Monero users will soon be able to exchange XMR with bitcoin and vice versa without need of any cryptocurrency exchange. The best part is this conversion has been done without tokenizing XMR on Ethereum or any other blockchain.
So yes, the first XMR to BTC atomic swap has been a huge success as it was done directly on Monero’s mainnet. However, the person who did it mentioned that the entire process whopping 34 minutes to complete. On bright side, it was done entirely over TOR network so anyone who does it will be doing a completely anonymous swap. No middle man or custodian was involved.
XMR blockchain is anonymous by default, unlike Zcash where privacy is optional. So swaps between XMR and bitcoin will be completely anonymous and this could be the future for traders living in countries where they are restricted to do cryptocurrency trading.
Just make sure to use a new bitcoin address everytime you do a swap as bitcoin’s blockchain is transparent. One alternative is by using coin mixing feature before you send / store your bitcoins.
XMR <-> BTC atomic swaps are live on mainnet! We’re delighted to see Seth and others working to make them easily accessible such that anyone can swap trustlessly and privately! #monero#xmrhttps://t.co/uRm7UCCHox