A lot of people are getting excited in Read.cash and Noise.cash, both Bitcoin-centric platforms, 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 ETH, BCH hodlers are hoping that DEFI projects would increase the value of BCH.
One type of DEFI is decentralized exchanges. Decentralized exchanges are like money changers only that you can convert one crypto to another type of crypto without a middle-man.
Little do BCH 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 Read.cash 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 BCH to another type of crypto currency.
Step 1. Ensure that your Read.cash wallet has a balance. If none, you can also transfer BCH to this wallet from your external Bitcoin Cash Wallet.
Step 2. Select the balance that you have in your wallet and then press 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 because I wanted to have privacy-focused coin.
Step 4. After selecting ZEC, you have to input the amount that will be converted to ZEC and your ZEC 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 ZEC wallet, I would highly recommend using Celcius. If you opt to receive your rewards in 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).
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.
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 Read.cash. When I saw my Zcash on my Celsius Wallet, I was very happy. If it is possible with 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 didn't exceed $1.
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.