In other words, the feature allows BTC and XMR owners to exchange digital assets without the need to trust one another, use intermediaries, or take similar precautions.
This is a great way to further decentralize crypto, and I believe that a feature like this could be very beneficial for anyone who likes to use privacy coins for their transactions. As many likely know, privacy coins like Monero have been delisted from numerous exchanges over the years due to regulators and governments not wanting them to be used.
Privacy coins cannot be traced, and so they pose a threat, as the government can’t see what you do with your money. This can easily be done with most cryptocurrencies, as there are now special blockchain explorers and trackers that can see where the transaction came from, where it went, how much money was transferred, and alike.
And, since most regulated exchanges now have KYC procedures, it is next to impossible to remain anonymous with any coin. As soon as you create an account on the exchange, the exchange knows who you are. When you buy crypto and transfer it to your wallet, anyone can see that it is your wallet. From there, no matter what you do with your coins, it can be easily traced.
Privacy Still a Concern for Many
Of course, there is the fact that privacy coins can be used by online criminals. But, I firmly believe that they are usually only used by regular people who want to make private transactions. Now, thanks to Comit Network, it will be easier than ever to exchange Bitcoins for Moneros and vice versa.
It is all done through complex algorithms and difficult to understand techniques, but the fact remains that the process is completely safe and automatic, so users don’t have to fear of anyone tricking them at any point during the swap.
Do you think you can benefit from Bitcoin/Monero atomic swaps?