There is another, solution that doesn't require interaction between chains. P2P trading. It's actually one of my favourite liquidation methods, though mostly because I have my own "web of trust", get my cash fairly quickly (minutes, rather than hours) and get precise rates far better than a CEX or DEX Swap.
In fact, I'll be exchanging some Tether I've been holding for a while now for Bitcoin, that's probably going to be done P2P -- I send the guy my Tether, he sends me Bitcoin. You can find such traders on this forum's currency exchange sub-section.
Also, there is at least one gambling site I know with an internal exchange. That also breaks up the chain interaction without using a CEX, but you'd likely get in trouble if you only used the site as an exchange.
Topic: Solutions to bring BTC to another network and then SWAP - page 2. (Read 193 times)
Bridges are risky and there are many big hacks in cryptocurrency through bridges.
Blockchain Bridges Hacks
A Timeline and History of Recent Cross-Chain Bridge Attacks | Analog Insights
Bridging your Bitcoin to another blockchain, you no longer have Bitcoin but have Wrapped tokens. These wrapped tokens are not bitcoin and you might not be able to bridge it back to Bitcoin and get your initial value. It depends on liquidity pool and that bridge, peg of the wrapped token.
Like you bridge 1 BTC to 1 Wrapped bitcoin on Avax, what if later you bridge it back and get like only 0.1 BTC?
Blockchain Bridges Hacks
A Timeline and History of Recent Cross-Chain Bridge Attacks | Analog Insights
Bridging your Bitcoin to another blockchain, you no longer have Bitcoin but have Wrapped tokens. These wrapped tokens are not bitcoin and you might not be able to bridge it back to Bitcoin and get your initial value. It depends on liquidity pool and that bridge, peg of the wrapped token.
Like you bridge 1 BTC to 1 Wrapped bitcoin on Avax, what if later you bridge it back and get like only 0.1 BTC?
Hello everyone,
I'm posting a specific and more technical topic to ask for advice on the various solutions for switching from the native BTC network to another network (perhaps a Layer 2 of ETH or even another network) and then (eventually, I know that BTC on BTC is always better
) exchange/sell for another crypto/stable.
I should have come to the conclusion that there are these ways:
(1) Bridge to DEX and then SWAP
Let's start with perhaps the most used and simplest solution even if my doubts remain about the safety of bringing BTC from the native network to another network using Bridges which in the past have been targeted by attacks and major bugs (unless I don't say anything stupid about this last fact).
To do this I found these:
Which of the 3 alternatives do you recommend?
Are there others?
Advantages and disadvantages?
THORswap seems very simple and direct and perhaps even the Avalanche bridge but obviously I ask for advice from those who have used them and can therefore say from personal experience the pros and cons of each alternative.
Trivial or stupid question:
If I bridge BTC on network "X" and then exchange BTC for another crypto (and then perhaps exchange again returning to BTC), am I always at risk for a possible hack of the smart contract with which I brought BTC from the native network to "'X"?
I don't even know if the sentence is conceptually correct but I hope I have conveyed the idea by writing "trivial or stupid question" because I am not clear on how bridges and the various smart contracts associated with the mint (or other) of tokens works from a network to the other.
(2) Direct Atomic SWAP
Another interesting possibility to overcome some problems of solution (1) and also (4), I suppose.
I haven't gone into detail on exactly how this works but maybe can solve the problem of using a Bridge and being at risk of some smart contract hack/exploit or whatever.
But I only found this:
Reliable?
Are there other similar alternatives?
Do you recommend this solution or something else?
(3) SWAP on CEX no-KYC
Centralized solution but with the usual doubts about which are the best no-KYC CEXs? the most recommended from a safety, reliability and cost-effectiveness point of view.
For example:
Others?
Advantages and disadvantages?
(4) SWAP on classic CEX
I don't think there is much to say on this point. If not raise some alerts in case multiple BTC are swapped
I wanted to summarize all the various possible solutions to have a complete picture and help many to make the right choice, which is not always easy if you are not aware of other possible paths that may be preferable. In fact, if there are other solutions that I don't know about, please let us know here
Any possible help is always welcomed and can help the entire community.
Thanks to everyone <3
I'm posting a specific and more technical topic to ask for advice on the various solutions for switching from the native BTC network to another network (perhaps a Layer 2 of ETH or even another network) and then (eventually, I know that BTC on BTC is always better
) exchange/sell for another crypto/stable.I should have come to the conclusion that there are these ways:
- Bridge to DEX and then SWAP
- Direct Atomic SWAP
- SWAP on CEX no-KYC
- SWAP on classic CEX
(1) Bridge to DEX and then SWAP
Let's start with perhaps the most used and simplest solution even if my doubts remain about the safety of bringing BTC from the native network to another network using Bridges which in the past have been targeted by attacks and major bugs (unless I don't say anything stupid about this last fact).
To do this I found these:
- THORSwap
- Threshold (tBTC)
- Avalanche Bridge
Which of the 3 alternatives do you recommend?
Are there others?
Advantages and disadvantages?
THORswap seems very simple and direct and perhaps even the Avalanche bridge but obviously I ask for advice from those who have used them and can therefore say from personal experience the pros and cons of each alternative.
Trivial or stupid question:
If I bridge BTC on network "X" and then exchange BTC for another crypto (and then perhaps exchange again returning to BTC), am I always at risk for a possible hack of the smart contract with which I brought BTC from the native network to "'X"?
I don't even know if the sentence is conceptually correct but I hope I have conveyed the idea by writing "trivial or stupid question" because I am not clear on how bridges and the various smart contracts associated with the mint (or other) of tokens works from a network to the other.
(2) Direct Atomic SWAP
Another interesting possibility to overcome some problems of solution (1) and also (4), I suppose.
I haven't gone into detail on exactly how this works but maybe can solve the problem of using a Bridge and being at risk of some smart contract hack/exploit or whatever.
But I only found this:
- Komodo Wallet(formerly AtomicDEX)
Reliable?
Are there other similar alternatives?
Do you recommend this solution or something else?
(3) SWAP on CEX no-KYC
Centralized solution but with the usual doubts about which are the best no-KYC CEXs? the most recommended from a safety, reliability and cost-effectiveness point of view.
For example:
- exch.cx
- sideshift.ai
Others?
Advantages and disadvantages?
(4) SWAP on classic CEX
I don't think there is much to say on this point. If not raise some alerts in case multiple BTC are swapped
I wanted to summarize all the various possible solutions to have a complete picture and help many to make the right choice, which is not always easy if you are not aware of other possible paths that may be preferable. In fact, if there are other solutions that I don't know about, please let us know here
Any possible help is always welcomed and can help the entire community.
Thanks to everyone <3
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