ShapeShift is a new piece of infrastructure in Bitcoinland. It is how digital currency exchange should work. From start to finish you can change currencies in under ten seconds, no account required.
Just did a quick test converting a few dust Peercoins (1.4 PPC) to NuBits. The transfer needed one confirmation from the Peercoin network but I think that is ok. After that it appeared in my NuBits wallet. Nice anonymous service. Not a great rate though.
Great, i will keep an eye on the daily no. of txns from now on.
Would any one try to buy something from any online merchant accepts Bitcoin with Shapeshift.io lens and document the process? it will be a historical trade and very useful marketing news.
We can now automate transactions where we exchange crypto to NBT, via http post! This gives access to an aweful load of possible application.
url: shapeshift.io/shift
method: POST
data type: JSON
data required:
withdrawal = the address for resulting coin to be sent to
pair = what coins are being exchanged in the form <input coin>_<output coin> ie btc_ltc
returnAddress = (Optional) address to return deposit to if anything goes wrong with exchange
example data: {"withdrawal":"AAAAAAAAAAAAA", "pair":"btc_ltc", returnAddress:"BBBBBBBBBBB"}
Success Output:
{
deposit:<Deposit Address>,
depositType:<Deposit Type>, //BTC
withdrawal:<Withdrawal Address>, // <-- will match address submitted in post
withdrawalType:<Withdrawal Type> //LTC
}
I 'll have a play with it when I get a chance.
EDIT: The workflow could go like this with BTC
Prepare the transaction by specifying the input coin, the NBT output address and the return address (BTC) in case something goes wrong
HTTP post shapeshift.io/shift
post data: {“withdrawal”:“BFree3gZJDHm1u2VQw4JyTDsF44sj9UcNr”, “pair”:“btc_nbt”, returnAddress:“1EtEH9fUNmuepkoqurz1zTvR9uNQYbmJGu”}
Parse the response and obtain the [BTC deposit Address]
We are actually already in the process of increasing the liquidity for
NMC today, so you should see a large uptick in deposit limits for pairs
like BTC_NBT and LTC_NBT very shortly (within the next 15-20 minutes or
so) we will continue to increase that liquidity throughout the day as we
start to see what the demand through our system looks like.
For some pairs there may still be low liquidity because of how thin the
order books overall. For example on BTER, if we wanted to increase the
liquidity for the NBT_NMC pair then we would actually need the depth of
the markets for NMC to go beyond 1 or 2 BTC (where they are now), the
depth for NBT is very solid, the issue is the depth for some of the
other coins.
That solves short-term the volatility issues you’d have of you were carrying BTC, LTC, PPC in your mobile wallet, because you carry a stable crypto coin!
And mid- to long-term it will render BTC, LTC, PPC, etc.payment methods obsolete, because the merchants will realize the advantages of NBT.
You ask whether or not that can be a killer app?
My take is: yes, that’s a killer app for NBT - in a double meaning for it may kill Bitpay etc.
