How to Exchange Fiat for Crypto and Navigate the ArbStore

Who doesn’t want to be protected when buying or selling online?

You often don’t know the other party and their level of honesty. It’s also important to be seen as a trusted reliable partner by your counterpart. That’s why the ArbStore was created: this is a platform that offers decentralized escrow with smart contracts, for any kind of digital transaction. Or, in other words, the buyer can deposit their money and relax, because the funds will be locked in a smart contract until the trade conditions are met —their product or service arrived well, etc.

The best part is that the ArbStore service is decentralized. That means no companies or other central parties charging expensive fees for everything, or even freezing your funds for any reason. Only in case of disputes between parties will an arbiter step in to solve the issue. If the transaction ends without dispute, neither the ArbStore nor the selected arbiter will know about the contract. The process is done through a light app, and it’s private.

There may be a catch for crypto beginners, though. To be decentralized and international, ArbStore can only work with cryptocurrencies compatible with the Obyte network —the ledger that powers these smart contracts. So, you’ll need some cryptos to pay for transaction fees (often less than $1) and fund your contract. How can you exchange them? It’s easier than you think.

Step 1: Download your cryptocurrency wallet

To begin your journey into the world of cryptocurrencies, you'll need a digital wallet to store your digital assets. ArbStore is based on the Obyte cryptocurrency platform, so this wallet will serve as your digital vault. Depending on your operating system, you can choose from Windows, Mac, Linux, or mobile. Download the wallet app that corresponds to your device, and you're one step closer to getting started.

Additionally, to freely move cryptocurrencies into and out of the Obyte ecosystem, you’ll also need a MetaMask wallet. This is a simple browser extension available for Chrome, Firefox, Brave, Edge, and Opera.

Step 2: Consider the digital assets you need

We mentioned above that you’ll need Obyte-compatible assets. The first coin you’ll need to pay transaction fees is GBYTEs, the native token in Obyte. We have a full guide to show you different ways to get GBYTEs. Next, you and your trading partner need to decide what digital asset is most convenient to pay for the product or service. It could be USDC (a stablecoin), ETH (from Ethereum), WBTC (Wrapped Bitcoin), MATIC (Polygon), or any other token supported by the Counterstake Bridge.

That platform will allow you to make those assets “Obyte-compatible,” by importing and exporting tokens from the MetaMask wallet to the Obyte wallet. If you pick a stablecoin, like USDC, you need to know that you’ll also need some ETH to pay for transaction fees. That’s because stablecoins are internal tokens in different networks (Ethereum being the most popular), so, their transaction fees are paid in the main coin of that network.

Step 3: From the bank to the exchange

Now that you know the assets you’ll need, you can easily buy them through a cryptocurrency exchange or OTC desk (for larger amounts). These platforms allow you to buy, sell, and trade digital assets with traditional money (e.g., USD, EUR). Some popular exchanges include Coinbase, Binance, Crypto.com, and Bittrex (available to buy and sell GBYTEs). Choose one that suits your location and preferences, create an account, and deposit your fiat money. Once your account is funded, purchase the necessary assets.

Those coins will stay in your account on the exchange until you withdraw them. To use the ArbStore__,__ you’ll need to withdraw to MetaMask if they’re not Obyte tokens, or directly to the Obyte wallet (only for GBYTEs). In the case of stablecoins, you should know that operations outside the exchange, for instance, wallet to wallet, will need the extra ETH for transaction fees. So, you’ll need to buy some ETH first to move them freely. Next, it’s time to use Counterstake.

Step 4: Your token on Ethereum to your token on Obyte

Counterstake (and its simplified version, GetMeIn) is a user-friendly platform to transfer tokens from MetaMask (and in external networks) to tokens on Obyte, and vice-versa. You’ll only need to select the amount and the token you already purchased and withdrew to MetaMask (USDC or ETH, for instance), and type your Obyte wallet address to receive the same token on Obyte. It’ll appear in your Obyte wallet along with the GBYTEs, ready to use in a human-readable smart contract.

Step 5: Make a contract with arbitration

This is the step we came for! The trade with your partner itself. We have a guide talking about it already, so we won’t stop here for too long. Briefly, your path in the wallet menus is: Chat Tab – Contacts – [Name of your trade partner’s device] – click the Obyte address of your partner – Offer contract with arbitration. This is, basically, a form to fill in with the amount, token, terms, and the chosen arbiter from the ArbStore. If everything goes well, you’ll get the agreed payment through the wallet (if you’re the seller). Let’s say it was in USDC.

Step 6: To MetaMask and the Exchange —and to the Bank

If you used GBYTEs for the entire process, you can directly withdraw them to an exchange like Kaiserex (to get EUR), Coinspot (to get AUD), or Bittrex (to get BTC, and then, EUR). On the other hand, if you used another token, like USDC, you’ll need to visit Counterstake again and make the inverse process: USDC on Obyte to USDC on Ethereum (MetaMask). Once the funds are on MetaMask, you send them to your exchange account address, and then sell them for fiat currency. Depending on the transfer method, the exchange, and the banks, the fiat funds will arrive in your bank account after a period from minutes to several business days.

And that’s it! While there may be some conversion costs involved if you need to switch between fiat currency and cryptocurrencies, the ability to make secure and trustless transactions with ArbStore makes it a valuable tool in the digital age.

ArbStore enables secure transactions between buyers and sellers using the power of digital assets and smart contracts. With your coins safely stored in the Obyte wallet, you can confidently engage in cross-border and high-value transactions, knowing that your funds are protected and assuring your counterpart that you are a reliable partner to do business with.