A Complete Guide: Convert GBYTEs to and from Fiat and other Coins

In an era where cryptocurrencies have gained substantial recognition, Bytes (GBYTE), the native cryptocurrency in Obyte, offers a plethora of possibilities beyond conventional trading. Of course, users can also exchange it easily for other digital coins and even for traditional money.

Doing so requires an understanding of various platforms and mechanisms that facilitate these transactions. From well-established cryptocurrency exchanges to decentralized platforms, a range of options are available for users seeking to diversify their portfolios or transform their digital holdings into other assets.

Whether you're a seasoned crypto enthusiast or a newcomer intrigued by the possibilities, let’s uncover all the paths you can take to exchange GBYTEs for numerous other assets.

Exchange GBYTEs for other coins

GBYTE coins could be exchanged peer-to-peer (P2P) just like any other decentralized cryptocurrency. This means you can find a reliable counterpart to exchange GBYTEs for other digital coins or fiat money without middlemen. The process needed in that case is quite simple: just go to the “Send” tab in the Obyte wallet (if you’re selling) or to the “Receive” tab (if you’re buying).

There’s a high risk when trading with strangers, though. You can’t be sure that the other party does their part of the bargain. That’s why it’s important to trust in the counterpart, or better use a crypto exchange app. The latter is just an online platform where you can exchange your coins for the available assets by following their instructions.

They could be decentralized (DEX) or centralized (CEX). In the first case, only your crypto address will be needed to trade. DEXes don’t hold custody of your funds and don’t ask for more personal data. Then again, they only exchange against other digital assets and don’t work with fiat money.

In Obyte, the main DEX available is Oswap.io. Currently, it’s possible to “swap” (exchange) GBYTEs for coins like Wrapped Bitcoin (WBTC), Polygon (MATIC), Binance USD (BUSD), USD Coin (USDC), Ether (ETH), KAVA, and BNB. However, Oswap only works with Obyte-based assets, which means the external tokens must be “bridged” (imported) first through the Counterstake Bridge. This way, they’ll appear in the Obyte wallet and can be used anywhere in this ecosystem.

Using the bridge

The Counterstake Bridge is another online platform, very intuitive for newcomers. If you already own one or more of the assets above in an external wallet (not Obyte-based), it’s possible to import them into Obyte (or export from other networks) just by filling in the spaces and pressing the “Transfer” button. You’ll need an Obyte wallet to receive the imported assets and use them from there in Oswap or any other Obyte-based app.

This platform supports non-Obyte assets through the popular MetaMask wallet. If you have your digital assets in another wallet, it’ll be necessary to send them to your own MetaMask. This one is available as a light browser extension in Chrome, Firefox, Brave, Edge, and Opera. After pressing the “Transfer” button, a MetaMask confirmation window will pop up. You need to confirm the transaction from there.

Once the funds have been sent, you can check the whole path of them on the Counterstake Bridge: Sent – Mined – Claimed – Claim Confirmed. “Claim Confirmed” means that an “assistant” (an exchanging bot) has already sent your desired tokens to your Obyte wallet. You don’t need to do anything more. The entire process takes between 20 – 30 minutes.

GBYTE could be exported into MetaMask as well to be used in other networks (for liquidity mining, for example). You can exchange “GBYTE in Obyte” for GBYTE in Ethereum, BSC, Polygon, and Kava. Indeed, exporting (bridging) GBYTEs to Kava and also the opposite (Kava to Obyte) could give you some rewards, thanks to the Kava Rise Program.

Using Oswap

Just by filling the spaces in the Oswap website, you can exchange GBYTEs for any other Obyte-based available asset using the tab “Swap.” This interface shows four “cages'' of data: input (what you want to sell), output (what you’ll receive), the average price for both assets, and “Bounce if the price increases.” In case you’re not familiar with the last one, it refers to the slippage tolerance percentage.

Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. To account for potential price changes, users might set a slippage tolerance percentage. If the price moves beyond this percentage between the time of transaction initiation and confirmation, the transaction might be bounced (canceled) to prevent undesirable outcomes.

In Oswap, you can set the slippage tolerance percentage in “exact prediction” (of the price), 0.1% increased price, 1% increase, 5% increase, or “don’t bounce.” This will depend on the amount of risk you want to take with the transaction. Then, after pressing the “Swap” button, a message to open your Obyte wallet will appear. The transaction must be confirmed from there. After checking the details and pressing “Send” in the wallet, the transaction must be completed in a few minutes. And that’s it!

Exchange GBYTEs for fiat money

Currently, exchanging any cryptocurrency for fiat (traditional) money involves registration in a centralized exchange first. This implies sharing personal information like ID, passport, birth date, country, and address. Crypto exchanges of this kind must ask for this information to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations worldwide. So, the full privacy offered by a DEX is a bit lost in this step.

Using fiat money for daily needs is practically inevitable, though. Hence, GBYTE can be exchanged for traditional money as well, directly to EUR and AUD. In the first case, one option is to register and follow the instructions of the crypto exchange Kaiserex. For AUD, the crypto exchange CoinSpot is available —also with proper registration.

Now, indirectly, GBYTE could be exchanged for Bitcoin (BTC) via Bittrex Global (for non-US residents). Verification is also needed since Bittrex is a centralized exchange. The easier way to exchange is to select the “Market” option, which uses the price rate available at the moment and offers an almost instant transaction inside the same platform.

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However, it’s also possible to trade in “Limit” (an exact price rate), “Stop Limit” (to set up a maximum price level), “Trailing” (to adjust the order price as the market price changes), “One Cancels the Other – OCO” (to combine Stop Loss and Limit Orders), and “Ladder” (to place multiple orders and prices). This is a realm for professional traders, though.

Once exchanged to BTC, you can exchange your funds in USD or EUR and withdraw to your bank account. If you need another currency, then you’ll have to withdraw the assets to another crypto exchange of your convenience. Bitcoin is the most adopted cryptocurrency nowadays, so, it’s possible to find fiat pairs for it in most countries. You’ll need to check for local crypto exchanges or global exchanges like Binance, which supports a wide range of fiat pairs through P2P markets.

More indirect methods

GBYTE can be paired with Ethereum assets, too, via Counterstake, or Oswap.io. But maybe the best method to get fiat from GBYTEs works like this:

1. Swap GBYTE to USDC/ETH/WBTC on Oswap.
2. Bridge those funds in USDC/ETH/WBTC to Ethereum via Counterstake.
3. Send the exported USDC/ETH/WBTC to a CEX of your preference.
4. Exchange your USDC/ETH/WBTC to your chosen fiat money.

Fiat money to GBYTE

The process to obtain GBYTE from fiat (EUR, USD, etc.) is quite similar to the Get Me In website (available in the Obyte wallet). It only works for purchases. You could buy ETH or Ethereum-based USDC and WBTC through numerous centralized exchanges using fiat money.

For instance, the crypto exchange Changelly offers a wide range of traditional currencies to buy ETH —and other cryptocurrencies in just a few minutes. Then, after getting some Ethereum assets in a MetaMask wallet, you can easily buy Obyte-based tokens through Get Me In. This is just a variation of Counterstake with the added ability to swap to other Obyte tokens immediately after the cross-chain transfer, so the interface is mostly the same.

As a final note, we can say that the ability to exchange GBYTEs within the Obyte ecosystem for other cryptocurrencies and fiat currencies not only showcases the versatility of this platform but also highlights its growing relevance in the broader digital economy.

With a variety of exchanges and conversion methods available, users can seamlessly navigate between GBYTEs and their desired assets, making Obyte an attractive option for those seeking to diversify their digital holdings or convert them into traditional money.

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