In the wave of cryptocurrency gambling, more and more digital currencies are being accepted with licensed offshore sites such as Ethereum gaming sites. If you use Ether to gamble online, you may be curious as to whether you can exchange your Ether for another digital currency such as Litecoin and Bitcoin. The answer is yes you can! This article is a how-to guide on converting your Ether to another alternative currency. To gain a better understanding of crypto coins, read our cryptocurrency explained learning article.

Why would this service be helpful? Perhaps you are interested in gambling with a site that only accepts Bitcoin. Maybe you believe there is an advantageous benefit to Bitcoin vs Etheruem. Regardless of your reason for wanting to use Bitcoin, if all your money is tied up in Ethereum, this may be a problem. Thankfully there are online digital currency exchange services to help you out with this process. The first thing you want to do is identify a viable online currency exchange service. There are multiple sites that you can access for this type of service, though the main varying factors are exchange rates and security. For this article, we are going to utilize the ShapeShift’s protocol. ShapeShift is a well-known cryptocurrency exchange provider and backed by numerous Ethereum gamblers.

Step 1: Identify Which Currencies You Wish To Exchange

ShapeShift is a multi-currency exchange provider, meaning they support several different altcoins. The most common transaction is Bitcoin to Ethereum, but you can easily swap these. You also do not need an account to exchange your money with this site.

Step 2: Provide The Correct Addresses

You will see a box to enter your Bitcoin wallet address. This is where your Bitcoin will be sent once the exchange is complete. You obviously need to acquire a Bitcoin wallet first before attempting to send Bitcoin somewhere. After all, your new Bitcoin needs somewhere to go. You may also provide a secondary Ethereum wallet address. This is a backup measure in case the transaction fails for whatever reason—your Ether will be sent back to this address.

Step 3: Receive Your Exchanged Bitcoin

ShapeShift will then put together an Ethereum deposit address for you. This is where you will send your Ether from your Ethereum wallet to. In sending your Ethereum to this generated address, you ensure that fresh Bitcoin will be on the other end. Be sure to enter an amount that fits within ShapeShift’s minimum and maximum amount range. There is also a small mining fee attached. That’s it! At the end of this 3-step process, you will have successfully converted your Ehtereum to Bitcoin.

Why Should I Use ShapeShift?

We recommend because it aligns with the advantages that have drawn so many people to Ethereum gambling. For one, it is anonymous. There is no sign-up process with ShapeShift. No emails, phone numbers, passwords or other personal information is required to complete your transaction. Their mission is to provide a safe, private and fast exchange service. They also employ a “no price slippage” policy. This means that you have the same exchange rate for your order no matter the size. This is good news for bettors looking to exchange large amounts of Ether at a time. The only downside to ShapeShift is that some coins may not be available at a given time. However, the developers of the service state that this is because they are working on establishing fixed transaction rates. The site still hosts a large number of altcoins. ShapeShift is the leading exchange service for a reason.