About a week ago, I admittedly followed the sheep and regretfully bough some Bitcoin Cash (BCH), when it was hovering around 3500, with the intent to sell it for a higher price when Coinbase made it available.
Well I’m not sure if I missed the window, but Coinbase went into chaos, halted all BCH sells and buys, and I found myself “stuck” with the BCH. It was around $250 worth to the day.
After spending around $50 of BCH just moving it and exchanging it for practice, yesterday I still had around 0.0687987 BCH in my Exodus wallet.
Since I had been reading up on XRP around social media, I knew this currency was about to get even hotter than it already was. (I’ve been paying attention to social media more than I ever did in my life, I never found it to be this useful!)
My mission: Convert 0.06881 BCH to XRP in the most convenient way possible.
I decided to use Changelly, because it’s so convenient. Drawbacks? The time it takes and the fees involved. This was my second time using Changelly.
I did NOT use Exodus’ integrated exchange partner ShapeShift, because I had a terrible experience with them. I’ll write about that on another day.
Let’s see what actually happened STEP by STEP (From a newb’s perspective ._.) :
XRP was hovering around $1.18 at the moment
BCH was about $2650
Exchanging 0.06881 BCH involves fees.., the first fee I was hit with was the “sending from my wallet fee”:
As you can see, I wouldn’t be really sending 0.06881 to Changelly, instead, because of the fee ($0.03), I had to send 0.0687987 . Which is very small compared to the staggering fee of $30-$40 with Bitcoin!
I headed over to Changelly.com and requested a BCH -> XRP exchange with the amount shown above:
I went ahead and confirmed my information:
So I was ready to exchange 0.687987 BCH to 146.9 XRP. This included Changelly’s 0.5% fee of 0.73836034. This is a FIXED fee.
If we talk in Dollars, I was exchanging 0.0687987 BCH * $2650 = $182.31 to 146.9 XRP * 1.18 = $173.32 word of ripple.
Fees just pile up, right?
I went ahead and entered my RPX Wallet’s receiving address:
I personally use the Rippex Wallet. Even though I’ve heard good things about Yoast. I should be using a Ledger Nano for maximum security. But I’m good with my desktop wallet for now…
Cool, everything was ready to get things rolling, now I just needed to send 0.0687987 BCH to the Recipient Address Changelly provided:
As you can see, now it said I would receive a tiny bit more of XRP, this is because Changelly works with different exchange partners, and the exchange rate varies (sometimes wildly) while a transaction goes through. So be careful!
Completion time: 5-30 minutes LMAO! 😀
Great! Now I was ready to send my BCH from my Exodus Wallet to Changelly’s recipient address…, straightforward? I WISH!
That’s right, Exodus started acting up, like I described in my precvious real time post. And this was a MAJOR headache!
I went online and read that the solution was to refresh my BCH wallet by clicking on the logo, so I did:
Exodus warned it would take 5-10 minutes to refresh…, ok no prob…, that is until it was about an hour later and the circling arrows were still “refreshing”.
I looked around for answers everywhere, especially Reddit, my best go-to resource for fixing problems like these.
I read some unsettling horror stories about people who had gone through the same issue, only to see their balance disappear and lost forever…, NOW I WAS STARTING TO FREAK OUT lol
I mailed the Exodus support team asking for help. It had already been more than an hour “refreshing”. Almost at the same moment, Exodus threw another tantrum:
Awesome… haha… what now? At least I got a reply from Support as you can see in the image, everything happened at once!
Luckily my BCH didn’t disappear…, and after closing the error window my BCH funds thankfully went through (somehow). What a relief!
Exodus support is TOP NOTCH this was their reply:
I am so sorry about this! Our BCH insight provider, Blockdozer, is having intermittent issues with their services. This can result in rescan errors and incorrect BCH balances. I really wish there was more I could do here, because we’re totally letting you down with this kind of unreliable wallet behavior within Exodus.
We’re working closely with Blockdozer right now to try and resolve this issue, to hopefully prevent such things from happening in the future.
If this happens to you again, I would suggest trying to connect using a VPN, from elsewhere in the world to see if you can connect to a working node. I would recommend either ProtonVPN or Windscribe if you don’t already have a VPN installed on your computer.
I’m truly sorry for this experience!
Good stuff, great support… anyways, my issue was somehow already solved and I was ready to move on.
Playing the waiting game…, Changelly was now waiting for my funds to arrive to their recipient address. Like any other crypto related service, they require 6 blockchain confirmations before making the operation:
This was lengthy as well, it took about another hour for 6 blockchain confirmations…, but that’s how it is.
Changelly went through the exchange phase comparatively faster, about 10 minutes:
Finally Changelly would send the funds to my wallet… :D! And they did, about 9 hours later from start to finish!!!! lol.
Luckily my exchange rate didn’t vary much and I actually got 146.3 XRP at 3:00am nice!
According to coinmarketcap, XRP is now valued at $1.46, so I’m happy with the trade 🙂
Value in $’s : 146.3*$1.46 = 213.6
Profit in $’s : 213.6 / 182.31 = 1.1716 ~ about a 17% gain for a profit of $31.29
I ONLY WISH I HAD EXCHANGED MORE LOL!!!
But oh well, I’m just playing around after all…
So, that’s my experience! Remember if you’re gonna use Changelly be ready to wait for several hours for the operation to go through! Other than that I didn’t face any major issue.