ShapeShift is a convenient service for direct exchange of different cryptocurrency assets with a high degree of anonymity and efficiency for users. Using it, you can quickly exchange bitcoins for altcoins and vice versa, as well as altcoins among themselves. 72 cryptocurrencies were available at the time of writing this review to customers.
Information on the platform
The ShapeShift platform was launched in Switzerland in August 2014. This is one of the most popular exchange resources, where you can conduct a direct exchange of tokens for another cryptocurrency. There is no fee for exchange there. When transferring, only miner fee for confirmation of transactions is taken.
The main advantage of the project is that to work with it you don’t need to create and verify your account or register your mail and make confirmation via e-mails. All the actions are minimized and carried out almost automatically. To exchange currency it is enough to fill only a few fields in a special form. Thanks to this approach, personal data of clients are provided with reliable protection.
Through ShapeShift it is possible to exchange only altkoins and bitcoins. In order not to deal with banks, the developers of the project refused to work with fiat money.
Investors and partners
One of the directors of ShapeShift is an expert Eric Vorges, well-known in the world of cryptocurrency. The investor team includes a billionaire Roger Ver, the companies Lakestar, FundersClub, Blockchain Capital, Pantera Capital and others.
In August 2017, one of the most famous cryptocurrency wallets Blockchain.info became a partner of this exchange resource. It is just ShapeShift that is responsible for bitcoin, bitcoin cash and etherium exchange operations that wallet users conduct inside their accounts.
Since this summer the KeepKey project, which provides customers with a hardware wallet supporting Bitcoin, has become the property of ShapeShift.
One of the last announced ShapeShift projects is the Prism exchange for digital assets. The resource can help investors create a portfolio of cryptocurrency assets based on Ethereum smart contracts. In fact, only the amount of Ethereum distributed among other coins will be displayed in the user's account. Depending on the course variations, the amount of Ethereum will increase or decrease. Thus, there is no need to have a lot of wallets to store your tokens.
How ShapeShift is useful for working with Dash tokens
As you can see from the resource assignment, with its help you can quickly and directly exchange Dash tokens to other altcoins or vice versa. At the same time it is possible to get the coins which you can’t find on other exchanges.
Coinmarketcap claims that basically the following currency pairs with Dash used on cryptoexchanges are: BTC, ETH, EUR, USD. Other tokens and denominations of currencies are represented in smaller quantities. Therefore, if a user wants to purchase a coin, he has to conduct a series of exchanges and transfers between exchanges. Such a chain causes financial losses due to a fee. With ShapeShift, you can easily purchase many altcoins for Dash with minimal loss of time.
ShapeShift for business
ShapeShift has an API Tool that helps solve various business tasks. As an example, let's look at an online store (web-shop). If its owner wants to accept payment for his goods or services in Dash, you can do this through the ShapeShift API.
Buyer can buy the goods he likes in other tokens: BTC, ETH, LTC, XRP, etc. On the exchange all the payments are automatically converted, and payment to an account of the owner of web-shop comes in Dash.
API also sends Dash. This may be relevant for mining pools, partner programs, cryptocurrency collectors. The resource sends Dash but the wallets of the end recipients will receive required tokens.
Shopping on the Internet
ShapeShift offers its customers to use the special Lens plugin for browsers. With its help it is easy to buy the necessary things on those sites, where payment is provided in bitcoins. In fact you can pay in Dash.
After installing the Lens plugin while creating an invoice for payment in bitcoins, you will see the ShapeShift fox. icon on any site where BTC should be transferred. This icon is next to the wallet address where you should send your payment. After clicking on it, the payment information will be loaded into the ShapeShift form. You should specify Dash as a payment method. Then the service will automatically exchange and send money to the address of seller.
Advantages of the service are:
- a large choice of tokens to purchase or exchange Dash for other altcoins;
- quick payments;
- the fee is taken only for miners services for transaction;
- high degree of anonymity for customers, simple interface for users;
- availability of tools for business using Dash.
Negative aspects include:
- in comparison with the exchanges, a conversion rate may be too high;
- there is a Russian-language version of the site, but not all the pages are translated.
Find out more about Dash - here