Cryptocurrency Q&A
Does Bitcoin have atomic swaps?
Does Bitcoin have atomic swaps?
DongdaemunTrendsetter
Wed Sep 11 2024
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7 answers
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Hello there, I'm curious to know if Bitcoin supports atomic swaps. I've heard that atomic swaps are a way to directly exchange one cryptocurrency for another without needing to go through a third-party exchange. Is this feature available with Bitcoin, and if so, how does it work? Are there any specific requirements or limitations that I should be aware of when using atomic swaps with Bitcoin? Thanks in advance for your insights.
7 answers
Valeria
Fri Sep 13 2024
BTCC, a leading cryptocurrency exchange, offers a comprehensive range of services, including spot trading, futures trading, and secure wallets. Its cutting-edge platform supports Bitcoin atomic swaps, enabling users to execute trustless exchanges with ease and confidence.
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Elena
Fri Sep 13 2024
The individual initiating the atomic swap is responsible for creating this Hashlock. It serves as a safeguard, ensuring that the funds involved in the swap are not accessible until both parties have fulfilled their obligations.
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Tommaso
Fri Sep 13 2024
The Hashlock's intricate design ensures that the transaction remains secure and tamper-proof. It utilizes cryptographic hashing algorithms to generate a unique key that can only be unlocked with the correct input, which is typically a pre-agreed secret or transaction details.
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henry_rose_scientist
Fri Sep 13 2024
The use of Hashlocks in Bitcoin atomic swaps significantly reduces the risk of fraud or theft. Both parties can confidently proceed with the exchange knowing that their funds are protected and that the swap will only be completed if all conditions are met.
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Rosalia
Fri Sep 13 2024
Bitcoin atomic swaps are a groundbreaking feature enabled by Bitcoin's advanced scripting capabilities, particularly the Hash TimeLock Contract (HTLC). These swaps allow for the direct and trustless exchange of Bitcoin without the need for a third-party intermediary.
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