WEBVTT 00:00.980 --> 00:01.400 Okay. 00:01.400 --> 00:07.820 So now that we know what crypto exchanges are and how they can be used to convert one cryptocurrency 00:07.820 --> 00:11.180 to another and why you might want to do this. 00:11.240 --> 00:17.990 In this lecture, I'm going to give you an example of using a crypto exchange called Morph Token. 00:18.620 --> 00:26.240 Most of these exchanges are very similar anyway, so this will give you a good idea on how to use any 00:26.240 --> 00:27.320 crypto exchange. 00:27.320 --> 00:27.920 Really? 00:29.420 --> 00:29.990 Anyway. 00:29.990 --> 00:34.940 In general, these websites use very intuitive and easy to use interfaces. 00:35.330 --> 00:41.110 So for this one, right here on the left, you have to specify the deposit currency. 00:41.120 --> 00:44.120 So as you know, we want to transfer from Bitcoin. 00:44.120 --> 00:49.370 So if you're depositing another a different type of coin, you can pick it from here. 00:49.370 --> 00:55.610 But I'm leaving it at Bitcoin because we want to actually deposit Bitcoin and we want to transfer that. 00:55.610 --> 00:57.620 We want to receive Monero. 00:57.650 --> 01:03.230 Again, if you want to convert your bitcoins to another coin, all you have to do is click in here and 01:03.230 --> 01:04.580 select the other coin. 01:05.390 --> 01:11.420 Next, you want to specify the amount of deposit, the amount of bitcoins that you want to convert to 01:11.420 --> 01:13.880 Monero or to the destination currency. 01:13.970 --> 01:19.670 Now for this website, the minimum amount that you can convert is five micro bitcoins. 01:19.670 --> 01:22.190 So 0.005. 01:22.220 --> 01:28.130 You should read the frequently asked questions of whatever service you're using to make sure that you 01:28.130 --> 01:30.200 send more than the minimum amount. 01:30.200 --> 01:36.020 Because sometimes if you send less than the minimum amount, it will be considered as a donation. 01:36.020 --> 01:39.800 So this is similar to what happens with Bitcoin mixers. 01:40.370 --> 01:45.830 Now if we go down into my wallet, I have my electron wallet right here, my Bitcoin wallet, you can 01:45.830 --> 01:49.430 see that my balance is 5.6 micro bitcoins. 01:49.430 --> 01:52.220 So this is 0.0056. 01:52.220 --> 01:57.230 You divide this value by 1000 to convert it from micro bitcoins to bitcoins. 01:57.650 --> 02:00.200 So I have more than the minimum amount. 02:00.530 --> 02:01.640 So that's fine. 02:01.640 --> 02:04.120 So I'm going to set this to the minimum amount. 02:04.130 --> 02:07.850 Now remember, like I said, this is in bitcoins, not in micro bitcoins. 02:07.850 --> 02:17.330 So 5.6 micro bitcoins will be equal to 0.0056 bitcoins. 02:17.840 --> 02:20.090 Now, we actually don't want to send all of this. 02:20.090 --> 02:22.520 I'm just going to send five micro bitcoins. 02:22.520 --> 02:28.430 So it's 0.005 they receive is already set to Monero, so we're good to go. 02:28.520 --> 02:36.080 You can also use the weight in here if you want to convert the deposit coin to a number of different 02:36.080 --> 02:40.940 cryptocurrencies so you can click on the plus and here to add more entries. 02:40.940 --> 02:47.960 And when you do that, for example, in this case, 50% of my bitcoins will be converted to Monero and 02:47.960 --> 02:52.460 50% will be converted to Ethereum, which is another cryptocurrency. 02:52.460 --> 02:58.220 And you can keep clicking on the plus and split your bitcoins into a number of different cryptocurrencies 02:58.220 --> 02:59.150 if you want. 02:59.690 --> 03:04.850 Now, in my case, I want to keep everything for Monero, so I'm going to click on the minus here and 03:04.850 --> 03:08.000 we're going to click on Morph to start the process. 03:09.640 --> 03:13.400 And the next page, it's asking us for the refund address. 03:13.420 --> 03:17.650 This is the address of the wallet that will send the funds. 03:17.950 --> 03:23.650 As the name suggests, the only reason you need this in case something goes wrong, the money will not 03:23.650 --> 03:24.220 be lost. 03:24.220 --> 03:29.770 It will be sent back to the wallet that it came from or to the address that you specify in here. 03:29.980 --> 03:35.860 So I'm going to go down and this is the wallet that will send the money, and I'm going to set it as 03:35.860 --> 03:37.030 the refund wallet. 03:37.030 --> 03:42.760 So I'm going to click on Receive as usual, copy its address and paste it here. 03:43.300 --> 03:44.170 That's done. 03:44.740 --> 03:51.730 The next step is to give the address of our Monero wallet, which will receive our Bitcoin coins after 03:51.730 --> 03:54.580 being converted to Monero or XMR. 03:55.180 --> 03:59.530 So again, we're going to go down and this is my Monero wallet. 03:59.560 --> 04:03.370 You'll notice that using these wallets is actually very, very similar. 04:03.370 --> 04:06.050 If you want to receive money, you click on Receive. 04:06.070 --> 04:08.140 Similar to what we do with Electron. 04:08.470 --> 04:12.160 Now, in your case, you'll probably only have one address in here. 04:12.160 --> 04:13.410 The primary address. 04:13.420 --> 04:19.240 I have two other addresses here because I created them manually and it's actually a very good idea to 04:19.240 --> 04:23.290 always create new addresses for every transaction you make. 04:23.320 --> 04:25.510 Therefore, this is a new transaction. 04:25.510 --> 04:28.090 I'm going to click on Create a new address. 04:28.600 --> 04:34.390 You can set any label for this, so I'm going to call it Test three and I'm going to click on okay. 04:35.320 --> 04:39.810 And now when I click on this, you'll see that the QR image changed. 04:39.820 --> 04:43.810 This is the QR image for address three for this wallet. 04:43.810 --> 04:49.120 And I can click on this icon right here to copy this address to my clipboard. 04:49.810 --> 04:53.320 As you can see in here, it's saying the address is added to the clipboard. 04:53.320 --> 04:59.770 And I'm going to go back to my website and I'm going to paste it here so that this will be the address 04:59.770 --> 05:05.230 that will receive the coins after they're converted to Monero or XMR. 05:06.150 --> 05:11.220 Once we're happy with setting the refund address and the receiving address, I'm going to click on start 05:11.220 --> 05:12.540 to start the process. 05:13.700 --> 05:14.380 And perfect. 05:14.390 --> 05:16.000 Now the process has started. 05:16.010 --> 05:18.190 We have our ID right here. 05:18.200 --> 05:23.390 If you go down again, you can see it's telling you what's the minimum amount that you can transfer. 05:23.390 --> 05:24.980 It's 0.005. 05:24.980 --> 05:26.420 This is what we picked anyway. 05:26.420 --> 05:27.350 So that's fine. 05:27.800 --> 05:34.940 And then it's given us the address of the wallet of this website, so we should transfer our coins to 05:34.940 --> 05:36.650 the address that we have in here. 05:36.980 --> 05:43.940 This website will convert our bitcoins to Monero and then transfer it to the address that we gave as 05:43.940 --> 05:47.270 the receiving address, which is the address of this wallet. 05:47.720 --> 05:51.440 So right now I need to go to the wallet that I'm sending money from. 05:51.440 --> 05:54.290 I'm going to go to the send tab, as we've seen before. 05:54.980 --> 06:00.350 We're going to set the pay to address to the address that we got from here, the address of the wallet 06:00.350 --> 06:01.490 of this website. 06:02.180 --> 06:05.240 You can set a description for this, but I'm going to leave it blank. 06:05.240 --> 06:06.080 That's fine. 06:06.710 --> 06:09.050 The amount we're going to set that to five. 06:09.050 --> 06:11.120 Remember, this is in micro bitcoin. 06:11.120 --> 06:17.690 So it's equal to 0.005, which is what we picked in here when we initiated the process. 06:18.500 --> 06:24.950 I'm going to keep the fees as they are and I'm going to click on send to send the bitcoins. 06:25.580 --> 06:27.290 I'm going to put my password. 06:28.600 --> 06:29.270 And perfect. 06:29.290 --> 06:31.090 Now the payment is sent. 06:31.210 --> 06:35.710 And if we look in our history tab, you can see that it sent. 06:35.710 --> 06:36.910 It's still unconfirmed. 06:36.910 --> 06:39.390 So you want to wait for this as usual. 06:39.400 --> 06:48.820 And if we go to the website, you can see that it's waiting for confirmation, but it received my 0.005 06:48.820 --> 06:49.570 bitcoins. 06:49.570 --> 06:56.110 So all we need to do right now is literally wait for these guys to receive my bitcoins, convert them 06:56.110 --> 07:01.000 to Monero, and then they will transfer it to my Monero wallet right here. 07:03.220 --> 07:03.610 Now. 07:03.610 --> 07:09.130 I've actually paused the video for a bit, and right now, as you can see, I received the funds in 07:09.130 --> 07:10.190 my Monero wallet. 07:10.210 --> 07:17.050 If you click on account, you should see the amount that you transferred in here in your wallet. 07:17.050 --> 07:21.700 And as you can see right now, this is in Exmor in one arrow. 07:21.700 --> 07:27.010 So we basically converted our coins from Bitcoin to Monero. 07:27.100 --> 07:33.910 XMR And like I said, once we do this, we basically broken the link between all of the previous transactions 07:33.910 --> 07:35.830 and the coins in this wallet. 07:35.830 --> 07:41.920 So right now if I go ahead and use the coins in this wallet for anything, it will be untraceable and 07:41.920 --> 07:47.470 unthinkable to the Bitcoin wallet that sent the money to this wallet right here. 07:47.470 --> 07:53.770 So even if the Bitcoin wallet was linked to my identity or compromised, it's still safe to use this 07:53.770 --> 08:01.240 wallet in here because it is not linked to the previous wallet and therefore it's not linked to my real 08:01.240 --> 08:02.140 identity.