We will talk about crypto swaps and particularly Atomic Swaps, a new way to do cryto swaps today. What does this really mean? Decentralized exchanges are competing with centralized exchanges and are using atomic swaps to compete with centralized fees and offer crypto traders a choice on how they want to transact and facilitate crypto transactions. Contrary to opinion, the way that cryptocurrencies are traded are usually thought to be decentralized, but in most cases, they are not. As the technology driving decentralized exchanges evolves, cryptocurrency users will have access to a truly decentralized means of trading crypto through atomic swaps, whilst being able to retain control over their digital assets at all times.
Apps & Software: Day traders need to be constantly tuned in, as reacting just a few seconds late to big news events could make the difference between profit and loss. That’s why many brokers now offer user friendly cryptocurrency mobile apps, ensuring you can stay up to date whether you’re on the train, or making your sixth coffee of the day. The cryptocurrency trading platform you sign up for will be where you spend a considerable amount of time each day, so look for one that suits your trading style and needs. Exchanges like Coinbase offer in-depth platforms, such as their Global Digital Asset Exchange (GDAX). It’s always worth setting up a demo account first to make sure the exchange has the technical tools and resources you need.
Atomic Swaps: Underneath the Hood Take a look at the image above which has been taken from Coin Central. Let’s see what is going on here. Alexandra has some BTC and John has some LTC. They want to swap the coins with each other. The two of them then open up a payment channel. The instigator of this swap (let’s say Alexandra) then creates a contract address. He contract address is like a multi-lock safe that takes care of both of their funds. By creating the address, Alexandra deposits her BTC and produces a value as well. The value acts like the key while the hash generated from it will pretty much act like a lock for the safe, Upon doing this, Alexandra then sends the hash to John. John generates a contract address using the hash that has been given to him by Alexandra, John sends his LTC to this contract address. Only Alexandra can unlock the litecoin in this address because she has the value which generates that particular hash. Alexandra can get her LTC by signing a transaction for John’s contract address and John can retrieve the BTC by signing a transaction for Alexandra contract address. However, until now, John doesn’t know the value that generates the hash. So, how exactly is he going to unlock the address? See more info at Crypto Swap.
Speaking of KYC, Shapeshift caught flak when it announced that it would adopt a fully verified model, disincentivizing the same users who raised an eyebrow to Changelly’s policy. Citing pressure from regulators, the non-custodial exchange admitted that the move provoked the departure of many valuable API partners – but nonetheless, it remains a viable service for some. Another very good choice is Atomiic.io.
The Atomiic.io team is glad to welcome you at our service. We have done the process of cryptocurrency exchange simple, safe and comfortable. Our customers don’t need to create accounts or store their funds at Atomiic.io. We offer swaps of more than 300 cryptocurrencies. Our team is always glad to add new coins to the Atomiic.io list of currencies and is looking for new partners to make our platform even better. Visit: https://atomiic.io/.