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The process of converting Bitcoin into Monero through Bitania allows the buyer to take advantage of the security of peer-to-peer trading and the privacy of a new anonymous cryptocurrency exchange at the same time.
As a taker, it’s important to follow each step for a smooth and secure transaction.
Reason for Exchanging BTC to XMR
Monero offers enhanced privacy features that Bitcoin cannot offer.
Bitcoin's transaction data is traceable to the entire public Bitcoin user base on the blockchain, while Monero uses sophisticated cryptography that obscures transaction details, sender and receiver identities, and the amount transferred.
For these reasons, those who are privacy conscious may prefer to exchange BTC to XMR to conduct their transactions confidentially while enjoying the benefits and advantages of enhanced fungibility and protection against blockchain analysis.
Finding BTC/XMR Exchange Offers
Simply head over to Bitania's marketplace and filter for Monero buy offers, then select BTC as your payment option to view sellers who are accepting Bitcoin in exchange for Monero.
Review how sellers are listing exchange rates, minimum and maximum amounts of trade, and their reputation score.
Be sure to shop around and compare offers based on the payment method you're going to use!
Understanding BTC to XMR Exchange Rates
Bitania's exchange rates for BTC to XMR reflect real-time market prices with the seller's margin.
Each trader determines rates based on demand, the speed and volume of trade, as well as expected market volatility.
Before initiating the trade, you should calculate the approximate total amount of XMR you will receive for your amount of BTC.
Keep in mind that cryptocurrency is volatile, and exchange rates may vary considerably within just a few minutes.
Initiating Trade from BTC to XMR
Once you have selected the offer you prefer, enter the amount of Bitcoin you want to exchange.
The Bitania trading interface automatically calculates the equivalent XMR amount based on the offered exchange rate.
Review the transaction details for fees, final amounts, and seller requirements. If you agree to all details, including the exchange rate, press "Start Trade."
The seller's amount of XMR will be immediately secured in escrow for your protection.
Sending Your Bitcoin Payment
As soon as you initiate the trade, you will access the seller's Bitcoin wallet address through the secure trade chat.
Copy this blockchain address precisely. Transfer the exact BTC amount as shown in the transaction window from your preferred wallet.
Review the address and the amount carefully before you confirm the transaction on the network.
Transaction Confirmation
Payments made over the Bitcoin network require transaction confirmations before the seller will release Monero.
Typically, sellers will await one to three confirmations; this may take 10 to 30 minutes depending on network congestion and the transaction fee you paid.
After broadcasting your transaction, you can check its status through any blockchain explorer using the transaction ID.
Once your Bitcoin transaction is confirmed, mark your payment as "Completed" on Bitania.
Receiving Your Monero
After the seller confirms your payment, they will release XMR from escrow to your wallet on Bitania. XMR transactions are faster than Bitcoin, typically completing within a few minutes.
You can verify receipt by checking your wallet balance on Bitania. After verification, you can withdraw Monero to your external wallet for enhanced privacy and security.
Security Considerations
Never send Bitcoin without starting an official trade on Bitania.
Always verify that the Bitcoin address matches what the seller provided in the trade chat.
Keep your transaction IDs, as they are essential for dispute resolution.
If the seller takes too long to release the XMR after your Bitcoin payment is confirmed, open a dispute immediately to activate arbitration protection.