Traditionally, if you wanted to exchange one cryptocurrency for another, you’d follow a cumbersome process. First, you’d have to convert your cryptocurrency into fiat currency, and then you could use that fiat to acquire the desired cryptocurrency. This method was time-consuming and incurred additional fees.
However, there’s now a more efficient way: cryptocurrency swapping. It allows for the direct exchange of one cryptocurrency for another, eliminating the need for intermediary fiat currency. Beyond the evident advantages of time and cost savings, crypto swapping offers a range of other benefits.
In the same vein, Bitpowr has now released the swap feature, it is currently in its beta stage, accessible through our API. This innovative feature empowers users to seamlessly exchange tokens across various blockchain networks.
Understanding the API Process
To facilitate a seamless swapping experience, Bitpowr Wallet offers two distinct endpoints within the API process.
- Get Rate API:
- The Get Rate API serves as a rate conversion checker between the two chains involved in the swap.
- It provides users with valuable insights into the exchange rate before initiating the swap, ensuring transparency in their transactions.
- Create Swap Transaction API:
- The Create Swap Transaction API is the engine behind the actual swap between the selected chains.
- It empowers users to execute cryptocurrency exchanges quickly and securely, eliminating the need for complex manual processes.
How to Swap Between Chains (Case Study of USDT TO BTC)
Let’s take a practical example to understand how the chain-swapping process works, focusing on the conversion of USDT to BTC.
- Provide Your SourceCurrency Address:
- Begin by entering your source currency address, which, in this case, is the USDT address containing the value you intend to swap to BTC.
- Specify a Destination Address:
- Next, specify the destination address where the newly acquired BTC tokens will be received.
- Send USDT Tokens:
- Initiate the swap by sending the USDT tokens from your source currency address to the provided USDT address.
- Confirmation and Receipt:
- Wait for the transaction to process, and once confirmed, you will receive the equivalent BTC conversion value in the destination address you provided to receive the BTC.
Optional Input - refundAddress
In the event of any inconsistencies or a failed transaction during the swap, an optional refundAddress can be specified. This address serves as a fail-safe, ensuring that the sourceCurrency is returned to you promptly.
By simplifying and streamlining the process of exchanging tokens between chains, Bitpowr continues to empower users, making digital asset management more accessible to all. As the beta stage unfolds, users can look forward to a more versatile and user-friendly experience. Stay tuned for more exciting developments from Bitpowr as we redefine the future of finance on the blockchain.
Access this feature right now on the dashboard or via our Developer API