How to swap between cryptocurrencies in the Bitcoin.com Wallet
Did you know you can easily swap between all supported cryptocurrencies within the Bitcoin.com Wallet? If you want to swap your Bitcoin Cash (BCH) to Bitcoin (BTC) try swapping from BCH/BTC into a stablecoin such as USDT or USDH, you can use the new Bitcoin.com Swap feature available in v6.3.0+ for ios and android.
Why should I swap my coins for another coin?
There are many reasons why you might want to swap from one coin to another.
- Swap to lower fee coin
- Diversify your portfolio
- Swap to a stable coin
Swap to lower fee coin
If a user holds only Bitcoin (BTC) but wants some Bitcoin Cash (BCH), perhaps because they prefer the low fee capabilities of BCH and faster speed, they might want to swap from BTC to BCH.
Diversify your portfolio
Many users simply want to have a well-diversified portfolio. Investing in both digital gold and digital cash while keeping some reserves in stable coins allows users to feel like they don’t have all of their eggs in one basket.
Swap to a stable coin
Other users might simply want to escape the volatility of cryptocurrency. BTC and BCH prices change every minute of every day. There is no market-open or market-close like in traditional stocks, as trading takes place 24h per day 7 days per week.
If the price recently went up a considerable amount, some users may want to lock in those gains by swapping from BTC or BCH into USDT or USDH. Stablecoins such as USDH and USDT is pegged to the US dollar, allowing users to escape the volatility of crypto in place of the wider perceived stability of the US dollar.
If the price is going down, some users may also worry the price will continue to go down further. Stablecoins provide the fastest way to make your personal choice whether to escape volatility or not.
To access the coin swap feature, you need to follow the outlined steps below:
1.) From your Wallets home screen. Tap the big Swap button within the Asset Breakdown
2.) Select which Coins you want to swap from and what you want to receive. Select from BTC, BCH, USDT, USDH.
In the example below we are swapping from Bitcoin Cash (BCH) to USDT (Tether).
3.) Tap the amount input field on the left to select how much of your coin to send. A dialogue above the keyboard allows you to quickly choose to swap 10% / 50% / 100% of your funds in the wallet.
4.) If you have multiple wallets, you can change which wallet to swap coins from by selecting the wallet icon in the bottom left and selecting the appropriate wallet with funds to swap.
5.) Tap the “Select a wallet” button under the Receiving Wallet headline. This is the receiving wallet that will receive the new coins. In our example USDT.
6.) Tap the “Confirm and swap” button then
It will be directing you to a summary page where it will show you the breakdown of the Coins that you want to Swap and how much of the new coin you will receive
Once you’re ready slide to send the coins
7.) Confirmation screen — Your swap is being processed.
You can close this screen while your coins are swapped.
BTC > Any Coin requires 1 confirmation (~10mins)
BCH > USDT takes approximately 5–15 seconds
BCH > USDH takes approximately 5–15 seconds
BCH > BTC requires 1 confirmation (~10mins)