You might be wondering how to move money from one crypto asset to another. Coinbase doesn’t offer this flexibility and is one of the most popular exchanges. However, there is a very easy process for buying Ethereum with Bitcoin.
Create a Bittrex Account
The first thing I did after I had money in Coinbase was create a Bittrex account. I store most of my value in Coinbase as more of my long term portfolio (I’m going to move it into the Ledger Nano S wallet soon). Then, I utilize some profits and move it into Bittrex. The cool thing is that this process isn’t challenging and you won’t have to jump through hoops.
The first thing you will want to do is figure out what your btc address is on Bittrex. If you click on wallets at the top you should see a plus sign button which will allow you to deposit btc. After clicking that, you will see the screen above. This address is needed when you go onto Coinbase and go to the send/receive screen.
Next, login to Coinbase to send money from your btc wallet to the Bittrex btc wallet. On the send/receive screen it will ask you for the address you got above. Paste the address in and confirm how much Bitcoin you are sending.
Once you have the Bitcoin on Bittrex (takes a few hours) you will want to move it into Eth. The screen above is what you will see on Bittrex to exchange and transfer money into Eth. The key thing to remember is to click the dropdown where it says price and select ‘last’. This will make sure you put in a order for whatever the last price Eth was sold at. Since the markets are liquid the order should go through instantly and you should get a good price.
This technique allows me to also move money into altcoins because Bittrex has wide array of options when it comes to trading. I have utilized the platform to pick up some OmiseGo,TenX, and Status which are all ERC20 tokens. I like to invest in the Ethereum ecosystem because I believe it has so much to offer in the future.