Bitcoin is no longer the only game in town. It seems like each day another cryptocurrency appears on the market & it can be difficult to convert from 1 to the other without going through multiple hoops. This is where ‘Evercoin’ can be of help. It’s a Silicon Valley-based instant-access cryptocurrency exchange that seeks to transform the world’s financial infrastructure.
The aim here is to make it easy to exchange one kind of cryptocurrency for another. It currently supports the world’s most used cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero, Ethereum Classic, Dash, Ripple, Zcash, Dogecoin & Golem. The developers are also working on more currency support, like Monero, Augur & Civic.
To use the service, users are shown an example on the Evercoin Website. 1st you set up the transaction by typing the amount of Ether or Bitcoin you want. Then you provide a destination address where you’ll receive the coins resulting from the transaction, as well as a refund address in case anything goes wrong.
Finally, you get instructions for sending your Bitcoin, including a QR code for a deposit address. A fee is charged for the transaction which is already calculated into the exchange, so there’s no additional fee. This includes Evercoin’s fee & the miner/blockchain fee.
The speed of the transactions is variable, since the exchange is done entirely through public blockchains, so it depends on the confirmation speeds of the blockchains. Bitcoin takes about 10 minutes to confirm a transaction & Ethereum to Ethereum Classic, for example, is said to take about 10 seconds. Other factors, like network speed can also influence transaction times.
Image Credit: Evercoin
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