What Is BitConvert?
BitConvert is a blockchain-based platform that promotes the usage of privacy coins such as Monero and ZCash. The platform believes that everyone should have easy access to holding privacy coins because they conceal one’s privacy while doing transactions with cryptocurrencies.
With BitConvert, users can easily exchange between BTC and ZEC instantly on the platform without the need to register an account. In the future, the platform will include ETH and XMR to their trading pairs. Since it focuses on protecting the privacy of users, BitConvert does not require users to create an account before they trade. Similarly, the system does not collect any personal information from the users, nor does it record the IP address used to access the website.
How BitConvert Works
To provide users with the best crypto exchange experience, BitConvert tracks in real-time, the best rates on major platforms such as Binance, Bitfinex, and many others. The exchange process here is quite simple and fast. Here is how it works:
- Choose pair: choose crypto trading pair to trade
- Quantity and Address: Enter the amount and your wallet address
- Complete the process: send your fund to have it exchanged
The system ensures that your crypto is safe and the exchange process takes place instantly. BitConvert is a trusted platform because its servers are under reliable protection. In addition to using strong security protocols, the platform collaborates with the most reliable trading platforms. The process is so straightforward that you need no account or registration in order to get started.
Faster Processing Of Orders
The execution time of exchange usually varies from 5 to 30 minutes, depending on how quickly the transaction is confirmed by the network and the new block is formed in the blockchain network. It requires 2 block confirmations for Bitcoin and 5 block confirmations for Zcash.
Once you have decided what cryptocurrency you want to receive as a result of the exchange, you must have a place to store it. There are official wallets for each coin. Each currency requires its own wallet address—a unique valid identifier that serves as a virtual location where you can receive the digital funds.
Getting A Wallet Address
Getting your own cryptocurrency address requires visiting the site of the currency you are going to buy. Usually, creators of the coin develop official wallet for this or recommend a trusted one. BitConvert highly encourages its clients to use only trusted services in order to avoid losing their funds.
The recipient address is a unique wallet address to which BitConvert app sends the cryptocurrency after the exchange of coins. This wallet address must be valid for the currency you want to get. For example, exchanging BTC to ZCH requires recipient address to be the address of the ZCH coin. After the execution of the exchange, nothing can be altered in the system. It’s important to verify each information before executing the exchange.
Blockchain Transaction ID
Each new transaction made by users in the blockchain has its own unique ID code assigned to the operation and will be stored in all subsequent new blocks. Using this ID, users can view the details of this transfer in a network and use it to authenticate transactions.
On the other hand, there is BitConvert transaction ID. This is a unique identifier for a specific exchange assigned by BitConvert.