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.
BTC prices fell by 6 percent on Sunday to $8,620 within five minutes. The bitcoin market downturn…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.