OK so now that we know what crypto exchanges are and how they can be used to convert one crypto currency
to another.
And why you might want to do this in this lecture.
I'm going to give you an example of using a crypto exchange called morph token.
Most of these exchanges are very similar anyway.
So this will give you a good idea on how to use any crypto exchange really anyway in general.
These Web sites use very intuitive and easy to use interfaces.
So for this one right here on the left you have to specify the deposit currency.
So as you know we want to transfer from bitcoin.
So if you're depositing another a different type of coin you can pick it from here.
But I'm leaving it at bitcoin because we want to actually deposit bitcoin and we want to transfer that
we want to receive Monaro again if you want to convert your bitcoins to another coin.
All you have to do is click in here and select the other coin next to specify the amount of deposit
the amount of bitcoins that you want to convert to Monaro or to the destination currency.
Now for this Web site the minimal amount that you can convert is five micro bitcoins.
So zero point zero zero five.
You should read the frequently asked questions of whatever service you're using to make sure that you
send more than the minimum amount because sometimes if you send less than the minimum amount it will
be considered as a donation.
So this is similar to what happens with bitcoin mixers.
Now if we go down into my wallet I have my electronic wallet right here my bitcoin wallet.
You can see that my balance is five point six micro bitcoins.
So this is zero point zero zero five six.
You divide this value by a thousand two converted from micro bitcoins to bitcoins.
So I have more than the minimum amount.
So that's fine.
So I'm going to set this to the minimum amount.
Now remember like I said this is in Bitcoins not in micro bitcoins.
So five point six micro bitcoins will be equal to zero point zero zero five six bitcoins.
Now I actually don't want to spend all of this.
I'm just going to send five micro bitcoins.
So at zero point zero zero five the receiver is already set to Monaro.
So we're good to go.
You can also use the weight in here if you want to convert the deposit coin to a number of different
crypto currencies so you can click on the plus in here to add more entries.
And when you do that for example in this case 50 percent of my bitcoins will be converted to Monaro
and 50 percent will be converted to ethereal which is another cryptocurrency.
And you can keep clicking on the plus and split your bitcoins into a number of different crypto currencies
if you want.
Now in my case I want to keep everything for Monaro so I'm going to click on the minus here and we're
going to click on morph to start the process at the next page.
It's asking us for the refund address.
This is the address of the wallet that will send the funds as the name suggests.
The only reason you need this in case something goes wrong the money will not be lost.
It will be sent back to the wallet that it came from or to the address that you specify in here.
So I'm gonna go down and this is the wallet that will send the money and I'm going to sell it as the
refund wallet.
So I'm going to click on receive as usual copy its address and paste it here.
That's done.
The next step is to give the address of our money a wallet which will receive our bitcoin coins after
being converted to Monaro or Samar.
So again we're going to go down and this is my money or a wallet.
You'll notice that using these wallets is actually very very similar.
If you want to receive money you click on receive similar to what we do with electronic.
Now in your case you'll probably only have one address in here the primary address.
I have two other addresses here because I created them manually and it's actually a very good idea to
always create new addresses for every transaction you make.
Therefore this is a new transaction.
I'm going to click on Create a new address.
You can set any label for this.
I'm going to call it test three and I'm going to click on.
OK.
And now when I click on this you'll see that the QR image changed.
This is the cure image for address three for this wallet.
And I can click on this icon right here to copy this address to my clipboard.
As you can see in here at St..
The address is added to the clipboard.
And I'm going to go back to my Web site and I'm going to paste it here so that this will be the address
that will receive the coins after they're converted to Monaro or XA Ma once we're happy with setting
the refund address and the receiving address.
I'm going to click on Start to start the process and perfect now the process has started.
We have our ideas right here.
If you go down again you can see it's telling you what's the minimum amount that you can transfer is
zero point zero zero five.
This is what we picked anyway so that's fine.
And then it's given us the address of the wallet of this Web site.
So we should transfer our coins to the address that we have in here.
This website will convert our bitcoins to Monaro and then transfer it to the address that we gave as
the receiving address which is the address of this wallet.
So right now I need to go to the wallet that I'm sending money from.
I'm going to go to the same tab as we've seen before.
We're going to set the pay to address to the address that we got from here the address of the wallet
of this website.
You can set a description for this but I'm going to leave it blank.
That's fine.
The amount we're going to set that to five.
Remember this is in micro bitcoin so it's equal to zero point zero zero five which is what we picked
in here when we initiated the process.
I'm going to keep the fees as they are and I'm going to click on send to send the bitcoins.
I'm going to put my password and perfect.
Now the payment is sent and if we look in our history tab you can see that it's sent.
It's still unconfirmed.
So you want to wait for this as usual.
And if we go to the Web site you can see that it's waiting for confirmation but it received my zero
point zero zero five bitcoins.
So all we need to do right now is literally wait for these guys to receive my bitcoins convert them
to Monaro and then they will transfer it to my money or a wallet right here.
Now I've actually posed the video for a bit.
And right now as you can see I received the funds in my money a wallet.
If you click on Account you should see the amount that you transferred in here in your wallet.
And as you can see right now this is an X and are in 1 0.
So we basically converted our coins from Bitcoin to Monaro or more like I said once we do this we basically
broken the link between all of the previous transactions and the coins in this wallet.
So right now if I go ahead and use the coins in this wallet for anything it will be untraceable and
unlikable to the bitcoin wallet that sent the money to this wallet right here.
So even if the Bitcoin wallet was linked to my identity or compromised it's still safe to use this wallet
in here because it is not linked to the previous wallet and therefore it's not linked to my real identity.