Shapeshift: Shifting Your Coins
In the cryptoverse, there is a saying that "Not your keys, not your coins" and this saying is a bit of a knack against custodial services out there. Okay, hold up, let me just explain this a little bit clearer for the sake of the newbies out there.
As you know, cryptocurrency is a digital asset so you can't keep it under your bed or beneath your pillow, you can't really hold it with your hands like you can with real money unless of course it is stored in a "cold wallet" and that's a topic for another time.
Just to briefly touch on the subject, we keep our cryptocurrency or our coins in digital wallets. Generally, we don't own these wallets but we have access to them with the use of "keys" or seed phrases. They are not accessed by mere usernames and passwords, you can only open your wallet by providing your seed phrase which is usually a 12-word phrase.
Some wallets and exchanges however aren't like that. All you have to do is sign up for an account and they will prepare a wallet for you without giving you those seed phrases, thus they are called custodial wallets. They act as a custodian for your keys essentially giving them sole responsibility for your coins. And that's what "not your keys, not your coins" means, in essence.
Exchanges like Binance, Bityard, and other wallets such as NEXO, Uphold, and Abra are considered custodial services.
If you are looking for an exchange like Binance but you don't want to subscribe to the idea that they have the sole custody of your coins, then you can choose a non-custodial exchange such as Shapeshift.
As mentioned, Shapeshift is a digital exchange wherein you can buy and sell cryptocurrencies without having to surrender the ownership of your coins to a third party. Let me take you around https://shapeshift.com/ .
One of the things that I like about it is the user interface. It is simple and very user-friendly so it is easy to get around the app even if you are a total beginner.
The image above is the dashboard, as you can see, the layout isn't really daunting but you can already see what you need. There's the overall balance of your connected wallets and on the right side of the screen, you can already trade coins. That takes us to another thing that Shapeshift has to offer, it is connected to a lot of blockchains so it could cater to swapping coins to a really huge number of other coins. I was tired of scrolling down trying to figure out how many alt/coins it supports.
With the simple interface and a wide variety of choices, Shapeshift seems to be a convenient choice for trading, that must cost a fortune. Well, fret not, Shapeshift boasts a 0% trading fee. I tried to trade some ETH to LEO token just to see how much will be the fee and here, just look for yourself.
I mean, $0.00 on ShapShift Fee? That's got to be a really great plus, right? For just that reason, I'm very much convinced to try it and don't forget the fact that it is non-custodial so whatever you have on the balance is solely in your control.
If you already have an existing wallet from the services they support, you can already start using ShapeShift or you can even create your own wallet from the website itself.
Here are the wallets that you can connect to ShapeShift:
Who doesn't own a metamask wallet, right? If you have spent enough time in the cryptoverse, you surely encountered a need to create and maintain a MetaMask wallet. In addition to these, you can also connect WalletConnect but you can only transact Etherum coins there.
Signing up for the service is easy and free so you can try it anytime you like. But of course, always remember to take necessary cautions when dealing with digital currencies and platforms, as they say, always DYOR, ALWAYS.
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Series : All About Crypto Title : ShapeShift Your Coins Published : 23-July-2022 Author : © RB