DCV - December 1, 2021
If you don't have access to the Binance exchange or just don't want to setup an account for some reason, there are easy ways to use DeFi to swap your Bitcoin (BTC) to Binance Coin (BNB). BNB is useful nowadays to transact very cheaply (cents per transaction) on the Binance Smart Chain to farm, stake, or move crypto around. This article will go through very simply, a step-by-step process to swap BTC to BNB. Here is how I did it.
What is needed for the swap:
This whole process should take no more than 5-10 minutes. If you don't want to read the guide, you can check out the YouTube video.
So the first step is to navigate to changenow.io. ChangeNOW is a trusted "non-custodial service created for simple and fast cryptocurrency exchanges." At this point, there's no need to register for anything, no need to input an email, or connect a wallet.
All that's needed is to input the amount of BTC to swap. I'm selecting BTC for the first currency in the dropdown menu.
For the second currency, I select Binance Coin (BNB).
Then, I need to type in the amount of BTC to swap. There is a minimum amount to swap and a transaction fee is required so I made sure my balance in the wallet that contains BTC has enough to cover the transaction fee. Here, I'm swapping 0.0015 BTC when my balance is about twice that. It doesn't need to be twice the amount I'm swapping. The BTC balance just needs to be large enough to cover the transaction fee. Note that the minimum amount required for swapping is subject to change.
ChangeNOW will automatically calculate how much BNB will result from this swap.
I copy my Binance Smart Chain wallet address from Metamask and paste it into the field that is labeled "Recipient Wallet".
Then, click "Next".
ChangeNOW will ask me to confirm the transaction. Click "Confirm".
Confirming will bring me to this page.
This page has a progress bar where ChangeNOW awaits a deposit. What ChangeNOW is asking me to do is to transfer Bitcoin into an address so that they can process the swap. Now, it's on me to transfer the Bitcoin. Once the transfer is detected then the swapping will continue. I copy the address on ChangeNOW so that I can transfer Bitcoin to it. I am using Coinbase Pro to take advantage of the low fees.
Once the exact funds are deposited into that address, ChangeNOW will automatically detect it. I haven't tried delaying this deposit of BTC but it's probably best to make this deposit as soon as possible. Once the deposit of BTC is detected, the status bar should change to "Confirming". This usually takes a few minutes.
Some more waiting happens before the status changed to "Exchanging" and then finally it finishes on "Sending to you". The whole process from awaiting the deposit to now took about 10 minutes.
And finally, success! I get a message indicating that the swap was successful. I can check my Metamask wallet to confirm that the swap has occurred by checking my BNB balance.
I've swapped by .0015 BTC to .1488 BNB. To confirm, I just have to check my Metamask wallet to see that the funds are there. And that's it. Need to swap BTC with BNB? ChangeNOW can do that for you.
Check out the YouTube tutorial here: