{"id":63300,"date":"2020-12-03T21:17:41","date_gmt":"2020-12-03T21:17:41","guid":{"rendered":"https:\/\/www2019.dash.org\/?p=63300"},"modified":"2021-09-18T11:35:54","modified_gmt":"2021-09-18T11:35:54","slug":"swaps-are-understanding-the-power-purpose-of-swaps","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/swaps-are-understanding-the-power-purpose-of-swaps\/","title":{"rendered":"Swaps Are\u2026 ? Understanding the Power &#038; Purpose of Swaps"},"content":{"rendered":"<p>As you know, when purchasing a good or service for cash, you are swapping cash for your desired item or service. Such as the name implies, a \u201cSwap\u201d most often means to \u2018exchange one item or service of value, for another (or many) item or service of value (of equivalent value)\u2019. Similarly, in cryptocurrency, a \u201cSwap\u201d refers to exchanging one cryptocurrency you hold for the equivalent value of another cryptocurrency.<\/p>\n<p>To complete a Swap, most likely you will use a (normally centralized) service. This is similar to a trade, with the primary difference being that zero fiat currency is involved. Instead, the trade is of cryptocurrencies. During a Swap, you pay with an alternative cryptocurrency different (other) than the crypto you will purchase.<\/p>\n<p>When you purchase a cryptocurrency through a trade (whether on an Exchange or through a Broker), you can pay for your cryptocurrency purchase with a \u201clocal\u201d government-issued currency for a particular cryptocurrency (Example: USD, EUR, JPY, etc.).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"461\" class=\"alignnone size-large wp-image-62906\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Swaps-1024x461.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Swaps-1024x461.png 1024w, https:\/\/media.dash.org\/wp-content\/uploads\/Swaps-300x135.png 300w, https:\/\/media.dash.org\/wp-content\/uploads\/Swaps-768x346.png 768w, https:\/\/media.dash.org\/wp-content\/uploads\/Swaps-1536x691.png 1536w, https:\/\/media.dash.org\/wp-content\/uploads\/Swaps-2048x922.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Example and Description: When you have 1 Bitcoin (BTC), and would like<i> Dash<\/i> (DASH), one option you can exercise is to visit a <i>Dash FastPass<\/i> partner (like <i>Liquid<\/i>).<\/p>\n<p>The steps that follow will illustrate how-to swap your Bitcoin for <i>Dash<\/i>, without having to take multiple steps of selling your Bitcoin for fiat.\u00a0 Then, you would purchase <i>Dash<\/i> with the fiat received for your Bitcoin. Every transaction carries fees, so Swapping helps reduce your cost to switch over to another currency.<\/p>\n<h3>Step-by-Step: How to Conduct a Swap Transaction<\/h3>\n<h5>To conduct a Swap transaction, we will utilize the <i>Liquid<\/i> Swap service to guide us and make it simple.<\/h5>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"624\" class=\"alignnone size-large wp-image-63168\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/AdobeStock_300252039-1024x624.jpg\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/AdobeStock_300252039-1024x624.jpg 1024w, https:\/\/media.dash.org\/wp-content\/uploads\/AdobeStock_300252039-300x183.jpg 300w, https:\/\/media.dash.org\/wp-content\/uploads\/AdobeStock_300252039-768x468.jpg 768w, https:\/\/media.dash.org\/wp-content\/uploads\/AdobeStock_300252039-1536x936.jpg 1536w, https:\/\/media.dash.org\/wp-content\/uploads\/AdobeStock_300252039.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><b>Step 1<\/b> is to Sign-up at <i>Liquid<\/i>.\u00a0 If you already have an account, continue to Step 2.<\/p>\n<ul>\n<li>Click on [<a href=\"https:\/\/www.liquid.com\/sign-up\/?affiliate=jowc_gOX766445\">this link<\/a>] and sign up to Liquid.\u00a0 You will be asked questions for auditing and compliance purposes.\u00a0 As regulations are rolled out globally, questions like these are common.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"303\" class=\"size-full wp-image-63303 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Liquid-Verify-your-account.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Liquid-Verify-your-account.png 230w, https:\/\/media.dash.org\/wp-content\/uploads\/Liquid-Verify-your-account-228x300.png 228w\" sizes=\"(max-width: 230px) 100vw, 230px\" \/><\/p>\n<p><b>Step 2:<\/b> <i>If you have already signed up, and have successfully completed the Know Your Customer (\u201cKYC\u201d) process<\/i>,<b> <\/b><a href=\"https:\/\/app.liquid.com\/quick-exchange\"><b>click on this link<\/b><\/a><b> <\/b>for <i>Liquid<\/i>\u2019s Buy and Swap dashboard.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"278\" height=\"274\" class=\"size-full wp-image-63341 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Liquid-Buy-Swap.png\" alt=\"\" \/><\/p>\n<p><b>Step 3: <\/b>Please be signed-in to your <i>Liquid <\/i>account (look to view the page as shown in the image below).\u00a0 Then, <i>click on the Swap tab<\/i> on the Buy and Swap dashboard.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"274\" height=\"266\" class=\"size-full wp-image-63322 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Swap-Liquid.png\" alt=\"\" \/><\/p>\n<p><b>Step 4<\/b>: If you have cryptocurrency outside Liquid, please <a href=\"https:\/\/app.liquid.com\/wallets\/deposits\"><b>click on this link<\/b><\/a> to make a Deposit<b>.\u00a0 <\/b>Locate the first dropdown list, shown next to the \u201cExchange\u201d field.\u00a0 Select the cryptocurrency you currently have (that you are looking to Swap).\u00a0 In the second dropdown list (next to the \u201cReceive\u201d field), select the cryptocurrency you want to receive.<\/p>\n<p>Example: For this step-by-step, we use Litecoin (LTC) as the cryptocurrency we would like to Swap for<i> Dash<\/i>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"576\" height=\"265\" class=\"size-full wp-image-63398 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Deposits-Liquid.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Deposits-Liquid.png 576w, https:\/\/media.dash.org\/wp-content\/uploads\/Deposits-Liquid-300x138.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"315\" height=\"296\" class=\"size-full wp-image-63417 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Exchange-Field-Liquid.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Exchange-Field-Liquid.png 315w, https:\/\/media.dash.org\/wp-content\/uploads\/Exchange-Field-Liquid-300x282.png 300w\" sizes=\"(max-width: 315px) 100vw, 315px\" \/><\/p>\n<p><b>Step 5:<\/b> In the \u201cExchange\u201d\u00a0 text field, first enter the amount of LTC (Litecoin) you would like to Swap for <i>Dash<\/i>.\u00a0 The \u201cReceive\u201d field, and the \u201cRate\u201d amount in between the two fields, will auto-update (depending on the number you enter in the \u201cExchange\u201d field).<\/p>\n<p>Example: We will choose to exchange <i>5 LTC<\/i>, and the Platform will provide us <i>3.090 Dash<\/i> for the LTC.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"272\" height=\"262\" class=\"size-full wp-image-63360 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Checkout-Liquid.png\" alt=\"\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"337\" height=\"258\" class=\"size-full wp-image-63379 aligncenter\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Confirm-Liquid.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Confirm-Liquid.png 337w, https:\/\/media.dash.org\/wp-content\/uploads\/Confirm-Liquid-300x230.png 300w\" sizes=\"(max-width: 337px) 100vw, 337px\" \/><\/p>\n<p>Statistically, the number of people in the world growing the BlockChain community and cryptocurrencies markets is small but growing very rapidly. So, if you have made it this far, consider yourself a Pioneer. Our entire <i>Dash<\/i> Team is committed to providing you with the best support in the world, as you adopt the more equitable financial system of cryptocurrencies.<\/p>\n<p>If you have any stress or questions around these steps to Spot Trade and Swap, we invite you to get them answered today, 24\/7 by visiting our remarkable <b>Learning Resources portal: <\/b><a href=\"https:\/\/www.dash.org\/learning-resources\/\"><b>https:\/\/www.dash.org\/learning-resources\/<\/b><\/a><b>.\u00a0<\/b><\/p>\n<p><a href=\"https:\/\/www.liquid.com\/sign-up\/?affiliate=jowc_gOX766445\">Click here to go to<b><i> Liquid<\/i><\/b> and try out swaps, spot trades, or crypto purchases<\/a>.<\/p>\n<p>Thank you for reading!\u00a0 See you on the trading floor!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"461\" class=\"alignnone size-large wp-image-62982\" src=\"https:\/\/www2019.dash.org\/wp-content\/uploads\/Partnership1-1024x461.png\" alt=\"\" srcset=\"https:\/\/media.dash.org\/wp-content\/uploads\/Partnership1-1024x461.png 1024w, https:\/\/media.dash.org\/wp-content\/uploads\/Partnership1-300x135.png 300w, https:\/\/media.dash.org\/wp-content\/uploads\/Partnership1-768x346.png 768w, https:\/\/media.dash.org\/wp-content\/uploads\/Partnership1-1536x691.png 1536w, https:\/\/media.dash.org\/wp-content\/uploads\/Partnership1-2048x922.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"As you know, when purchasing a good or service for cash, you are swapping cash for your desired item or service. Such as the name implies, a \u201cSwap\u201d most often means to \u2018exchange one item or service of value, for another (or many) item or service of value (of equivalent value)\u2019. Similarly, in cryptocurrency, a&#8230;","protected":false},"author":43,"featured_media":63149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swaps Are\u2026 ? 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