Saturday , June 15 2024

How do I Convert BTC to USDC on Godex?

Converting usdc to btc and back is quite simple and intuitive. But first, we’ll explain why you would need to.

What are BTC and USDC?

Most anyone in the world has heard of Bitcoin at this point. World’s first and most expensive cryptocurrency. Supply is limited, demand is high, and the price is through the roof. Yet, there’s a sense of risk, as the crypto market may crash like it has done before. 

Bitcoin aspires to become the new gold, but extreme volatility won’t allow it.

On the other hand, fiat currencies are too slow and expensive to transfer, and blockchain seems like much-needed progress.

When in doubt – you can reach for a stablecoin.

Traders and investors use Stablecoins to buy other coins that don’t accept fiat currencies and as a place to keep funds when the market is experiencing big price swings.

USDC is a stablecoin backed with the US dollar and based on Ethereum. USDC is the bridge between the fiat and crypto market. Making transfers and removing borders as easy as sending emails.

USD Coin currently is worth $0.999 with a 24-hour trading volume of $1,564,693,684. It has a supply of 5.5 Billion USDC coins. 

USDC was launched in September 2018 after raising more than $100 million.

It started with support from Circle and Coinbase Inc. and became one of the high-profile digital coins coupled to the U.S. dollar.

Circle believes a cryptocurrency tied to a stable fiat currency can help spread the adoption of blockchain systems. USDC competes with other stable coins like Tether(USDT) and DAI that all have found their niche. 

Circle has stated in their blog that the existing approaches were not transparent enough. The company provides quarterly audits on the reserves backing the USDC coin and conducts strict anti-money laundering and other checks on buyers, while others (like Tether) don’t.

Converting BTC to USDC is currently one of the quickest exchange services. It takes from 5 to 30 minutes to execute a transaction, depending on the currency and amount converted. transactions are completely anonymous. No sensitive information is stored on the platform. So no third-parties can track information related to your exchange activity. You have 200 coins to choose from, with no limit in number or volume of transactions.

First, you need to choose the currencies (USDC and BTC) from the drop-down list, specify the amount to convert, and enter the Bitcoin address. When all fields are filled, press the “exchange” button below – and the current rate will become fixed for 30 minutes, saving your funds from market volatility. Then a deposit address is generated. You can copy it as text or use a QR code. After the deposit is confirmed – the exchange will carry out automatically. Just wait until the transaction is complete, and you will receive a notification.

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