Bitfract Announces Private Beta Release
What is Bitfract?
Bitfract is a free, ShapeShift-powered tool that enables you to exchange one coin, like Bitcoin, for up to 62 different coins – all at the same time. Erik Voorhees, ShapeShift creator, recently tweeted about Bitfract stating that it’s “one of the coolest tools I’ve seen built using the ShapeShift API.”
One of the coolest tools I've seen built using the ShapeShift API: https://t.co/gDKCZ3AqB4 (enables you to convert BTC to several coins at once). Beautiful design/UI, and emblematic of the power of open API's and permissionless innovation. @bitfract #crypto
— Erik Voorhees (@ErikVoorhees) February 24, 2018
The Current Rebalancing Problem
If your trading strategy involves keeping a balanced portfolio, you may find this tool useful. Normally, rebalancing your portfolio can be a tiresome, expensive process. It usually goes something like this:
- Your portfolio starts with an even 25% split between Monero, Ethereum, Litecoin, and NEO.
- One day, NEO moonshots to comprise over 50% of your portfolio.
- Now, to rebalance, you have two options:
- Trade some of your NEO back for the other three coins on an exchange. Oftentimes, this requires first trading for Bitcoin before you’re able to exchange for one of your portfolio coins. This is a time-consuming process that consists of fees at each step of the way.
- Exchange NEO for the other coins using a service like ShapeShift or Changelly. Although more efficient than option ‘a’, this still involves three separate trades leaving plenty of room for error.
How does Bitfract work?
With Bitfract, this entire process is condensed into one exchange. First, set the amount and type of your input coin. Next, choose your output coins and the percentage you want to be split into each coin. Finally, enter the wallet addresses for your output coins, and you’re good to go. Bitfract handles the exchange in one fell swoop.
Additionally, Bitfract’s decentralized architecture ensures that your funds never touch their hands which also reduces their exposure to hackers.
The beta includes trades from either Bitcoin, Ethereum, or Litecoin to up to 62 different coins, but the team has more on their roadmap. In the future, Bitfract will have automatic rebalancing, trade strategy backtesting, additional allocations, and many other useful tools.
Bitfract’s beta opens this Sunday, April 1st. If interested, you can reserve access here.
RELATED ARTICLES
What is Cobinhood Coin (COB)? A Beginners Guide
Cobinhood – A Zero Trading Fee Cryptocurrency Exchange Say hello to Cobinhood, a cryptocurrency exchange that charges zero fees for trading. Yes, you heard that right, zero! With a cheeky take on the Robinhood theme, Cobinhood has decided to move in…
What is the Environmental Impact of Bitcoin Mining?
Bitcoin has radically changed the payment model for worldwide transactions. So far in 2018, the number of transactions has ranged between the 150 000 and 400 000 per day level. But now, as more and more people worldwide start using…
Do We Really Need Cryptocurrency? – A Modern Exploration of Money
A number of leading businessmen and economists have questioned the need for cryptographic currencies over traditional fiat (paper) ones. Bitcoin, the first decentralized cryptocurrency, was largely created as a response to and rose to popularity as a result of the…
NEXT ARTICLE
NEXT ARTICLE
Quantum Computing | Bitcoin’s Doomsday Maker
Quantum computing has the potential to end Bitcoin’s security as we know it. Learn more about the super-frozen computers and their threat to crypto.
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Steven is a managing editor at Coin Central and a blockchain investor. He’s also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.
