CoinChango - Change your Coins, without losses

[yurtsevt]

Hello Bitcointalk Community,

we came up with a great project idea, where people can offer their coins and decide which other coins they will accept as payment. Think of it as a person to person exchange. I changed many coins before and not happy with services out there. Many of them will either change to a unfair rate or cut percentages.

To my background:
I'm a freelance Software Developer and working on Software Projects since 2012. In blockchain technologies I gained some experience during my own hobby projects and testings.

Any feedback is welcome, please checkup project details on indiegogo https://www.indiegogo.com/projects/coinchango-change-your-coins-without-losses-bitcoin/x/17314781#/

We have already a working prototype and need this budget to host cloud servers and integrate much of the altocoins out there.

Any supporters will receive their funds as account balance if project will be successful. There are up to 50 % discounts.

How indiegogo works ?
You pay for bounties called perks, each perk is described and self contained. This will help CoinChango to reach its target of 100.000 €.
If we are after 20 days under this target this project will not be realized and removed from indiegogo.

It would be glad if anyone who reads this visits the indiegogo page and understand why we started this project.

The problem with current systems
Most of them are backed by investors which will earn more and more money. They couldn't offer a service like we want because they want to maximize profits, we want to maximize user base. The transaction fees on CoinChango will be 0,50 € forever indepented of volume.

For any further details please visit our indiegogo site.
If you don't want to support in case of payment you can already share this project with your friends. That doesn't cost anything.

Thank you!

Best Regards

Tahsin Yurtseven

[anton_lotos]

My 2 cents. How does your proposed solution compare to say, an exchange, or another swap network... as there are many online and in the works, many are high profile. Second, your perc for free transactions... it's not very compelling. Perhaps compare the transaction cost to existing solutions would help.

[hammo]

it seems nice project. if you create an ICO i want to join to you. hope you can success it. good luck.

[tyuner4]

Visited your Indiegogo product site, this is a good project. I wish you suceess.

[yurtsevt]

My 2 cents. How does your proposed solution compare to say, an exchange, or another swap network... as there are many online and in the works, many are high profile. Second, your perc for free transactions... it's not very compelling. Perhaps compare the transaction cost to existing solutions would help.

This platform will not be an exchange, because not CoinChango offers coin but normal people. The main benefit, adapting more altcoins, each person defines his price, and transaction fees of 0,50 €. On current exchange rates, I examined most of them, there are some tricks and I couldn't find anything with less than 5 € per Transaction, every one is volume based and if you move around from coin to coin this will hurt one time. How tricks works... Let me explain. For example a exchange company changed 10 Lisk to 30 Nav Coins, so Exchange Rate was at time 1 Lisk is 3 Nav right? You offered 10 Lisk and get 30 Nav coins. Now 2h later where Navcoin will be more valuable then lisk, so now you get 1 Lisk for 2 Nav. This exchange is not possible because coins will be removed temporary. I hit in this more times and noticed this during a long analysis.

Before you exchange on a service take a look at that rate, the rates are not almost correct + volume based fee. I changed BTC in value of 1000 € to nav coin, 80 Nav coins less then I should really get. So in 1000 transaction I almost lost 80 € (at that time).

Why do I started this project?
It is not a project to became rich or steal people around there. I can reduce transaction fees to a minimum. A short example...
If you want to change BTC in LISK, you offer your BTC and select how much LISk you want. Some one will go with your offer and accept this.
So first the person with the minimum network fee will deposit his coins on CoinChango, in this example this would be LISK, because of 0,60 Cent per Transaction fee of network. So Lisk party will send his coins plus 1 additional fee of 0,60 cent in LISK. The BTC party now can send coins "directly" to LISK party. If the right amount was send to LISK party all LISK coins will send to BTC Party.
That will reduce the costs in general.

I invested much time in this project to calculate and distinguish how transactions would be efficient.

I hope this example could help you.