Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: BiTCorion on March 21, 2024, 09:33:38 AM
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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 ;D ) 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:
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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I seem to have read this on the other forum, but anyway, because that swapping still has to go through bridges, the risk that can be faced is quite high, to be honest. What often happens is that hackers get in.
So this is not advisable as far as I can see; just real talk, dude. There are bridges because they only rely on smart contracts, and these often have bugs or vulnerabilities that become the cause of hacking or exploitation.
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So this is not advisable as far as I can see; just real talk, dude. There are bridges because they only rely on smart contracts, and these often have bugs or vulnerabilities that become the cause of hacking or exploitation.
That is in fact what I am really afraid of to happen to me who is still technically-challenge with many things on cryptocurrency and the blockchain as well as smart contracts. In many months am watching the crypto market, I always heard of many hacks exploiting vulnerabilities within many crypto platforms and smart contracts being utilized. Indeed, it would be a nightmare being caught in such a melee most especially with a guy like me who is not good in technicalities. In other words, we can say that these infrastructures are not really so mature and in fact many are in experimental stage so many may not be aware of the weaknesses of the bridges they are offering.
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So this is not advisable as far as I can see; just real talk, dude. There are bridges because they only rely on smart contracts, and these often have bugs or vulnerabilities that become the cause of hacking or exploitation.
That is in fact what I am really afraid of to happen to me who is still technically-challenge with many things on cryptocurrency and the blockchain as well as smart contracts. In many months am watching the crypto market, I always heard of many hacks exploiting vulnerabilities within many crypto platforms and smart contracts being utilized. Indeed, it would be a nightmare being caught in such a melee most especially with a guy like me who is not good in technicalities. In other words, we can say that these infrastructures are not really so mature and in fact many are in experimental stage so many may not be aware of the weaknesses of the bridges they are offering.
Yes, it's very much complicated for investors that are not technically inclined. And with that, it's scary on how many steps you need to go to and maybe lost some along the way.
Thanks to the OP though, but as what he described, this is technical and so it might not even for everyone here. Maybe others will try it and see and experiment to get that experience with small amount of Bitcoin.
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Which of the 3 alternatives do you recommend?
I like things simple that's why a direct swap is my preferred method. Since each of us have our own preference, it's not like I can recommend one of the alternatives to all traders. For example, people who do not really care about privacy and love convenience, CEX (KYC) is their go to platform.
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I have read through your post OP and I must commend your efforts in putting this up for us to see and read. If you can, add the source from which you got this information from so we could read further to gain more insight into the topic matter, that would be nice.
Most of the features of this process you have listed here looks more complicated as you think and not everybody is conversant with it. Majority of holders prefer simple processes that could ease them the stress of converting, bridging and lots more hence centralized exchange was able to conquer every other methods of savi, trading swap and lots more but if you must do anything with cex, you must undergo kyc for some of them to be able to know who their customer is but as for the other methods, nobody cares who transacted and who you are.
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What's the reason for bringing Bitcoin to other networks? I don't think that we can bring actual Bitcoin to any other network then it's original Bitcoin network. The other networks Bitcoin isn't Bitcoin but a type of altcoin. If I'm not wrong then that's not Bitcoin but WBTC or wrapped Bitcoin.
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What's the reason for bringing Bitcoin to other networks? I don't think that we can bring actual Bitcoin to any other network then it's original Bitcoin network. The other networks Bitcoin isn't Bitcoin but a type of altcoin. If I'm not wrong then that's not Bitcoin but WBTC or wrapped Bitcoin.
Maybe the OP is thinking of a chain bridge, and I do not think that would be feasible because such a mechanism has not yet been developed, and possibly in the near future, some technology within the crypto space could be able to do that if it is possible. Maybe only the WBTC could be possibly bridged into other networks, but as for bitcoin, I think only the trade futures could be
only be feasible for the time being.
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What's the reason for bringing Bitcoin to other networks? I don't think that we can bring actual Bitcoin to any other network then it's original Bitcoin network. The other networks Bitcoin isn't Bitcoin but a type of altcoin. If I'm not wrong then that's not Bitcoin but WBTC or wrapped Bitcoin.
Yes, it's true that the BTC Network is only on the Bitcoincore blockchain and there are no other Bitcoins, if something like that exists then it's just very dangerous price manipulation, you still have to do research first before taking action.
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Yes, it's true that the BTC Network is only on the Bitcoincore blockchain and there are no other Bitcoins, if something like that exists then it's just very dangerous price manipulation, you still have to do research first before taking action.
A minor correction, Bitcoin Core is the name of software that you can use to run a Bitcoin node and manage your Bitcoin, there is no such thing as Bitcoin Core blockchain. You can read more here[1], especially if you're interested in running a node and looking for options.
Maybe only the WBTC could be possibly bridged into other networks, but as for bitcoin, I think only the trade futures could be only be feasible for the time being.
What are you referring to with "trade futures"? As far as I'm aware, only wrapped tokens are available for anyone interested in chain swap. Regardless of what options are available, I think people should use alt directly or wait until someone builds a native Bitcoin platform that uses Bitcoin.
[1] https://www.lopp.net/bitcoin-information/full-node.html
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You can exchange Bitcoin with other coins directly peer-to-peer with other trusted members or people in your area.
If you dont want to do it directly than you can use trusted escrow who can act as a middleman to help you avoid scam from others.
I traded with other people and I never had any problems, but I heard stories about cheaters so you need to be careful.
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You can exchange Bitcoin with other coins directly peer-to-peer with other trusted members or people in your area.
If you dont want to do it directly than you can use trusted escrow who can act as a middleman to help you avoid scam from others.
I traded with other people and I never had any problems, but I heard stories about cheaters so you need to be careful.
It's true, many new projects have been created including on the Bitcoin network, but this is very strange because in my opinion the Bitcoin network only has one very large and complex network, but this is technology that is always developing and lots of new projects are being created, your advice is to use Escrow is very good so that there are no losses for buyers and sellers who are making transactions.