How to convert Gunthy to BTC
Gunthy is a peculiar crypto token. It can be acquired on the website of its creators, the identically called company, with ease. All you need to do is set up a Wallet on gunthy.rog, then click on the ‘exchange’ tab and purchase whatever amount you want. Selling these tokens, however, is a bit more challenging.
This ‘exchange’ on gunthy.com only works one way and only for one currency – Bitcoin. You can purchase a few Gunthy (or GNT, for short) Tokens for their current worth in Bitcoin, but not the other way around. Nor can you convert Ethereum, Litecoin or other cryptocurrencies into Gunthy.
In order to convert GNT into BTC, you’ll have to visit Beaxy with your accumulated wealth, i.e. withdraw tokens. It isn’t a matter of two clicks.
There are several nuances worth noting:
1. You can’t simply withdraw your GNT elsewhere. The platform of choice needs to support Gunthy Token as one of the tradable resources. Beaxy does, fortunately
2. In order to transfer your tokens to the third-party website, you’ll have to find a special API key the website and ‘insert’ it into one of your available API slots. If it’s hard or impossible, then the options are limited
3. Even if you found API key for the website that supports GNT/BTC exchange, the website may not be associated with Gunthy creators in any capacity. If it’s an independent operation, they can’t intervene in case of fraud
So, whatever destination you pick, withdrawal revolves around the concept of API keys and API slots. GNT creators realized this concept on the basis of paid slots and license upgrade.
License upgrade is a function enabling users to increase their possibilities on the platform. Each upgrade costs Bitcoin, but gives instead a bonus sum of tokens, as well as additional API slots and trading pairs on GunBot, a chief product of this company.
API slots, for their part, represent the amount of API keys (in other words, available withdrawing destinations) for your Gunthy Wallet. On the first level, you’re only allowed to pick one such destination, so be careful. You’ll have to choose such platform that would allow you to convert Gunthy into Bitcoin or the specific currency of your choice.
So, to sum it up, in order to be able to convert Gunthy to Bitcoin on Beaxy, you’ll need to:
1. Register your account on Beaxy Exchange. Click here to visit the page where you could do that;
2. Verify your account by going to the KYC tab and submitting your ID and other documents so that Beaxy could trust you completely;
3. Transfer your Gunthy tokens to the exchange. To do that, go to My Account tab and proceed to Deposit page. From here you can invest dozens of available currencies to the Beaxy Exchange, including Gunthy
4. Proceed to convert your Gunthy Tokens to Bitcoin
Convert Gunthy to other currencies
By several methods, you can convert Gunthy Tokens into alternative crypto currencies. Dozens of popular and less known currencies, like Ethereum, are already available on Beaxy, you can change your Gunthy to them at any time. But you can use other methods of converting your Gunthy supply.
Aside from bitcoin, Gunthy tokens can be converted directly to USDC when you utilize the GNT-USDC trading pair on Beaxy Exchange.
In order to convert Gunthy to anything else, however, you’ll first need to convert you GNT tokens in BTC. Once you have accumulated BTC from your GNT tokens, you can trade for dozens of different tokens and six fiat currencies on Beaxy Exchange.
You can trade it in several methods. For instance:
1. You can trade GNT for USD and then start buying other currencies with it. It’s beneficial because the price on US dollars doesn’t change as often, and it’s a much more versatile type of money
2. You can use convert GNT into BTC, as mentioned above
3. You can convert GNT into a token or a coin of the similar value. This way, it’ll be easier for you to understand for your pure losses are, and to keep track on price shifting
You can withdraw the money to Beaxy, since this exchange supports GNT tokens. If you’d like to put your accumulated GNT to good use here, feel free. But you can also convert the Tokens to some currency of choice, be that Bitcoin or USDC.
But if you don’t trust the intermediary platform (or if you can’t transfer GNT to Beaxy because your API slot is already reserved, for instance), it would be wise to trade for dollars. It’s not uncommon for other crypto exchanges to scam you.
It’s better to convert into dollars rather than coins, as mentioned. If your money will be delayed or otherwise confiscated (as fraud platforms like to do), you can use your other dollar savings to trade, while the prices are still good. The same can be done with other currencies, but they are limited and much harder to get.
About Gunthy
Before you start doing all of it, there are still a few words to be said about Gunthy. You probably figured out a lot about this platform already, but let’s at least sum it up.
Gunthy is a crypto token based on an ERC-20 protocol. It being a token means it’s not exactly a currency, but rather a commendation coin. Still, it has value and is used as a currency. ERC-20 means it’s compatible with Ethereum-based coins, given that it’s one of them. It also means you can track all of the transactions with Gunthy on one of the Ethereum Block Explorers.
Now, tokens are usually distributed by an ICO mechanism. It’s a simple mechanism, supposed to commend the initial investors into some project or another. As with all investments, it’s risky. The tokens can become valuable if the project is successful. But they can also become worthless if it fails. That’s why tokens as a concept are often treated with suspicion.
Gunthy never had an ICO program, the token was launched alongside the major software associated with it from day one. It’s a token for the Gunthy software, and Gunthy software seems to be implemented simply as a playing field for GunBot, another piece of programming by Gunthy Co.
It makes it more transparent and stable than most tokens. In short, you can give it a go if you really want, although it’s tricky to withdraw it from mother platform.