As of early 2021, the cryptocurrency industry is reaching levels unseen since 2018. And it shows no signs of slowing down. As a result, many people are looking to get involved. And those already involved are looking to make changes or expand their portfolio.
In addition to investing fiat currency in the cryptocurrency industry, individuals can easily convert one crypto asset into another. This guide will go over how to convert DOGE to BTC. By the end of this article, you will know the exact steps that you need to take.
Find the Right Exchange
The first step is finding the right exchange. There are dozens of different crypto exchanges out there that you can choose from. And surely, more platforms are to come in the future. You need to choose one that has a good track record, takes advanced security measures, and offers fair rates and fees.
Besides, you also need to make sure that the exchange supports the required trading pairs. Not every exchange will allow you to perform DOGE-to-BTC conversion, so choose wisely.
While many exchanges require you to sign up, register, and verify your identity, this isn’t always the case. Some will be decentralized or peer-to-peer and will allow you to trade and convert cryptocurrencies completely anonymously.
Make Your Deposit
If you decide to go with a traditional exchange, your next step is to make a deposit. Doing so should be straightforward on most platforms. While every site is different, many will still allow you to deposit via a credit card, debit card, or even your bank account directly. Be sure to familiarize yourself with the fees on the exchange you use. Some will charge a flat fee — be it transactions, trades, or exchanges. Others might charge a certain percentage instead.
If you go with an exchange where no sign-up is required, there is no need to deposit. In most cases, you will simply be able to convert the coins directly from your wallet. Of course, if you don’t have any DOGE to exchange, you will need to purchase some before you can convert it into BTC.
Make the Conversion
Next, it’s time to make the conversion. The exact way to do this will depend on the exchange you work with. The first step is to navigate your way to the page where you can exchange or purchase crypto. Once there, you need to select the amount of DOGE that you want to convert.
After this has been entered, the calculator should show you how much BTC you will expect to see in return. Potentially, this should be the final sum, minus the fees or other associated costs. The conversion will generally be incredibly quick. But this can vary depending on the amount being converted and the platform that you decided to use. In most cases, it shouldn’t take more than a couple of minutes for the conversion to be completed.
If you are using a decentralized exchange with no sign-up or account required, be sure to enter the correct wallet addresses. If not, the transaction and conversion itself may fail. You could potentially lose your crypto, so always double-check the amounts and addresses. They must be accurate.
In conclusion, we hope this article has been able to help you learn how to easily, quickly, and affordably convert DOGE to BTC. Of course, be sure to put a lot of thought and research into any investment or conversion. This will ensure that it is the right decision for you.