One of the issues faced by those collecting cryptocurrencies like bitcoin, dogecoin, litecoin, ether, etc, is of exchanging one currency with another. Sometimes we don’t actually want to sell off the currency for real money, but we may just want to exchange with some other well-performing currency. At this juncture we often roam about in some forums and post our offers only to wait until someone responds. We may also go for escrow service if we don’t know the person we are going to transact with, and this will cost us more. There is a simple solution to exchange cryptocurrencies with ease which is called Shapeshift.
How to Exchange Cryptocurrencies With Ease Using Shapeshift
Just visit the Shapeshift website. You don’t have to register with them and then login to your account. No account is required to start your transaction! I will take you through the new version of Shapeshift website, which is now in beta stage.
Step 2: Choose the selling and buying currencies
Choose the currency that you want to sell under the Deposit field and choose the currency that you want in exchange in the Receive field. If you choose Bitcoin in the Deposit field and Ether in the Receive field, you will have to send your Bitcoin and get Ether in return as per the prevalent exchange rate.
Step 3: Choose the type of exchange
There are two types of exchanges offered by Shapeshift – Quick and Precise.
As the name suggests, it’s a quick process. Here you don’t have to specify the amount of currency you want to sell. You need to just generate the transaction and then send the currency to the specified address. This process is helpful when you change your mind and might want to sell either more or less amount than what you would’ve initially thought of selling.
In Precise Exchange you need to specify the amount of cryptocurrency that you will be selling. When this field is entered, the amount of the other currency you are going to receive in exchange will be shown immediately in the Receive field. Then, you have to send the precise amount of your currency to the specified address.
The minimum and maximum transaction allowed will be mentioned on top of the frame, along with the exchange rate.
Step 4: Complete the Transaction
After entering the required fields, check the ‘I agree to terms’, and click on ‘Start Transaction’. A screen is displayed giving you the address to which you need to send your currency. You can then transfer the currency to that address and keep track of the status of the transaction on the same screen. The statuses displayed are Awaiting Deposit, Awaiting Exchange and All Done.
The time required for receiving the exchanged currency varies, but mostly you will receive it within 15 minutes. On rare occasions, the transfer might take up to 2 hours.
Shapeshift offers great exchange rates. You just pay a very small amount of miner fee for each transaction just like in any blockchain transfer. Shapeshift is the most simple, easy, and quick way to exchange cryptocurrencies!