Video Guide
Should you Convert Altcoins to Bitcoins?
What does it mean to Trade / Convert Altcoins to Bitcoins?
The simple answer is: just like physical currency exchanges. You’re essentially buying one currency with another. The relative value of a nation’s physical currency is a reflection of the country’s economic and financial health, especially since we moved off of the gold standard. The U.S. dollar, for example, is worth more than that of the Mexican peso due to the discrepancies between the two countries’ economies—therefore you can buy lots of pesos for very few dollars (the dollars being relatively more valuable).
Is trading Altcoins for Bitcoins Smart?
That is something you must decide. My thoughts are Bitcoin is the first and is the most widely used cryptocurrency so i am holding about 30% of may Online currency in it. Even if you don’t want to trade right now it’s important to know how in case you want to later one.
Is a putting my coins online Safe? Hacker proof?…
You hold bitcoins in an online “wallet.” This is an account set up on a secure third-party website.
Unlike banks, wallet firms won’t invest your money. Nor do they guarantee the same protections afforded banks by institutions like the FDIC.
If your wallet is hacked and your bitcoins are stolen, there is not much you can do about it. That being said you could get a virus and it could steal your coins in your Wallet on your PC so the smarted move is to move 50% online and activate Two Factor Authentication, and also to encrypt your wallet in your PC. This way if you get hacker either way you will only lose 50% and you reduce the risk greatly by doing those two steps.
How to Trade on Bter?
Create a Bter.com Account
Lets Sign up for a Account at Bter.com, if you use my Bter signup link you get a extra 10% off your trades for the first 6 months.
1.) Signup and Sign In
2.) Go to your Account
3.)Click Deposit
4.) Copy Deposit Address
5.)Paste Address, put a Label and Amount, then click send.
5.) Verify amount sent.
6.) Verify amount in your Online Bter.com Account ( can take 10 min to 24hours)
7.) Trade for Bitcoin
8.)Enter amount all or just some and click Sell
9.)Verify you now have bitcoins ( can take 10 min to 24hours)
Congratulations you have you now know how to trade on bter along with how to convert altcoins to bitcoins.
Other recommendations.
Encrypt your windows wallet by going to Settings – Encrypt Wallet – you will need to enter this password every time you send coins, keep the pw save cannot be reset.
Enable Two-Factor Authentication on bter.com go to Account -> Two-Factor Authentication-> Download app on your phone -> take a picture of code -> enter 6 digit code. You will then have to enter the code everytime you login but unless a hacker has your phone your that much safer.
Where to spend your mined coins?
One of the biggest destinations for people’s bitcoin is online gambling. It’s fast, with an immediate return (or loss) and bets can start relatively small. When done properly, it’s also easy to prove that bets are fair – either by tracking payouts in the block chain, or by using external proof.
A Great Bitcoin Casino to play slots at BitBet.com I can recommend it Highly!
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