Tech 10 months agoErik Gibbs
ShapeShift Bitfract changes cryptocurrency swapping landscape
ShapeShift is already a revolutionary asset in the cryptocurrency world. Its platform allows for cryptocurrencies to be almost instantaneously exchanged from one coin to another without the need of an account. It’s one of the most private and fastest methods of swapping digital currency, and now it’s ready to kick things up a notch. The company recently, and quietly, rolled out a beta version of its Bitfract platform, which allows a user to exchange a single currency to multiple currencies in one step.
ShapeShift works in a number of cryptocurrency wallets without the necessity of relying on a centralized exchange. Bitfract uses the same technology, only more robust to allow multi-currency transactions. There are no additional fees other than ShapeShift’s standard commission, or miner fee, and the application is free to use. Miner fees vary from coin to coin, but the fee for a Bitcoin Cash exchange is 0.0002 BCH and for an Ether transaction, the fee is 0.0015 ETH.
The tool promises to be helpful to anyone who owns a wide range of cryptocurrencies. The beta version only supports legacy Bitcoin (BTC), Ethereum and Litecoin, but other coins will be added in the future. When Bitfract is launched in its entirety, it will include Bitfract Labs, which is designed to track cryptocurrency historical performance over years and will help investors create custom portfolios. Bitfract Labs will provide the ability to allocate currencies in a portfolio based on market cap, weights or percentages.
ShapeShift offers trading across both web and mobile devices. Cryptocurrency exchanges never pass through the company’s bank accounts, instead going from the sender to the receiver directly, with only the fee being taken by ShapeShift. It was founded in 2013 and is backed by Digital Currency Group, Bitfinex and Bitcoin Capital, among others. Last year, the company raised just over $10 million from European venture capitalist firm Earlybird.
Bitfract is just the latest example of the rapid evolution of the cryptocurrency industry. Just as paper money went through hundreds of cycles—and still does today—to meet society’s requirements, so did cryptocurrencies and their underlining technologies. Each step provides greater access to, and enhanced usability in, the digital coin market.
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Tech 13 hours ago
PayPal rolls out blockchain rewards scheme for staff
Payments giant PayPal has become the latest company to deploy blockchain technology, in this case as a means of delivering a new incentive platform for the company’s employees, financial news outlet Cheddar reported. Launched in ...
Tech 13 hours ago
Latest Mastercard patent filing covers anonymous blockchain transactions
Prolific patent filer Mastercard has applied for protection of yet another blockchain innovation—a platform that would allow anonymous blockchain transactions, using a somewhat familiar method. In what has been likened to a coin mixing or ...
Tech 1 day ago
Australian insurance company asks, “Where’s the beef?”
An insurance company working for the truck and transport industry in Australia wants to know where’s the beef. According to a report on Australasian Transport News (ATN), National Transport Insurance (NTI) has begun a partnership ...