Let’s face it. Swapping cryptocurrencies is a pain. Especially for a crypto noob. In fact, one of the most common questions we get from those new to cryptocurrencies is “how can I easily convert coin X to coin Y?” If you’re dealing in common cryptos like Bitcoin or Litecoin, this can be achieved easily via an exchange that trades in both. But as traders begin to explore the world of altcoins, this can become more of a challenge. Until you discover ShapeShift.io
Shapeshift is a blockchain asset exchange that allows you to trade one cryptocurrency for virtually any another, quickly - without an account! Here’s how it works.
How ShapeShift works
Shapeshift is very simple. It removes a lot of the complexity associated with the major cryptocurrency exchanges - multiple accounts,username/passwords, bid/ask orders. All you need is:
- A wallet address for the blockchain asset you’re looking to swap
- A wallet address for the blockchain asset you’re looking to receive
The only restriction is a deposit minimum and a deposit maximum. Outside of that, there is no additional exchange fee - only the “miner fee” that is common among all cryptocurrency transactions. ShapeShift makes their money on their exchange rate which still remains competitive with alternative exchanges.
We’ve already touched on the most basic, and perhaps the most valuable use case of ShapeShift for individuals - Quick blockchain asset swaps. But when you dig deeper into ShapeShift, specifically the power of its API, a whole new world of capabilities emerge.
Traditionally, businesses have been limited to the blockchain assets that they can accept for their goods and services online. ShapeShift provides an API that allows eCommerce businesses to receive (or send) many different blockchain assets that will be converted automatically and instantly at the point of sale.
On the other side of the equation, online shoppers can use their altcoins to purchase goods and services from businesses who accept Bitcoin with ShapeShift’s browser extension, Lens.
There is no better validation of ShapeShift’s eCommerce effectiveness than its integration with purse.io. Purse.io is an eCommerce Platform with 200,000+ users, that allows consumers to buy virtually anything online with their Bitcoin and now altcoins, thanks to ShapeShift. Additionally, Overstock.com has partnered with ShapeShift to allow their customers to buy a wide range of products including home goods, clothing, electronics and more with dozens of altcoins.
ShapeShift’s open source project, Skeleton, enables any website to provide blockchain asset trading to their users. Paired with ShapeShift’s affiliate program, Skeleton can provide new revenue streams and additional value add to blockchain-focused website properties.
One theoretical example of this could be the Crypto Noob Club offering blockchain asset trading to our members. Crypto Noob Club members could trade their mining club proceeds for the asset of their choice, directly through cryptonoob.club. Member’s would be incentivized to use the club’s trading platform because the affiliate revenue collected by the club would be reinvested into the mining operation to reduce the club’s overhead and increase profitability for members. members
Would you make use of a trading platform on cryptonoob.club? Let us know!
When you dig into ShapeShift, you begin to realize that it is a lot more than just a crypto-swapping app. It’s a new platform that breaks down barriers between producers and consumers, allowing for an any-coin, anywhere transaction experience. We recommend ShapeShift to our members and are excited for all of the possibilities that it enables.