Atomic Swaps Between Monero and Bitcoin Now a Reality on the Mainnet – BeInCrypto

A user made the first atomic swap (swap atomic, in Spanish) between Monero (XMR) and Bitcoin (BTC) in the mainnet, representing an important milestone for decentralization and privacy.

On August 17, the Monero development team reported that a user had managed to make the first swap atomic between Monero and Bitcoin:

Atomic swaps XMR <-> BTC are live on the mainnet! We’re thrilled to see Seth and others working to make them easily accessible so that anyone can trade trustlessly and privately!

Fountain: Twitter

Atomic swaps make it possible for cryptocurrencies to move freely between protocols and blockchains. Thus, If someone wanted to exchange cryptocurrency A for cryptocurrency B, they could do so without a exchange, centralized or decentralized.

User performs the first atomic swap XMR <-> BTC

The user who made the swap atomic is @sethforprivacy. As pointed out by a tweet, the process took 34 minutes and was done through Tor.

Fountain: Twitter

Subsequently, through his official blog, the user offered more details:

“It’s been a long time coming, but it’s finally here. You can, today, swap Bitcoin <> Monero directly peer-to-peer, via Tor, no custodian or trusted third party, no KYC (Know Your Customer) information, nothing.

This is the future of cross-chain swaps and it is possible today.”

To perform the aforementioned atomic swap, @sethforprivacy used the tools provided and created by the COMIT Network and, on his official blog explain step by step the process to achieve the operation successfully.

It is important to note that, for the time being, you can only exchange BTC for XRM. To do the opposite, you will need to run the ASB tool and become a Monero Atomic Swaps provider like Seth.

Fountain: sethforprivacy.com

The user also highlighted:

“Atomic swaps open up a wide variety of cross-chain use cases, but the key is that they are untrusted, uncensorable, and completely anonymous/pseudonymous.”

Fountain: sethforprivacy.com

Finally, @sethforprivacy shared some final considerations, among which are:

  • The price is automatically collected from Kraken and updated regularly, with an additional margin above the market price set by ASB.
  • The Bitcoin exchange address you provide must be an unused address for privacy reasons.
  • The Monero receiving address should be a sub-address per swap peer (or per swap).
  • 2 Bitcoin and 10 Monero confirmations are required, so please be patient.

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Atomic Swaps Between Monero and Bitcoin Now a Reality on the Mainnet – BeInCrypto

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