Understanding ETH to BTC Conversion Rate
The cryptocurrency market lists thousands of coins, but Ethereum and Bitcoin are the biggest players, and eth to btc conversion is in demand.
ETH and BTC are the first choices to start trading, as they have the best liquidity and volatility balance. Both traders and investors value those qualities in a coin. At the moment of writing, Bitcoin and Ethereum are at their 2-year highs, climbing up rather steadily since March 2020.
What is BTC
Bitcoin (BTC) is a digital currency based on blockchain technology. Blockchain is a database of financial transactions that adds new ‘blocks’ with new transactions. The blocks build up a chain of data, nearly impossible for anyone to alter. It is also very hard, if not impossible, to shut down or interfere with because it operates over a global network with thousands of nodes.
Bitcoin was formed as an alternative to national currencies in 2009. Currently, BTC is the world’s largest cryptocurrency by market cap, and its dominance is around 64%. Naturally, where Bitcoin goes – all altcoins fallow. Every significant drop or rise affects all the crypto buy signals market. Bitcoin has a daily trading volume reaching tens of billions of dollars on platforms like bitcoin-up.co.
It is hard to deny Bitcoin’s impact on the financial markets and trading. Some say that Bitcoin could become the new gold.
What is ETH
Ethereum – is a platform that allows creating blockchain-based decentralized online services that use smart contracts. Transactions on the Ethereum network might contain executable code when Bitcoin can only allow notes. ETH transactions are much quicker and are confirmed in seconds; meanwhile, Bitcoin transactions can take several minutes.
No third parties are needed to create or join “smart contracts,” lowering fraud probability.
Most decentralized applications are Ethereum-based, and the highest percentage of the funds staked in the DeFi projects is in ETH.
New projects can fundraise on the Ethereum platform. The platform stores the funds until the end of the fundraising process.
The platform guarantees the safety of funds both to developers and project backers. If the fundraising goal isn’t reached, all gathered funds are returned to their owners.
How to convert ETH to BTC
In the early on days of the crypto market, one had to convert ETH to USD and then buy BTC with it. But those time are long gone, and the exchanges keep maturing, making the experience safer and quicker. You can use a mobile app or go to a cryptocurrency exchange website. But first, make sure you have a cryptocurrency wallet to store your assets. Some crypto wallets even allow converting within the wallet. This means there will be one third-party less, to have access to your coins.
Another thing to consider is the difference in the conversion rates and fees. But the lowest fees don’t mean the best exchange. You should choose the exchange with the best record and reputation.
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