With the world shifting towards a more digital outlook, more and more people are discovering that investments in cryptocurrencies like BTC and Eth can be rewarding. The problem that exists is that these cryptocurrencies are still not in popular public use like the fiat currencies and are even closely monitored in some countries. There exists no concrete mechanism to convert cryptocurrencies into others or fiat currencies. Exchanges exist all over but are often limited to particular fiats like the US $ or Japanese Yen, otherwise, they allow only limited exchanges between a few cryptocurrencies. Most of these exchanges levy a monthly fee or a transaction fee which can be quite high and have hidden costs as well as take a long time to complete.
ChangeNOW is a noncustodial service for quick exchange with over a 100 coins that can be bought with fiat currency or Visa and Mastercard.
ChangeNOW, on the other hand, is a fast exchanger that does not require any registration. For an honest commission, all user transactions are quickly processed. It is truly an exchange without limits.
ChangeNOW works with other exchange patterns and has also been integrated into reputed trading platforms like Poloniex and Bittrex, thus ensuring users the best available exchange rates.
ChangeNOW is developed using the latest blockchain technology and does not require users to create accounts and identify themselves. Transactions are anonymous and unless required by the government of that country, KYC is not performed. Anonymity allows ChangeNOW to provide its users with security against financial theft and identification, two of the most important threats to any online financial transaction.
Transactions are generally performed within a span of five to twenty minutes depending on the time that the block takes to occur in the network. Transactions may take longer periods if the amount to be transacted is larger than one BTC or the blockchain network’s capacity. Most transactions can be processed in a matter of a few minutes.
Just like we store our physical money in a bank or for immediate use in a wallet or bag, cryptocurrencies also have to be stored someplace. This is where a wallet comes in. A wallet is used to store the public and private keys that can be used to receive or spend the currency. Different wallets are built in order to handle the various operations in the blockchain transaction. Each currency requires a different wallet whose address is a unique combination of numbers and letters. The different types of wallets include official wallets, web purses, and specific applications to store currency. A typical cryptocurrency wallet’s address looks something like this: 17bkZPLB4Wn6F347PLZBR34ijhzQDUFZ4ZC.
The first step in trading is for the user to determine which currency is best suited to his needs. The next step is acquiring that currency, but for this, the user requires a wallet in which he can store it and provide as a destination to the person sending the currency. This is the recipient address ie the wallet where coins are transferred to after the exchange. Each coin has its own official wallets which are extremely reliable. On creating a wallet, the user is automatically provided with an address key and a private key of which the latter should be kept confidential and not revealed to anyone under any circumstance for security reasons.
Transactions are identified with a unique code of its own called a Hash or a TX with which it is registered in the blockchain. This Hash is used to verify the transaction’s identity on the ledger.
If at all any transaction takes more than thirty minutes it may be due to either a DDoS attack or updating of coin base or overload of the blockchain. Ach of these issues can be resolved with ChangeNOW and will not result in any losses for the user.
ChangeNOW allows users to buy cryptocurrency using regular fiat currency like US $ and also join the affiliate program where they are eligible to earn 0.4 % of total turnover.
ChangeNOW requires users to enter their email ID’s in order to comply with regulation enforced by its partner Indacoin who restricts user transactions to 50-200 USD/EUR on the first purchase, 400 USD/EUR in a four day period for the second, 600 USD/EUR in a 7 day period for the third and a total of six transactions in the seven day period. Since ChangeNOW is limitless there is no threshold for a transaction but charges may be levied by the blockchain. Users are advised to take this into consideration while confirming the amount.
The ChangeNOW API is built for developers and operates with the HTTPS protocol and provides a number of methods for the queries to be placed and the responses to be returned for each operation through the JSON API format. Detailed technical documentation is also provided so that optimum results can be obtained.
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Post By Anton De Mel