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Hidden in Plain Sight, the Secret Bitcoin Cash Crypto Exchange

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Avatar for cryptoph
Written by   130
3 months ago

A lot of people are excited in Noise.cash, a Twitter-like platform that gives away Bitcoin cash (BCH) as tips for quality content posted by users. Aside from appreciating price of Bitcoin cash, it is also because of the news that MOEING, a blockchain technology project, will integrate itself as a side-chain to Bitcoin Cash.  

As explained by users in Noise.cash, MOEING will enable Bitcoin Cash access smart contracts and therefore even Decentralized Finance (DEFI) Projects.  Like what happened with Ethereum (ETH), Bitcoin cash HODLERS are hoping that the Decentralized Finance projects would increase the value of Bitcoin cash. To explain what MOEING is, I made a Meme, my Dear Reader, to simplify the concept.

One type of decentralized finance is decentralized exchanges. Decentralized exchanges are like money changers only that you can convert one crypto to another type of crypto without the need for a middle-man. 

Little do Bitcoin cash HODLERS know that such exchange service already exists in their own backyard, hidden in plain sight. 

This is no scam. It really exists hidden in plain sight.

So where is this Secret Decentralized Exchange?

This Decentralized Exchange can be found in this website itself.  I discovered this accidentally when I was exploring the different features of its withdrawal options.  

I will now give you the details on how to use this exchange to convert your Bitcoin cash to another type of crypto currency.  

Step 1. Ensure that your wallet in this site has a balance. If there is no money left, you can also transfer Bitcoin cash to this wallet from any external Bitcoin cash Wallet.

Step 2. Select the balance that you have in your wallet and then select SEND MONEY.  

 Step 3.  You will be directed to a small window with instruction "Send your Bitcoin Cash". At the top of this window, there is an option to send either as Bitcoin Cash or Other Crypto currencies.  Select Other Crypto currencies because our goal is to exchange our Bitcoin Cash to other cryptos.  

Selecting the option "Other Crypto Currencies" will direct you to this window which lists the different crypto currencies in which Bitcoin Cash can be converted.  As of this writing, it has 44 currencies which is a huge number considering that this is not a platform designed primarily for exchanges.  Let us compare it with NEXO, which is a platform designed for financial transactions.  With respect to Bitcoin Cash, it can only be exchanged with 7 other types of crypto currencies.  If you have never heard of NEXO, it is an amazing crypto bank based in Europe which offers 7% daily compounding interest for your crypto deposits.  

For this experiment, I converted my Bitcoin Cash into Zcash (ZEC) because I wanted to have privacy-focused coin.  

Step 4.  After selecting Zcash, you have to input the amount that will be converted to Zcash and your Zcash wallet address., then press SEND.  For this exchange, the minimum is $2.  I have tried exchanging $1 but I got an error. The site will show this message while conversion is on-going.

For external Zcash wallet, I would highly recommend using Celcius. If you opt to receive your rewards in Celsius (CEL) Token, you will get 25% interest for non-CEL crypto coins.  Isn't that nice?  Another good reason I have chosen Celcius because it accepts Basic Attention Token (BAT).  It synchronizes well with my crypto earning strategy using BRAVE Browser.

Step 5.  If exchange is successful, another window will open with the following message:

Since blockchain transactions are open and transparent, you can also double check it with Sideshift.Ai if the exchange was completed.  The screenshot below confirmed that the conversion was successful.  

Step 6. Check external wallet to verify if transfer and conversion did happen. In my case, it arrived lightning fast.

Conclusion:

There's one word to describe this discovery: serendipity.  It was a pleasant surprise that the exchange was completed. At first, I thought, it was just an experimental and untested feature of this website.  When I saw my Zcash on my Celsius Wallet, I was very happy. If it is possible convert Bitcoin cash into Zcash, I am sure it is possible to convert Bitcoin Cash to other crypto currencies that are listed there.  

The exchange and transfer fee was also very small. I was not able to track the fee but I am sure it did not exceed $1.

Disclaimer:

I do not have any connection with the company I am writing about. I am not being paid to write this article.

I do this to spread awareness to other readers and users about various platforms using crypto currency and blockchain technology. If you like my content, please hit like and subscribe. Any amount of tip would be appreciated as I spend also countless hours to test and experiment these services so that I could write about them and in the process, get you informed.

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Avatar for cryptoph
Written by   130
3 months ago
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Comments

woah, I learned something agaaaain. I'll try those wallet that gives interest :))

$ 0.00
3 months ago

thanks for visiting Sis.

$ 0.00
3 months ago

I joined the platform a few days ago, and I noticed the feature as I explored the site. I didn't get to try it out as I didn't have enough funds on my balance. I will surely use it sometime.

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User's avatar Air
3 months ago

If you have Noise.cash account, you can use this site wallet and then convert it.

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3 months ago

Thanks for the information, looking forward to trying the hidden features of Read.Cash. This is indeed a great opportunity for us and giving us the freedom to choose what crypto we could use aside from BCH.

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3 months ago

Thank you kabayan.

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3 months ago

Well, we can't call this decentralized exchange, it goes through an intermediary so it's not code that governs the swap but a central entity. But it is an anonymous way to exchange :) thank you! enjoy the tip

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3 months ago

Thanks for the very generous tip, I agree that it is not fully decentralized. I think it is just semi-decentralized system as classified by Darren Lau, et al, "How to Defi", 2020. This is a good book by the way, I bought this in Coingecko.com using my candies.

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3 months ago

Wow thank you very much for telling us usefull information i never thought about that there is an option to exchange currency its very honor to thanks to you that you share this information.. :)

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3 months ago

Thank you for writing this article. If not for you, this feature in read.cash would have gone unnoticed by me. I think it is very useful to know.

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3 months ago

Yeah, I have seen that before but didn't pay attention to it 😁

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3 months ago