What’s the purpose of ShapeShift?
Crypto has pretty much gone mainstream as of late, and a lot of people are grabbing coins from popular exchanges such as Coinbase. Unfortunately, you can only buy a few coins there such as bitcoin
. A lot of people ask us how to convert their bitcoin or ether to altcoins. One website makes it really easy! ShapeShift.io allows users to convert their crypto tokens into different currencies. We’re going to walk you through the process!
Note: ShapeShift has a mobile application as well, but for this tutorial, we will be working on the website.
Step 1 – Which cryptos you’ll be ‘shifting’
So the first step is going to the website ShapeShift.io, and you select the cryptocurrency
you’re looking to deposit. For this tutorial, we’ll be using ether, and the cryptocurrency which you’re going to want to receive which is Dash
. You’ll click continue.
Where you will select your token to deposit & the one to receive. Read arrow is to “continue.”
Step 2 – Addresses you will be sending & receiving from
So the next thing you want to do here at this screen is enter two addresses. The first is the destination of the currency you want to convert to. This will be the wallet ShapeShift uses to send your converted funds to, in this case Dash.
Where to place the address for where your funds will be sent to.
The second address is the address from which you’ll be sending your original crypto, which is ether. So we go over here to our MetaMask. Copy the address from the QR code to our clipboard. Paste it in the MetaMask, and there is the ether refund address. Make sure you double check the addresses, and agree to the terms before you start the transaction. (To learn how to use MetaMask, check out our tutorial here).
The address from which you’ll be sending your original token from.
That takes you to this page below. At the top of the page you can see the QR code which contains the depositing address. Copy that address and use MetaMask to send it. Paste in the send address, the amount of ether you want to send, hit next, and adjust the gas price and limit
Copy the address from the ShapeShift QR code (see highlighted); Paste the address in the location in MetaMask (see red arrow).
Step 3 – Finalizing the transaction
So we have about $20 of ether here. We want to set our gas
price and our gas limit as high as possible without exceeding $20 just so we can get our transaction through faster. So after that you submit it. Looking over to ShapeShift, you see that you are awaiting your deposit. Once your transaction goes through it will be confirmed.
You can also click over to Etherscan.io and watch your transaction progress in real time. A few things to note, they take a small fee, and not every coin can be ShapeShifted.
So here we see our pending confirmation is confirmed, and now we are awaiting the exchange.
Transaction has been confirmed and is awaiting the exchange
It was a success, and we now have Dash! It’s a really simple process. It shouldn’t take more than five minutes to transfer your money. You can bookmark your order ID, and you can also email your receipt! So that’s our tutorial how to use ShapeShift! It’s a pretty simple process, and really easy to get the hang of. We hope our tutorial helped you find a way to exchange your tokens!