Converting between Altcoins/Bitcoins

Jombitt

full member

Activity: 294

Merit: 100

Quote from: dveddfe on January 05, 2018, 03:02:19 AM

How do you convert from LTC/BTC back to USD?

Also, if you go from LTC/BTC and you want to buy NEO, do you sell to USD and then buy NEO/BTC.

This cross crypto is confusing. Any help would be thankful

in an exchange there is a usdt, that is an equivalent of usd. Its value is fix so if you want to make a short trade, you can convert it to usdt. You can all see it in an exchange website, a pair of coin trade, example is btc/bch or btc/eth trading.

wagi

full member

Activity: 196

Merit: 100

As i know, if you want to buy any altcoin like you said Neo, actually you can etherium or bitcoin or usd/usdt.
Its not confusing if you already do it everyday. Its easier compare to forex or other trading.

oegarod

sr. member

Activity: 602

Merit: 252

There are lot many exchanges to support with such services of conversion between assets. Probably if you go with the amount that's been quoted by the particular exchange then the conversion will be taking place in a much shorter time period. Same takes time when we quote a price based on the market.

dveddfe

newbie

Activity: 18

Merit: 0

I use Coinbase and Poloniex. I fund my coinbase and then I transfer to poloniex since Coinbase doesn't have many coins.

So I buy LTC/BTC on Poloniex, that's easy. To sell, I sell LTC/BTC. Which currency do I own now? I want to convert back to USD. Do I sell from BTC/USD?

Next, I want to trade NXT/BTC. So I buy NXT/BTC, that's easy. I sell NXT/BTC. How do I convert this back to USD?

Do I need to go back to USD or can I trade from LTC/BTC then to NXT/BTC? Is this even possible to go from XX/BTC to XX/BTC without jumping back to USD?

Sorry if this seems a stupid question.

DanielRR1997

member

Activity: 196

Merit: 14

Certain coins are just scams and - more or less - useless. However, if you have other altcoins such as Dash, Ripple, Litecoin, Dogecoin, etc.., there are usually several ways to convert to ETH or BTC.

Poloniex, GateHub, GDAX, amongst others are all solid means of doing so. And if you had another type of currency not supported on these platforms, why not just liquidate it for cash, and invest that cash into whichever currency you had in mind? Percentage fees are usually very small, and this gives you freedom and flexibility to put the money wherever you want it.

Best of luck!

Beerwizzard

full member

Activity: 924

Merit: 148

Tbh mostly it depends on where you live. For example you can try to use coinbase but some cointries (like mine) are not eligable for it. If crypto exchange have an option of fiat withdrawal then there is a high chance thay you will have to deal with KYC bullshit (which can take a while) and ofc they have their own restrictions. You can also try to use any payment system that use bitpay for funding your account but you should still read their ToS carefully.
The safest way to exchange BTC to fiat is to trade it face to face via localbitcoins.

hugeblack

legendary

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Quote from: dveddfe on January 05, 2018, 03:02:19 AM

How do you convert from LTC/BTC back to USD?

Also, if you go from LTC/BTC and you want to buy NEO, do you sell to USD and then buy NEO/BTC.

This cross crypto is confusing. Any help would be thankful

you can use many exchange sites or platforms, I use this many times https://www.gdax.com.
also recommended this exodus wallet. they ask you a high fee for bitcoin but better with other altcoins.
the cheapest way is exchange service here.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

However, if I own LTC/BTC and I want to go back to USD, how would I do that?

Hit the market LTC/BTC > USD trades

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

How would I go from LTC/BTC to NEO/BTC?

Assuming you now have your LTC/BTC then hit the market NEO/BTC

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

Also, can I purchase more coins by going LTC/BTC instead of LTC/USD?

Yes you can. Actually it's up to you where you think you are comfortable with.

Note: This will depend on a trading platform you are using. It must have BTC>NEO , LTC>NEO , etc etc so that you can do a direct trades. So yes, like the other responders here says, please tell us the trading platform you are using if you want a spoonfeed tutorial.

error08

hero member

Activity: 1036

Merit: 514

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

However, if I own LTC/BTC and I want to go back to USD, how would I do that?
How would I go from LTC/BTC to NEO/BTC?

1. Which exchange do you use to trade?
You can easily to sell LTC/BTC for USD, do you need step by step guide to do this? answer my first question.

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

Also, can I purchase more coins by going LTC/BTC instead of LTC/USD?

Yes, you can do this obviously. Most exchanges allows customers to purchase more coins using LTC/BTC, it's easy to do.
it seems you just have a problem to recognize the way to trade bitcoin and altcoins, which makes me wonder what kind of exchange do you use?

Herlina

full member

Activity: 406

Merit: 101

Decentralized Digital Billboards

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

However, if I own LTC/BTC and I want to go back to USD, how would I do that?

Use an exchange that supports LTC or BTC exchanged to USD

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

How would I go from LTC/BTC to NEO/BTC?

Sell your LTC to BTC then exchange your BTC to NEO

Quote from: dveddfe on January 05, 2018, 08:21:49 AM

Also, can I purchase more coins by going LTC/BTC instead of LTC/USD?

Buy more Altcoin or buy lots of Litecoin?

dveddfe

newbie

Activity: 18

Merit: 0

Thank you for your responses.

I understand how to purchase coins. I'm not asking how to buy alt coins or bitcoins on an exchange, respectfully.

However, if I own LTC/BTC and I want to go back to USD, how would I do that?
How would I go from LTC/BTC to NEO/BTC?

I'm missing this concept.

Also, can I purchase more coins by going LTC/BTC instead of LTC/USD?

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

There are many exchanges out there like Bittrex, yobit, poloniex, bitstamp, binance, bitfinex, hitbtc etc... which are the trading platforms for many traders. You just have to open an account with them which is free of cost and then deposit your coins there. You can buy any altcoin with BTC. Many of these websites/exchanges have multiple pairs to trade coins so that we can buy other coins with those pairs.
Note that there are no fees for deposit but they charge some fees for withdrawals.

ganlianshifu1

member

Activity: 392

Merit: 10

Can go to a trading platform, can use the dollar to buy any currency you want, of course is to charge a fee, the freedom to buy and sell all kinds of currency trading platform, also can put your wallet local currency trading platform, to extract from trading platform, deposit the money to your local wallet, but all have poundage!

nioctiB#1

full member

Activity: 308

Merit: 100

Quote from: dveddfe on January 05, 2018, 03:02:19 AM

How do you convert from LTC/BTC back to USD?

Also, if you go from LTC/BTC and you want to buy NEO, do you sell to USD and then buy NEO/BTC.

This cross crypto is confusing. Any help would be thankful

There are trading platforms or exchanges that allows you to use your bitcoin to buy altcoins directly and vise versa without converting it to usd, if you do bitcoin to usd then buy altcoins, exchanges will charge you more fees so it is not recommended and only few exchange lets you buy altcoin with usd or fiat. If you want lower fees then buy litecoin or ethereum in coinbase then send it to exchanges that have the coin you want to buy.

dveddfe

newbie

Activity: 18

Merit: 0

How do you convert from LTC/BTC back to USD?

Also, if you go from LTC/BTC and you want to buy NEO, do you sell to USD and then buy NEO/BTC.

This cross crypto is confusing. Any help would be thankful

Topic: Converting between Altcoins/Bitcoins (Read 117 times)