It looks like you have got to know about the secret of changing Bitcoin into Monero for disappearing in cyberspace with your money.
For those of you who don’t know what I am talking about, here is the thing:
Bitcoin isn’t completely anonymous when you own and transact it. To supplement this lack of anonymity, many BTC users convert their bitcoins into Monero because Monero is completely anonymous. One cannot even know how much value was transacted between two parties, forget about their identities least.
However, I understand, your reason for exchanging or converting BTC to XMR might be something else. But whatever it is, you need to do this exchange with extreme caution because crypto transactions are irreversible, and with Monero’s anonymity, it becomes even more complicated.
So to help you out precisely with that we have come up with this step by step guide on converting your BTC into Monero in the least possible time with safety.
We have chosen, Changelly cryptocurrency swap service for this tutorial because it is one of the most user-friendly services to exchange one currency to another.
Let’s jump right into the step by step process:
How & Where To Exchange Bitcoin (BTC) To Monero (XMR)?
Step #1. Go to Changelly.com and sign-up using your email ID. You only require email ID for this, and no other documentation for KYC is required at this stage.
Step #2. Confirm about your sign-up if you receive any confirming mail from Changelly in your inbox. Ignore this step, if you don’t receive any confirmation mail.
Step #3. When logged in, you should see this screen where you can select XMR and BTC pairs as shown in the below image. Do mention the correct amount of BTC you want to exchange for XMR. Doing this will automatically show you the amount of XMR you will be receiving after the conversion is complete.
Note: In this example, I am exchanging 0.1 BTC for XMR.
Step #4. Here click on ‘Exchange Now’ option shown the above image. You can even change the amount of BTC you wish to exchange here too. You can also verify the exchange fee, the network fee, and the estimated time of exchange on the right side for this conversion.
Step #5. Click on the ‘Next Step’ button shown in the above image to see the below-shown screen. Here they will ask you for your Monero address. If you don’t have the Monero address, we suggest you choose a wallet from some of these best Monero wallets and get a Monero address for yourself.
This is the XMR address on which you will get your Monero coins in exchange for Bitcoin.
Step #6. After adding the Monero address, click on ‘Next Step’ button shown in the above image. Once you do that you will be shown details of your conversion such as XMR address, fees, time for conversion, etc. Verify the details intently on this page before moving forward for the actual exchange.
Step #7. Once you have checked all the details, click on ‘Confirm and make payment shown in the above screen.
You should see this screen now asking you to send the BTC first on a given address or QR code. Don’t worry; this is how it is supposed to work when you use Changelly. You need to provide the relevant currency first after which you receive the other currency. Take out your Bitcoin wallet and scan/put the shown address to send your bitcoins on it.
Note: You have 36 hours to send funds otherwise the transaction will be canceled automatically, but I suggest you send it ASAP before the exchange rate of BTC/XMR pair changes.
Step #8. As soon as you send your bitcoins to the shown address, you will start seeing this screen ‘Wait for exchange.’ It means your transaction is processing and will be confirmed by the Bitcoin blockchain soon. Usually, it takes 16 confirmations for depositing Bitcoin which can take up to an hour in case of congestion on the blockchain.
The swapping process itself happens almost instantaneously, but the blockchain network takes the rest of the time. Typically, the exchange comprises of these three stages:
- Getting confirmations
- Exchanging BTC to XMR
- Sending Monero to your wallet
Step #9. Wait with patience, and as soon as your conversion from BTC to XMR is completed, you will see this screen showing you all the details of the transaction.
You can also check your transaction details on the blockchain by clicking on ‘See transaction on blockchain’ button shown in the below image.
Congratulations, Tada….!!! You have done it
Conclusion: Is It like Sending Bitcoin To Monero?
Some people mistake this for sending Bitcoin to Monero network and think that its Monero’s blockchain that is doing the conversion for them.
But that’s far from reality.
In this conversion powered by Changelly, Changelly acts like mediators who facilitate the conversion of BTC to XMR. Moreover, Changelly is worth relying on such exchanges because it has made a name for itself doing the same fro last 5 years in this industry
So what are you thinking?
Note: We have used the example of BTC and XMR in this tutorial, but the process of converting any other currency to another one is the same, so feel free to try out Changelly for that too !!
If you liked this guide, please share it with your friends & family member who wishes to exchange BTC to Monero or vice versa !! Also, don’t forget to follow us on Twitter @themoneymonger for much such article’s updates
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.