To put it simply, if someone sends you Ethereum, but you prefer to receive all payments in Bitcoin, you can enable the Easy Swap Engine and set it to convert any currency you receive in the app as Bitcoin or vice versa.
You can also customize it to convert just specific coins (e.g., Ethereum) into Bitcoin or any other currency.
THE BEST WAY TO SWAP CRYPTO
Providing more crypto payment options
The Easy Swap Engine allows users to send and receive different types of crypto, dismissing crypto polarization or tribalism. The feature can also make a huge contribution to mass crypto adoption and a crypto-based economy.
EASY SWAP BENEFITS
HOW TO USE
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Crypto swapping is the process of exchanging one specific cryptocurrency for another (e.g., converting BTC to ETH). It works similarly to a traditional currency exchange, where you exchange one currency for another, but instead of physical currencies, it involves digital currencies.
Crypto swapping allows you to diversify your crypto holdings or to easily obtain a specific digital currency you need.
A crypto swap can take anywhere from a few seconds to a few hours to complete, depending on a few factors, such as the network congestion of the cryptocurrencies being swapped and the processing time of the platform you’re using.
With Ka.app, swapping crypto and completing other transactions usually take just a few seconds.
The tax implications of swapping crypto can be complex and may vary depending on the specific circumstances of the transaction and the jurisdictions in your country. For example, in the US, the IRS considers crypto to be property for tax purposes, which means that any gains or losses on a crypto swap are subject to capital gains tax.
Be sure to keep track of your crypto transactions and consult with a tax professional or accountant to ensure that you are complying with the relevant tax laws and regulations in your country. Failing to properly report and pay taxes on crypto transactions may result in penalties and legal consequences.
Crypto swap and crypto trade are two common ways of exchanging cryptocurrencies, but there are some fundamental differences between the two.
Crypto swap refers to the process of directly exchanging one crypto for another (meaning there’s no need to use a traditional currency, such as dollars or euros, to convert crypto). It is usually done through a decentralized exchange or a coin swap service.
On the other hand, crypto trade involves buying or selling cryptocurrencies for a traditional currency. This is usually done through a centralized exchange, and the exchange rate is determined by the market demand for the cryptocurrency and the traditional currency being traded
With Ka.app, you can make a Bitcoin swap in just a few taps. First, go to the home screen, choose BTC, tap swap, and then choose the crypto you want to swap it for. After that, you’ll have to enter the amount of BTC you want to swap and confirm with your pin code.