How To Convert Bitcoin To Ripple
Say you’ve been following the recent lawsuit between the US SEC and Ripple XRP, and you believe the Ripple labs will come out victorious, confirming a long belief of yours that the former number three crypto asset by market-cap is highly under-valued. You may want to convert your BTC to XRP now.
You can convert your BTC to XRP on one of the top crypto exchanges like Binance, Poloniex, Huobi, KuCoin, OKEX, and Kraken, or you can also opt for a BTC to XRP conversion on a P2P exchange like Paxful.
Having a Bitcoin BTC wallet or XRP wallet is optional if you choose to convert your Bitcoin BTC to XRP on a crypto exchange. The exchanges automatically generate a wallet address for your BTC and XRP cryptos.
This post advises that you shop for a crypto broker and set up an account.
From now on, we’ll continue with the Binance crypto exchange. However, the same steps should work on most crypto exchanges.
You can follow one of two ways to convert your Bitcoin BTC to XRP. One is a direct BTC to XRP conversion (shorter route), while the second is a long way that involves first converting your BTC to USDT, then later converting the USDT to XRP.
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However, whichever route you decide to follow, you have to start by following the steps below.
Converting BTC to XRP (The Short Route)
Step1 Sign Up for an account on Binance using your email address or Mobile number, and other information on the form field.
Step2 Complete the verification process.
These days, you may have to provide some KYC – and AML requirements on Binance and other top crypto exchanges to get started and also to unlock different user levels.
Step3 Log on to your Binance crypto exchange account using your email address, password and confirm the notifications on your email or phone number.
Step4 Deposit BTC
Since you want to convert BTC to XRP, you’ll have to deposit Bitcoin BTC from your personal hot or cold Bitcoin wallet to your Binance wallet address.
To get your Binance wallet address, click on the Wallet drop-down button, then click on the Fiat and Spot button to search for your BTC address.
Once you have the Wallet page open, search for bitcoin BTC on the search bar if not on the first page.
Besides the Bitcoin BTC crypto, move to the right of the row and click on the deposit button to reveal your Bitcoin wallet deposit address.
Now that you have your BTC wallet address, you can copy it and paste it into the withdrawal section of your private Bitcoin wallet.
Step5 Launch the XRPBTC Trade Window
To launch the XRPBTC trade window on Binance, search for XRP on the Fiat and Spot page’s search bar, then click on the trade drop-down button to find the XRBTC crypto pair on the list.
Now that you have the Binance Tradingview platform launched, you can now convert your deposited BTC to XRP by clicking on the Buy button.
Note that you can carry out the conversion using a pending Limit order or an instant market order.
It’s a no-brainer from here on. You just need to type in the BTC amount you want to convert or use the slider to set a percentage of your BTC holdings.
Converting BTC to XRP on Binance Crypto exchange (the long route)
This method involves converting your BTC to USDT before converting it from USDT to your desired XRP.
You’ll have to follow step1 to step4 as in the direct BTC to XRP conversion.
The only difference here is to search for USDT from your Fiat and Spot page and click on the trade button to launch the BTCUSDT spot exchange.
The trading window will be launched, which allows you to convert all or a fraction/percentage of your BTC to USDT.
Once that is done, you can now type XRPUSDT on the trading window’s search box to convert your USDT to XRP.
By first, converting your BTC to USDT can save you from huge swings in a bear market, considering that the USDT is a stablecoin pegged to the US dollar.
Third Alternative: Converting Bitcoin BTC to XRP via Peer to Peer (P2P) exchange or Decentralized Exchanges (DEXs).
The last alternative for converting your BTC to XRP is on a Peer-to-Peer (P2P) crypto exchange.
There are a lot of such exchanges in the crypto industry now. However, we’ll suggest Paxful.com.
Follow the steps below to convert your BTC to XRP on a P2P exchange Paxful.
Step1 Create an XRP wallet which can be a Ledger Nano X hardware wallet or an Exodus wallet.
Step2 SignUp for an account on Paxful
Step3 Search for a vendor that accepts BTC for XRP.
Step4 Most vendors on Paxful would likely request some proof of ID from you, similar to KYC for the trade. Send in the vendor’s requirements and ask for the vendor’s BTC wallet address after sending your XRP wallet address from Exodus wallet.
After the vendor confirms receipt of your BTC, your XRP, held in escrow, will be sent to your XRP Exodus wallet.
XRP may be going through turbulent times now, but so did GameStop. So, if you’re confident that XRP is undervalued, then you may want to scoop up a lot of it into your portfolio by converting some BTC to XRP.