Ethereum For Investors #4 – How To Convert Ethereum Into BTC Or Any Crypto Using ShapeShift.io

This is Tai Zen again. In this video guys, I want to show you guys how to convert the Ethereum or the Ethers that you have into Bitcoin or any cryptocurrency using a website called ShapeShift.com.

What you will need to do is go to this website called ShapeShift.io and this is their default page. When you get here, click on this and select Ether, it’ll give you a warning that this can be very dangerous because the Ethereum blockchain just got started and they just got released.

It takes a long time to confirm, about three hours. Even though they say it takes three hours, it actually takes less time than that. ShapeShift is just trying to protect their own butt and give themselves a little bit more time. But in all the transactions I’ve done so far, it has only taken just a few minutes.

Now I want to convert the Ethers into another cryptocurrency, so whichever cryptocurrency I want to select, I just come over and select it. I can convert it to NXT, I can convert the Dogecoin. In this particular tutorial, I will convert it to Bitcoin only. So there it is, right there.

After you finish this step, the next thing you want to do is fill out the return address in case something goes wrong, and ShapeShift needs to return the Ethers back to you. They want to know where to send it so you need to come in here to where you originally created your wallet account.

And this is the wallet that I did in the example from video 1 or previously in this video series depending on which one you guys are watching, but come back over here and copy this address, and come back to ShapeShift and paste in the address right there.

So in case something happens, ShapeShift will know where to send the leftover Ethers or the Ethers that they’re not able to do over here. Now the next thing you need to do is specify the amount that you are looking to convert into Bitcoin.

So we need to come over here, we need to go through a few steps here real quick, to select the “Upload your wallet file.” I’m going to upload the pre-sale wallet file or the Ethereum IPO Ether files, so I select this and I grab the JSON file that was sent to me when I first purchased the Ethereum IPOs and you’ll notice that it loaded it up here with the JSON file.

Now I need to go over to my password manager. Grab the password and type it into here, and give it a moment so that it can crunch the password. But let me try it again. Maybe it’s because I had the wrong password possibly. What happened was I copied into the wrong password.

So I put in the correct password now and I hit “Decrypt” and you’ll notice that the wallet was successfully decrypted. And this is probably about the 6th, 7th time that I’ve decrypted this wallet. And you will notice here that the balance in there is 849 Ethers.

It’s worth 2 thousand US Dollars and 1900 Euros. It’s worth 5.7 Bitcoins at the moment so what I like to do is I like to grab that amount, copy it and come over here to ShapeShift and notice how we need a payment address. This payment address is the Bitcoin address that I want ShapeShift to send the Bitcoins to when they are finished with the conversion.

So I go into my Coinbase account and once I log in the Coinbase, you’ll notice at the top up here, it will say “Wallet Address”, when I select that, this address will come up, I need to copy that, close it out and then come back here, and type in the payment address right there.

Now if you’ll notice something guys, you can use any Bitcoin wallet service. I just choose to use the Coinbase wallet simply because it’s easy and that’s what I use when it’s a temporary… and type it in here.

Now if you’ll notice, it says that the deposit limit is 396 Ethers and obviously we have much more than that that I need to convert, but I’m going to type it in and see what they say. It says “The deposit amount required to fill the request is greater than the deposit limit of 792”. So that’s 5.3 Bitcoins.

So what I’m going to do is I’m going to come back here and just convert this into 5 Bitcoins and it says here that once you type in this 5, it gives you the numbers here, your rate and everything. Now if you guys notice, if I type in it with a decimal earlier, I think it was because of the decimal, it prevented … see it’s crunching right there.

So I’m just going to put 5 just for practice right here guys, and I am going to hit “I Agree” and click “Start”. And what you guys will notice is, it’s going to crunch it, and it says here that I have 10 minutes if I want that price that they showed me there, I will have to send 735 Ethers to this address.

So I’m going to copy that number and go back to my wallet here and paste it into the amount right there. And then I’m going to come back to ShapeShift, grab the deposit address for the Ethers, copy and paste that into the address up here.

One thing I like about MyEtherWallet is that it tells you if the address is good or not. And in this particular case, it is, there is the amount, and I’m going to go ahead and hit “Generate” and you guys will see the raw transaction and the signed transaction here.

And you will need to select “Send Transaction” right there. It’s going to ask the confirmed “Are you sure you want to send 735 Ethers to this address?” and I’m going to hit “Yes”.

Now I want you guys to notice how fast this all happens. I just sent the transaction. There’s the transaction ID. I’m going to copy that, go and look in the Blockchain Explorer here, and hit “Search” and see what it looks like.

So there it is. There’s a transaction of 735 Ethers. Then I go back to ShapeShift and you guys will notice that it went from a green status bar over here to “Waiting Exchange” status bar and if you guys will notice this… I’m going to check in my Coinbase and refresh this Coinbase account.

So ShapeShift is indicating here guys that they have received the 735 Ethers. The ShapeShift is now in progress and if we click on here, it will actually take us to a deposit address, and it will show us all the information that we need.

So it just showed green, so let’s go back over to here, and so it shows that it’s complete. And if I go check on the Coinbase here… you reload this. As you guys can see the five Bitcoins have shown up in my Coinbase account, so there it is guys. That’s how you can easily convert your Ethereum into Bitcoin.

And then obviously, once you get here to the Bitcoin, you can do whatever you want with it. So now if we go back to MyEtherWallet account again guys, you will see that there are only 113 Ethers left. So what I’m going to do is this, I’m going to see if I can transfer the rest of it and be done with this account and empty out this account completely.

So I go back to ShapeShift and do this a second-time guys. I am going to put the specific amount in here, and if you guys can see, we need to come over here and grab our Ether address again that we created earlier in case something goes wrong and they need to send it and then I’m going to go back to my Coinbase wallet and grab that wallet address again right here.

You’ll notice that this is a different wallet address because the way that Coinbase works is that they change their address every time you want to deposit so it’s always going to be a different one. So I’m going to select “I Agree” and then I select “Start”.

So what it’s saying here is that in the next few minutes, if I want to send that, I need to send this many Ethers to this address, so I’m going to copy that amount again, go back to my wallet, type that in and then come over here to ShapeShift, and copy this address so I’ll know where to send it to and I’m going to highlight this, paste it in there. And so there it is.

I’m going to select “Generate Transaction”.

So it’s saying here that I don’t have enough to make this transaction. So what I’m going to do is going to reduce this amount by just a hair just to make sure. So it says right here, clicks here to transfer total available balance. So there it is, right there.

Here’s something that I don’t know what’s going to happen guys, but I’m going to try it anyway just so that we can all learn from it. So ShapeShift is saying that I have to send this amount to receive this amount of Bitcoins, but obviously, my amounts are not exactly the same, so I’m going to send it anyway and I want to see what happens. So I’m going to select “Send Transaction” and then confirm that I want to send the remaining balance of 113 Ethers, and I’m going to hit “Yes”.

So if I copy this transaction ID over here, I can see it again. As you guys can see, I did not send the exact amount, so I’m not sure what happened. But they did receive that amount. So let me go over here to the… and refresh this and see what happens. So there it is. That kind of got me scared there for a moment guys.

It went to this transaction and the transaction received so there it is. They received it so if we go back over here, it shows that they’re awaiting the exchange and the shift status. So the deposits have been received and they’re waiting for the exchange, and I’m waiting for it to be sent to my Coinbase account.

Oh so as you guys can see here guys, it shows that the amount was not the correct amount, so it was sent back to me. So I guess you do have to send the exact amount that you agreed upon. Otherwise, they will not do it. That’s cool. I guess that was worth the test. So this was an error because it was not the exact amount that we originally agreed upon.

This is the reason why it’s important that you put the Ethereum address right here on the left in case something happens like this and you want to get your Ethereum back, they need to have an address to send it back to you.

So we go back and look here guys. You can see that the account is now empty. There are no more Ethers in this account. So now, to find where those 113 Ethers are at, we will have to come up in here and we will “Paste and type in your private key”.

So once you select the paste here, we go back to our original wallet here and we can select either the unencrypted private key or the encrypted private key. For this tutorial, I’m just going to select this one just to make it easier, and I come over here and I’ve posted in the private key, and when the blue decrypt button comes up, “Wallet successfully decrypted” and as you guys can see, the 113 Ethers are back in here again.

Now just to be on the safe side guys, we will have to send a smaller unit out of this account, just so that we can make sure that it goes through this time. So we come back to ShapeShift and let’s do another exchange and start all over.

So what I’m going to do is I’m going to try to send the balance of this stuff. So what I’m going to do is convert for the Ethers into Bitcoin again and we go through the same process.

Come over here, grab our public address from our Ether wallet and we paste it into here in case there’s anything that goes wrong again, it will come back to us and then we go over to my Ether here and we see that there are this many Bitcoins left. We come over here to ShapeShift and what I’m going to do is I’m going to type in a smaller amount.

So I’m going to change that from 76 to just 75 and then I come over to Coinbase and get a new address, copy that and type it here into the… so that ShapeShift knows where to send me the Bitcoins and I agree to it and select “Start”.

So what I’m looking for guys, is there it is. I was looking for that number to be less than 111, so I copy that, come over here and put it into the amount, and then come back to ShapeShift and select this address that they want me to send the Ethers to. I come over here and I put it into the address, and the address is valid. And I’m going to hit “Generate Transaction” and the transaction is generated. And I’m going to hit “Send transaction”.

It’s going to ask me to double check to make sure that I want to send 111 Ether to this address. I’m going to say “Yes, I’m sure” to make the transaction and so the account balance is 2 Ethers. And I come over here to ShapeShift and there it is. Now it’s waiting for the deposit and we can check the status over here, and it says that there’s an incoming coin and you guys will notice that it changes as it goes from block undefined…

So the blocks are happening pretty quick, and it’s just waiting for them… So the deposit has been received, and if I come back to Coinbase, I can check over here to see if they actually received it yet. And it still has not been received…

The green checkmark right there shows that this transaction went through, so everything is good and you can see here that it is completed. Alright guys, thanks for watching this video guys, and I hope that this short tutorials, this series of short tutorials was able to help you guys figure out how to set up  Ethereum wallet account and be able to withdraw and transfer Ethers in and out of it, and be able to load up the presale Ethers or the Ether IPOs that you guys got back when it was made available, and be able to do it safely, securely, and use the resources I shared with you guys to convert your Ethers into Bitcoin or into any other cryptocurrency that you guys want to convert it to.

So if you guys like this video guys, leave questions, comments and suggestions for future videos below this video. And if you guys want to donate, any coffee or beer donations are awesome, just go to the link below and you can donate here.

And if you know anyone that can benefit from this video tutorial guys, be sure to share this video with someone who can benefit from it and make sure you also subscribe to this channel. Thanks for watching this video guys and I’ll look forward to seeing you guys in a future video.

Slide
Cryptocurrency Investing Blueprint™ Course Cover

We believe you should NOT be in front of the computer all day making short term, in and out trades. That is no different than having a “day job” at home instead of at the office. After completing the blueprint, you will learn how to PUT your money to WORK for you in the crypto market.

Slide
Cryptocurrency Investing Bootcamp - Tai Zen & Leon Fu Dot Com 6

If you want to GET RID of the anxiety, nervousness, self-doubt, and FEAR of picking the “wrong” cryptocurrency and losing your hard earned money… then don’t think twice about it; get the blueprint today because it’s the perfect fit for you.

Slide
Cryptocurrency Investing Bootcamp - Tai Zen & Leon Fu Dot Com 12

You will learn “The VC MAN Method™” that we developed that allows you to systematically identify “A” Tier cryptocurrencies worth investing in, that are not scams, by identifying the 5 Key Traits of a Profitable Cryptocurrency.

Slide
Cryptocurrency Investing Bootcamp - Tai Zen & Leon Fu Dot Com 6

You will learn how to properly exit a trade so that you will be profitable even when you are wrong over 60% of the time! Imagine being RIGHT less than 40% of the time in your crypto investing and still be profitable! You do not have to be RIGHT all the time to be successful in cryptocurrency investing!

Slide
Confident Bitcoin and Cryptocurrency Investor

If you have the burning desire to make Life Changing Profits™… Faster Than You Ever, if you are SICK & TIRED of struggling to figure things out alone or listening to people who don’t make a living from crypto investing… then this blueprint is a perfect fit for you.

Slide
Confident Bitcoin and Cryptocurrency Investor

YES, there is a guarantee! If the Cryptocurrency Investing Blueprint™ did not deliver on what was promised on this website, simply make a request within 30 days for a refund, and we will cancel your student access and REFUND you back 100% of your purchase in US dollars.

Now there’s no excuse! If you’re serious about making Life Changing Profits™ in crypto investing, then click on the link below and order your copy of the Cryptocurrency Investing Blueprint™ immediately!

Leave a Reply