You can choose to enter the number of tokens you want to use (at the top part) or the number of tokens you want to gain (at the bottom part). Step 2: Select the token you have and the token you want to buy. On the Binance app, go to Trades (the middle option on the bottom part of your screen), then choose Convert at the top left part of your screen (for the default version of the app) or on the pop-up that shows up (for Binance Lite). On the Binance website, go to Trade on the top left part of the homepage, then choose Convert. It takes just four simple steps, all of which can be completed in seconds, to complete a crypto deal on Binance Convert. As trades are settled directly into users’ Binance accounts, there is no blockchain transaction or third-party entities needed, and users will have the same top-notch security provided throughout the entire Binance exchange. This gives users more flexibility regarding how they want to convert their tokens from one form to another.Ĥ. There are thousands of token combinations that you can make on Binance Convert, some of which are not even among the trading pairs on the Binance spot exchange. This is convenient for beginners who just want a simple way to buy crypto, as well as experts who want to execute their moves as fast as possible.ģ.
With our OTC Portal, there’s no need to wait for the order book to fill out or for bids to get filled to complete the transaction.
#CONVERT BITCOIN TO DOGECOIN BINANCE HOW TO#
You only need to learn how to enter the amount you want in the transaction and to preview the quote given.Ģ. Binance Convert is user-friendly even for new users, especially compared to spot exchange trading. Here's a video showing you how to use Binance Convert:īinance Convert provides several benefits to every kind of crypto trader, from beginner to expert:ġ. Year to date, the most popular tokens on Binance Convert are BTC, ETH, BNB, ADA, XRP, DOT, DOGE, LTC, LINK, and VET. On the same day, when Tesla CEO Elon Musk first explicitly expressed his support for Bitcoin via Twitter, Binance Convert recorded a 272% increase in average BTC volumes. 29, following a Reddit-fueled buying frenzy, Binance Convert saw a 618% increase in DOGE trade volumes compared to daily averages. Binance Convert’s active users grew 144% between January and February, and this growing group of users was behind a whopping 216% increase in trading volume on the service in a matter of one month.īinance Convert has also made it possible for crypto users to buy the token they want at a moment’s notice, which is crucial when you want to react quickly to trends in the crypto space. With its easy-to-use interface even for crypto beginners, Binance Convert has played a key role in getting more people into crypto. Binance Convert also powers the Convert function of the Binance app and is the main option for buying crypto on the app’s Binance Lite mode. We recently launched Binance Convert, a new service where you can transform the cryptocurrency you hold into another cryptocurrency, in a matter of seconds. How Binance Convert Drives More Crypto Deals It’s also used, albeit infrequently, for eCommerce, as users can buy goods and services using Dogecoin at select merchants.ĭogecoin launched with a maximum supply of 100 billion DOGE, though the cap has since been removed, making the supply essentially limitless.Whether you are a retail crypto user in a hurry to exchange one token for another or a large-scale trader who seeks out the best rates without affecting the markets, Binance Convert is for you. I n this article, we will walk you through some of the benefits of Binance Convert, as well as a short recap of our existing features. Today, Dogecoin is still used to tip online creators. The Dogecoin community is well-known and refer to themselves as “Shibes”.
The PoW mechanism also ensures Dogecoin offers quick transactions and low fees, which contributed to its adoption by cryptocurrency enthusiasts. In exchange, validators receive mining rewards in the form of additional Dogecoin. This allows anyone with a valid computing device and an internet connection to dedicate computing resources to become a validator on the Dogecoin network. PoW mechanisms create consensus using a network of computers that run the software. One notable aspect of Dogecoin was that it borrowed the scrypt-based proof-of-work (PoW) consensus algorithm used by the now-defunct Luckycoin, which borrowed much of its own technology from Litecoin. Initially, Dogecoin had little to no value, and it was initially used as a tipping mechanism to thank users on social media and online forums like Reddit. Dogecoin was developed in 2013 by Jackson Palmer and Billy Markus, who decided to create a tongue-in-cheek take on altcoins, which were steadily gaining popularity amongst crypto speculators at the time.ĭogecoin began as a “meme coin” that poked fun at the buzz around new altcoins entering the market.
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