryptsy account and into your personal wallet. You can get a personal wallet by downloading the wallet program for the coin you are using.
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