Exchanges don’t do this for free. Like foreign currency exchanges, they charge a commission for the service. Since no one likes extra fees, finding a way to remove the need for exchanges from transacting would be optimal – but how? That’s where Atomic Swaps come in.
What are Atomic Swaps?
Atomic Swaps are direct exchanges between 2 sellers of cryptocurrencies. Through a peer-to-peer exchange of currencies, you can avoid third parties and their risks and fees. These trades can be done across blockchains with different coins (e.g. bitcoin for Litecoin) as well as through off-chain channels which are connected to the main chain.
The possibility has not been around for long; the first known successful completion of Atomic Swap took place on September 20th, 2017, when Decred and Litecoin successfully completed the process. But it was pretty exciting as it potentially opened up a significant number of possibilities through a safe transaction which allowed the users to keep complete control of their private keys throughout the process.
Pros and Cons of Atomic Swaps
Atomic Swaps are no doubt useful. As has been explained, they allow users to limit transaction costs and increase economic efficiency. They also mitigate the risk from hacks and theft which comes from using third-party centralised exchanges. Furthermore, Atomic Swaps are good for the crypto ecosystem. They increase the possibilities of interoperability between currencies and therefore increase the use value of crypto as a whole. It also increases the chances of diversification in portfolios allowing specialisation within cryptocurrencies not to mean they get relegated to a tiny niche of users, but rather can be used by many people for different things.
#### How to make Atomic Swap in " Atomic Wallet "
How to make Atomic Swap | AtomicWallet.io
How to exchange funds between blockchains without third-party risks?
https://medium.com/atomic-wallet/how-to-transfer-funds-between-blockchains-without-third-party-risks-f8eedc4b7fa8" target="_blank" rel="noopener noreferrer">
https://medium.com/atomic-wallet/how-to-transfer-funds-between-blockchains-without-third-party-risks-f8eedc4b7fa8Atomic Swaps is a new technology that makes it possible to exchange cryptocurrencies directly and without third parties. For example — you can exchange BTC to LTC with the fixed and small fee for any amount without centralization exchanges.
Financial aspects of Atomic Swaps
https://medium.com/atomic-wallet/financial-aspects-of-atomic-swap-f6e8e6e0bdb6In this short Article you can see how easy you can perform Atomic Swap into Atomic Wallet.
There is two part:
- Create your own Swap Order
- Accept existing Swap Order
1. Create your own Swap Order
1.1. First of all, you should click the “Atomic Swap” tab at the left menu. There are three tabs from above: “Markets”, “Place order” and “My orders”.
1.2. You should click on the “Place order” tab, click at Ticker and choose the Coin that you wanna Swap
1.3. Use the arrow icon to change the trading pair. Then you have to set the amount that you want to exchange, set the trade rate and Place the order
1.4. Or you can specify variable values with “Advanced settings”, other people will be able to choose how much they want to exchange. Just set the min amount you want to exchange, then other people will set the amount between min and max that is possible. Click Place order
1.5. And also you can click on “Market price” checkbox to set the large/small price than the market price. You will be able to set the “Margin percent” to make your order more attractive to buyers. Then click Place order
1.6. After that, you’ll see your order in the “My orders” tab. You should wait until someone will start Atomic Swap with you
1.7. When someone will start Atomic Swap with you there’ll be request to you where you’ll have to enter the password of your Atomic Wallet and click on “Start Swap”
All the future proceed will perform Automatically and you just have to wait some time while there will be transactions confirmations at blockexplorer.
2. Accept existing Swap Order
2.1. When you have chosen the Trading pair you can see below all Orders that exist at this moment. Just choose one and click the SWAP button
2.2. Will open a window with Swap details, you need to enter the password of your Atomic Wallet, then send Swap request to the maker of this order and wait while maker confirms it
2.3. When the maker of this order confirm your request and start the Swap you’ll see the Swap process and details, there should be green all the checkboxes to complete
2.4. You can close previous window and return it back by click “Details” button, but you should be online and don’t leave out of your wallet to complete the Swap, because it proceeds by your personal device without any third party
2.5. When all the checkboxes will be green then Swap is complete and your deal is Successful
2.6. Now you can see the deal with “Success” marker in your orders
2.7. You can check it out in your Transaction history tab at the left menu. It takes some time while your assets will credited to your account
2.8. When funds will be credited to your account, you’ll see that your balances has changed
So, there was no easy way to perform Atomic Swap until now. But today you can utilize the simplest way to connect buyers and sellers within a decentralized framework.
https://steemit.com/dex/@atomicwallet/how-to-make-atomic-swap============================================
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"" Author : kitty24 ""
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