Bitcoin Vault (BTCV) is a cryptocurrency with a unique difference – it’s designed to be extra-secure. As the name suggests, it’s a digital ‘vault’ for your bitcoins, with a variety of security features built in to protect your coins. These include 3-key management, time-delayed withdrawals and more.
BTCV is also one of the few coins to offer ‘instant send’, meaning transactions are confirmed almost instantly. So if security and speed are your priorities, BTCV could be the coin for you.
But what if you already have some bitcoins and you want to convert them into BTCV? In this article, we’ll walk you through the process step-by-step.
First, you’ll need to create a BTCV wallet. We recommend using the official wallet, which can be downloaded from the Bitcoin Vault website.
Once you have the wallet installed, open it up and click ‘Create New Wallet’.
Enter a strong password (and make sure to remember it!) and then click ‘Create New Wallet’ again. Your BTCV wallet will now be created and you’ll be given your seed phrase.
This is a list of 12 words which can be used to restore your wallet if you ever lose access to it. Write these down somewhere safe – if you lose them, you lose your BTCV!.
With your wallet set up and backed up, it’s time to find somewhere to buy BTCV. There are a few exchanges which trade in BTCV, but the most popular is probably Bittrex.
Converting BTCV to Bitcoin can be extremely risky. Many people have lost money trying to do this kind of transaction, and there is no guarantee that it will work the way you want it to. Before attempting this conversion, make sure that you understand the risks involved and are comfortable with them before proceeding. Additionally, be sure to only use trustworthy services when performing a conversion of any kind.
Head over to their website and create an account.
Once you’ve verified your email address and logged in, click on ‘Wallets’ in the top menu bar. Search for ‘BTCV’ in the list of currencies and click on ‘+ Add Wallet’.
You should now see a page with your BTCV deposit address. This is a long string of characters which starts with a ‘3’ – this is what you need in order to receive BTCV into your Bittrex wallet.
Copy this address (or use the QR code) and head over to your BTCV wallet.
Click on ‘Send VaultCoins’ and paste in your Bittrex deposit address. Enter how much BTCV you want to send across (or hit ‘Max Send Amount’) and then click ‘Send Transaction’.
You should now see a confirmation message telling you that your transaction has been broadcasted successfully. Head back over to Bittrex and click on ‘Orders’ > ‘Open Orders’ in the top menu bar.
You should see your transaction listed here – it will say ‘Pending…’ until it has been confirmed by the network (this usually only takes a minute or two). Once it says ‘Complete’, that means your BTCV has arrived in your Bittrex wallet!.
You can now convert your BTCV into another cryptocurrency or trade it for fiat currency (like US dollars). To do this, just head over to the relevant market page on Bittrex (for example, ETH/BTC if you want to trade Ethereum for Bitcoin) and place an order using the form at the bottom of the page. Once your order has been filled, you will have successfully converted your BTCV into another cryptocurrency!.