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However, in this digital world, thousands of smaller tokens and projects make up small fractions of the market cap, but here are the top 3 cryptocurrencies that make up the majority of the total crypto market cap.
Sometimes, we may meet each other momentarily for different purposes, where you may want to switch one crypto for another. If you are interested in bitcoin trading visit Bitcoin Storm .
To do this you need to sell one token for fiat once, then you can buy another token with the same fiat. This method of jumping between coins can be inefficient and expensive, but, in hindsight, it was considered ideal for the innovation of token swaps. Let us know through this blog what are the major features and benefits through which cryptocurrencies can be swapped.
What is crypto swapping?
Crypto swapping is a way where you can directly trade one crypto for another without a crypto-to-fiat exchange. While the time savings involved in the fee also include lower payments and are obvious benefits, this is not the only reason why users participate in swaps. Furthermore, effectively, crypto tokens are considered keys to their parent blockchain's empire, enabling holders to receive various benefits within their ecosystem. And when it comes to swapping, it can further enhance the reach of the blockchain for crypto users as well as support the projects they want to be a part of. Furthermore, the swapping requirement is also necessary to cover the fees on transactions, which can also only be paid in the native coin of a specific blockchain.
How to swap crypto?
Swapping crypto is considered a popular activity today, so usually, swaps are now offered by services of various sizes and types. However, there are three primary places where crypto swapping can be done:
- Decentralized Exchange.
- Inside The Wallet.
- Centralized exchange.
Swap on a DEX (Decentralized Exchange).
A decentralized exchange (DEX) does not involve any central governing authority, instead using self-executing smart contracts to regulate. DEX is a fully P2P exchange, which means that it is a place where users can exchange crypto directly without any middleman. However, it can be told whether a service qualifies as a DEX because they usually include the word "swap" in their name. Some popular options are SushiSwap, PancakeSwap, and Uniswap.
Swapping on CEX (Centralized Exchange).
Central organizations where there is a centralized exchange such as Coinbase or Kraken are considered to be owned or operated platforms in a way. Through these, they maintain the convenience of transactions between users. However, crypto swapping services are offered by many CEXs, they differentiate their products primarily by the range of trading pairs they provide as well as their transaction costs. Because most users use a centralized exchange to start their crypto journey, the main purpose of designing them has been to be user-friendly. Your crypto may, however, continue to be under the exchange's control as part of a custody service.
Swap within Bitpay Wallet
When it comes to exchanging directly with BitPay wallet, it is a way to easily maintain complete control of your crypto all in one place. Bitpay Wallet is one such wallet, which is a completely non-custodial wallet, which means that your crypto cannot be held by any third party. So that you have full control over your assets, BitPay's main function is only to assist you with your transactions. However, BitPay offers the lowest fee swaps for over 50 coins on the most popular blockchains by partnering with Changelly.