Confused by the term: trading partners. And how to convert more fringe currencies back to bitcoin

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Two questions:

  1. I am confused by the term: trading partners like BTC/ETH, etc.

  2. I'm into some more of the fringe currencies, IOTA, and SAN. Bought them with bitcoin on bitfinex, how to convert back? Seems to be a one-way street. Am I stuck?

Edward Potter

Posted 2017-08-22T17:45:09.613

Reputation: 109

Please only ask about one topic per post. – Murch – 2017-10-22T00:35:00.723

Answers

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Trading pairs like BTC-ETC at an exchange means that you pay BTC to receive ETH. Your exit should be possible with sending IOTA, SAN to respective wallets supporting these coins. Or you trade back to BTC and send this to your personal wallet or to another trading site where you sell your BTC against USD. You cannot get USD out of Bitfinex presently it seems.

KOld

Posted 2017-08-22T17:45:09.613

Reputation: 156

Thanks. Think the issue is on bitfinex there seems to be no option to transfer IOTA or SAN back to bitcoin. You can buy it, yes. But not convert back to bitcoin.

Coinbase makes it easy to convert back to USA $$$s for the majors. But no listing for more of the speculative currencies. – Edward Potter – 2017-08-22T21:00:04.590

You cannot trade them back into BTC? Bitfinex is in some trouble anyway so I would move/send them to eg Bittrex which offers both ways. – KOld – 2017-08-22T23:54:22.887

Asked: 2017-08-22T17:45:09.613

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Active: 2019-08-23T17:00:55.090