Crypto Swap Services: How Does ChangeNOW Measure Up to Its Competitors?
With Bitcoin now surging to levels not seen since 2018, excitement and enthusiasm have finally returned to the crypto market. Even altcoins have joined the party as Ethereum (ETH), Binance Coin (BNB), and Stellar (XLM) continue to march higher. But while short-term gains are great, a lot of traders are still focused (rightly so) on the long-term prospects of an industry that has captivated the world. One of the keys to success will be increasing adoption as cryptocurrency is still in the very early days. So early, in fact, that it still falls within the innovators group of the technology adoption lifecycle.
Although many crypto enthusiasts are more than capable of visiting specific exchanges to buy and sell tokens, there is still a large percentage of the population that has no idea what Bitcoin is, let alone how to own it. Swap services, like ChangeNow, are motivated to make it as easy as possible for even beginners to enter the market.
What is ChangeNOW?
ChangeNOW is a non-custodial service created for simple and fast cryptocurrency exchanges. Due to the fact that a large percentage of the population still doesn’t understand cryptocurrency, the platform aims for security, simplicity, and convenience. The swap service now supports the exchange of more than 170 coins. There are no limits on the number of tokens that can be exchanged which makes it extremely useful for both beginners and experienced traders. And for those who are looking to make their very first cryptocurrency purchase, FIAT options are available.
Value Proposition for ChangeNOW
As mentioned before, the convenience of using a swap service like ChangeNOW will most definitely have a strong appeal for cryptocurrency novices. However, when looking further at all of the benefits that ChangeNOW has built into its service, it’s clear that the service will be useful for experienced crypto traders as well. Those benefits include the following:
- Partnerships with industry gold-standard wallets like Binance, Exodus Ledger, ClassicEtherWallet, Trezor, and Edge.
- No account registration necessary which makes it very convenient.
- No storage of personal details which eliminates privacy concerns.
- 99%+ success rate with coin exchanges. In the few cases where there is an issue, the 24/7 support team will resolve it.
- Average speed of ChangeNOW transactions take approximately 2 minutes as compared to the industry standard of 10-20 minutes (and sometimes up to an hour). Ultimately, this will still depend on the blockchain time.
- Transparency is evident as the swap service doesn’t charge additional fees. The exchange rate that is displayed is what the customer gets.
As the company matures and continues to expand its platform, the benefits of using the service will become even more apparent. In addition to the swap service, ChangeNOW has built some other interesting services that might pay future dividends.
In addition to the well-known swap service business, ChangeNOW has diversified in the hopes of building a crypto ecosystem that will last for many years to come, rather than just a one off product. The additional services include:
- NOWpayments – Allows business to accept cryptocurrency payments via API integration or a widget.
- LightingNOW – Zero-fee public Lightning node to help provide easier channel creation between Lightning Network users.
- Premium Lounge – For those users who are comfortable creating an account, they will receive exclusive benefits including a personal manager, better exchange rates, and faster transactions.
- Token Migration – Ability for companies to migrate their token to the mainnet.
While these additional services appear promising, nothing is certain in cryptocurrency. In fact, in addition to ChangeNOW, there are several highly regarded competitors that traders should be aware of.
When it comes to cryptocurrency trading and long-term hodling, everyone should be aware of the competitive landscape within a certain industry. When it comes to swap services, there are a few prominent companies that are also doing their part to increase crypto adoption.
Those competitors include ShapeShift, Changelly, and Coinswitch. Most crypto enthusiasts have almost certainly heard of ShapeShift as it’s a great place for novices to get started. The one main difference between ShapeShift and ChangeNOW is that ShapeShift has a mandatory registration. So, for those looking to protect their privacy, ChangeNOW is probably the better option.
Ultimately, there isn’t going to be a winner-take-all in the swap services industry. All of these companies can thrive in the coming crypto boom. The important takeaway is that these companies are doing their part to take crypto mainstream.
Most people believe that cryptocurrency is here to stay. The question that is usually debated is how much of an impact will cryptocurrency eventually have on our society. Those who say a lot are relying on companies, like ChangeNOW, to help develop solutions that increase adoption. Adoption is the key and it will be very interesting to see how this industry evolves over the next few years.
Disclaimer: The author holds NOW tokens.
Featured image courtesy of Shutterstock.