How To Instantly Convert Bitcoin (BTC) To Compound(COMP)? [Safely]
It looks like you have got to know about the secret of changing Bitcoin into COMP for disappearing in cyberspace with your money.
For those of you who don’t know what I am talking about, here is the thing.
I understand, your reason for exchanging or converting BTC to COMP might be something else. But whatever it is, you need to do this exchange with extreme caution because crypto transactions are irreversible, and with Compound’s functionality, you can do so much more with it.
So to help you out precisely with that we have come up with this step by step guide on converting your BTC into COMP in the least possible time with safety.
We have chosen, Cryptmixer cryptocurrency swap service for this tutorial because it is one of the most user-friendly services to exchange one currency to another.
Let’s jump right into the step by step process:
Step #1. Go to Cryptmixer.com [No KYC & No Sign-up]
You should see this screen where you can select COMP and BTC pairs as shown in the below image. Do mention the correct amount of BTC you want to exchange for COMP. Doing this will automatically show you the amount of COMP you will be receiving after the conversion is complete.
Step #2. Here click on the ‘Exchange’ option shown in the above image to see the below-shown screen. You can even change the amount of BTC you wish to exchange here too. The exchange fee is set to 0.05% of the transaction.
Here they will ask you for your COMP address. If you don’t have the Bitcoin COMP, we suggest you choose a wallet from some of these best Compound wallets and get a Compound address for yourself. This is the COMP address on which you will get your Compound coins in exchange for Bitcoin.
Step #3. After adding the Compound address, click on the ‘Next’ button shown in the above image. Once you do that you will be shown details of your conversion such as COMP address, fees, time for conversion, etc. Verify the details intently on this page before moving forward for the actual exchange.
Step #4. Once you have checked all the details, click on ‘Start’ shown in the above screen.
You should now see a screen asking you to send the BTC first on a given address. Don’t worry; this is how it is supposed to work when you use Cryptmixer. You need to provide the relevant currency first after which you receive the other currency. Take out your Bitcoin wallet and put the shown address to send your bitcoins on it.
Note: You have 24 hours to send funds otherwise the transaction will be canceled automatically, but I suggest you send it ASAP before the exchange rate of BTC/COMP pair changes.
Step #5. As soon as you send your bitcoins to the shown address, you will start seeing this screen ‘transaction is being confirmed.’ It means your transaction is processing and will be confirmed by the Bitcoin blockchain soon. Usually, it takes 3 confirmations for depositing Bitcoin which can take up to an hour in case of congestion on the blockchain.
The swapping process itself happens almost instantaneously, but the blockchain network takes the rest of the time. Typically, the exchange comprises of these three stages:
- Getting confirmations
- Exchanging BTC to COMP
- Sending Compound to your wallet
Step #6. Wait with patience, and as soon as your conversion from BTC to COMP is completed, you will see this screen showing you all the details of the transaction.
You can check your transaction details on the respective blockchain also.
Congratulations, Tada….!!! You have done it
Some people mistake this for sending Bitcoin to Compound network and think that its Compound’s blockchain that is doing the conversion for them.
But that’s far from reality.
In this conversion powered by Cryptmixer, it acts like a mediator who facilitates the conversion of BTC to COMP. Moreover, Cryptmixer is worth relying on such exchanges because it has made a name for itself doing the same for last 5 years in this industry
So what are you thinking?
Note: We have used the example of BTC and COMP in this tutorial, but the process of converting any other currency to another one is the same, so feel free to try out Cryptmixer for that too !!
If you liked this guide, please share it with your friends & family member who wishes to exchange Bitcoin to Compound or vice versa !!