How to exchange Litecoin For Bitcoin On Bittrex
Bittrex: How to Exchange One Crypto for Another
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ok so it's been about 30 minutes now I'm
just going to refresh this page by
clicking the URL and hitting Enter and
we'll see that deposit is available so
it is it's available now - available
balance so I have about five dollars
worth of - in my newly created bid Rex
account so to exchange in the top left
hand corner there's two different
markets there's this B markets and a
dollar sign market so the the B is for
Bitcoin the bitcoin symbol is what that
is so if we go to the Bitcoin markets
first before I can actually trade into
anything since they don't have like a -
market I would have to exchange my -
into Bitcoin first that's kind of like
the it's pretty common with some of
these exchanges some exchanges have
actually - markets and a theory of
markets are very common but a lot of the
smaller crypto currencies you have to
always go into debt into Bitcoin or
aetherium or a larger cryptocurrency to
get into them you can't go directly from
- to like a smaller coin you could do
that with shape-shift and I'll do
another video on that on how to do that
via shape-shift but the advantage of
using something like bit rex is you pay
a lot lower fees than you would with
shape-shift or even than you would doing
like the exodus exchange feature which
is actually goes through shape-shift as
well okay so let's go - we need to find
the - you need to find Bitcoin - - so
I'll just search - and I find the ticker
here so here we go
so this just shows what's going on with
- looks like it went down now it's going
way up so I have some available so this
is how we interpret this so the bids
these are people bidding to buy - and
ask as people they're asking a certain
price to sell there - so there's going
to be a difference here and so it looks
like it's all in Bitcoin so it's ask
price this person's asking 0.07 bitcoin
7 7 8 - 4 1 - and this person is bidding
to pay zero point zero zero point zero
seven seven six four one - so what I
usually do you can type in up here so
if I want to buy if I want to sell my -
I can create an order on this on this
asking table and I can say I want to
sell all of my - I just click on the
amount I can also just type of damn but
if you click on it it populates it in
the field and I say at price so I look
down here for the reference and I say
zero point zero seven seven eight - or
eight three I guess is what I did so I'm
gonna do a higher one so I'll say eight
eight just to show you an example so
I'll say sell - so I say sell oh I
better I'll say seven seventy nine just
I want to show you what it looks like
when you have an order so I click sell
it shows me make sure that I'm selling
the right price the right amount
I click confirm now I've created an
order and the star is my order so I have
a star here so it didn't go through yet
now it says I have zero - and I have
zero Bitcoin it's like what where in my
- go what's on the order books here at
bit Reich's my open orders I have one
open order and it's of this amount five
dollars worth of - which is zero point
zero one three eight worth of Bitcoin
and it's saying if it gets to this price
they will sell it and someone will buy
it from me on this exchange and I will
have a balance of Bitcoin the amount of
Bitcoin I'll have where is it oh I'll
have zero point zero one three eight one
for Bitcoin once that cell goes through
so I can watch here and wait for it to
happen and some people do this this is
like day trading some people will just
buy and then hold for a minute or two or
half-hour then sell and buy and buy and
sell and buy and sell this video is
really not geared towards like teaching
you how to become a trade or anything
like that it's more or less just like
getting familiar with how cryptocurrency
works and using cryptocurrency and how
to get your hands on a different
cryptocurrency if you want to exchange
one for another so let's cancel this
order so I go down here to buy open
orders oh also a different page - if we
click on orders in the top right it'll
show all the open orders
because you might have multiple open at
once this this lets you know which
orders you have open so I can cancel it
here or I can go back to that page we
were and I can cancel it right down here
so it still hasn't gotten through yet so
I'm gonna cancel this order cancel so
let's cancel so now I have my - back
available so now I'm what I'm gonna do
I'm gonna actually populate this price
that the person is asking I mean I ask
that the person is bidding to buy from
and I'm gonna use that as my ask price
so I'm gonna sell click confirm and it
should just go right through and it did
so I sold so now I have five dollars
worth of Bitcoin approximately and you'd
have to worry about Network fees with
the exchanges like bit rikes because
they actually aren't they're not putting
that on the blockchain I can't go to
like a blockchain Explorer of - and look
for that transaction it's not gonna show
up because they keep everything in-house
and they do a settlement occasionally
shifting around money but that
transaction happens internally on their
books which is why I didn't have to pay
like a four dollar Bitcoin fee to do
that that's why I'm able to trade five
dollars worth of - for Bitcoin and not
have to pay the - network fee and the
Bitcoin network fee I hope that makes
sense it can be a little confusing but
the fees are very low I think they're
like a fraction of 1% so it's like a
quarter of 1% I think is what the fees
are we can read about what the fees are
I'll put that in in the notes of this
video anyway so now if I go to my
wallets I can see that I have a balance
of Bitcoin and it says worth in u.s.
dollars is five dollars and two cents so
that's crazy I mean I sent when I sent
that it was five dollars I sent two - to
Exodus and I sent it to fit recs so even
paying the network fees because of the
rise in Bitcoin and - it's worth five
dollars and two cents down so that's
kind of cool anyway so now if I want to
trade this I just need to search for I
want to trade for so let's trade for
some aetherium since the theorems like
the best crypto currency
there so I'm gonna trade oh you know
what actually I just to show you like
there's some other cool ones so let's
not do aetherium now I think about it
let's look at if we go to this main page
click on bit wrecks it'll show you like
all these markets so I'm gonna say I'm
gonna find something like really obscure
to buy like okay this isn't that obscure
but actually I'm gonna buy some SIA coin
because psy is pretty cool so this is
SIA coin so site looked at this big jump
you can look at the chart to see if it's
like a good time to buy or not if ever
it's at the top of like a green bar like
this I've called a candle if you're at
the top of a green candle I get super
high it may not be a good time to buy it
if it's ever like going way down maybe
it's a good time to buy I don't know you
can look at different there's all kinds
of different ways to interpret charts
and know when to buy and sell but if
you're sixteen for the long haul it
doesn't really matter so we're gonna
exchange this we do the same thing so we
go down here we see what people are
willing to sell their SIA for we'd click
on it and it populates it in the field
and then I say so all my Bitcoin and if
I do I'll receive 567 SIA coin so I'm
gonna say by psychical and let's do it
to confirm I created an order and it
filled instantly because I didn't do I
could have clicked down he I could have
clicked over here I could have created
my own price and waited and saved a
fraction of a percent on the exchange
rate
but I just bought directly so now I have
SIA coin and I shouldn't have bought it
all either because now I can't buy
anything else to show you an example of
but to go to the wallets we see we have
SIA coin now so there you have it that's
bit wrecks in a nutshell what else if
you have changed my settings you can go
here for withdrawal limits I think with
new accounts they don't even let you
withdraw anything yeah look my
withdrawal limit is zero they won't let
me withdraw my money until I verify
because all I gave them was an email
address and a password so they don't
have any idea who I am so in order to
make a withdrawal I have to do basic
verification which involves giving them
my real name my date of birth address
country
I live all that stuff that's basically
replication that I can do the
withdrawals phone verification also adds
enhanced security so people can't log
into your account and take your mic
withdraw money from your account and
enhance verification I believe is a
photo ID you send them a photo ID like a
passport driver's license you can setup
two-factor authentication you probably
should do this so this is like it'll
send a text message to you every time
you try and log into your account or
I'll send an email every time you try
and log in you can also use bit wrecks
with API so this means like if you want
to do like high-frequency trading or
have like computer algorithms trade for
you and do that so you can do that
without actually having to come to bit
wrecks calm that's the API czar this IP
whitelist shows like oh it doesn't show
now but if I want to add an IP address
to always be approved for logging into
bit wrecks it won't do the verification
every time anyway I'm not have to go
through all this stuff but yeah that's
bit Rick's and hopefully you found this
video informative
I'll make some other videos of using
other exchanges I like bit wrecks I use
it I use it sometimes and so it's a good
exchange I think they're fairly reliable
they've been around for a long time so
they kind of have my endorsement I guess
okay thanks for watching this video will
catch on the next one
