What is a Coin Swap?

Coin Swap is the process by which one cryptocurrency is exchanged for another at a set rate.

Rather than selling one coin to buy another, in the exchange of tokens, one coin is instantly exchanged for a new one. The transaction is therefore compulsory because the holder would otherwise lose money.

The Swap is usually organized by coin developers and requires major technical changes in the blockchain of the required coin.

No action is required on the part of the users.

Deposits, withdrawals, and exchanges are temporarily put on hold during the Swap.

The new wallet is set up. Coins are credited to the new coin holders, and the old coins are debited.

Once complete, deposits, withdrawals, and trades are resumed.