Categories: CryptoNews

First Atomic Swap Between Bitcoin Cash and Komodo Is a Success

Atomic swaps have become quite popular in the world of cryptocurrency. That is to be expected, as this concept removes the need for centralized exchanges altogether. One of the biggest challenges to overcome is finding ways to trade value across different blockchains which may not be natively compatible with one another. The first atomic swap between Bitcoin Cash and Komodo has now been completed on the BarterDEX platform.

A Successful Bitcoin Cash Atomic Swap

In the world of atomic swaps, one would expect most of these trades to occur with Bitcoin. After all, the main reason centralized exchanges are so popular is that they allow users to exchange Bitcoin for various altcoins and vice versa. If this method were to become obsolete and value could be exchanged directly, the cryptocurrency ecosystem would be much better off. 

There is still a lot of work to be done before we see such atomic swaps at the protocol level, though.

Moreover, it seems solutions such as BarterDEX aren’t too keen on using Bitcoin for atomic swaps in general. The company is dropping all Bitcoin support in this regard, as the high fees and slow confirmation times make the entire concept of atomic swaps nearly impossible. Bitcoin Cash is of greater interest to the team, and the first atomic swap involving BCH and Komodo has been completed successfully. This is a big milestone for the team and the involved cryptocurrencies, as it shows exchanging value directly is certainly possible.

In this atomic swap, the buyer used KMD to buy Bitcoin Cash using BarterDEX, and the trade was completed in short order. A lot of new opportunities are waiting to be explored, and it seems both BarterDEX and Komodo will play a big role in the future of atomic swaps. Not too long ago, we also saw Litecoin get involved with on-chain atomic swaps, although those trades did not involve BarterDEX.

Related Post

For users, atomic swaps introduce a lot of positive changes. First of all, there are no verification processes required to convert various cryptocurrencies, as there is no centralized exchange overseeing things. Although this will undoubtedly attract the attention of cybercriminals as well, it also allows all enthusiasts to use cryptocurrency as it was meant to be. This entire ecosystem focuses on decentralization; thus, it makes no sense to rely on centralized trading platforms whatsoever.

It will be interesting to see how this successful trade affects the Bitcoin Cash ecosystem. Although still an altcoin compared to Bitcoin, it is evident this particular ecosystem has seen a lot of growth and many positive developments. Assuming BCH can become an integral part of cryptocurrency atomic swaps, its future certainly looks a lot more interesting than it did before. Especially now that BarterDex may be dropping Bitcoin support altogether, it’s worth keeping an eye on these developments.

Anyone can see the cryptocurrency industry is maturing and finding its own ways to move and exchange value all over the world. With exchanges enforcing strict KYC and AML rules, it is only normal that people will look for alternatives. Decentralized exchange solutions and atomic swaps are clearly the way to go in this regard. It may still take a few years until this technology is widely used, but for now, its progress is pretty promising.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

BlockDAG vs. Rollblock Presale: Which Is the Top Crypto Presale?

BlockDAG’s Sustainable Blockchain Vision vs. Rollblock Presale: Which Can Stand the Test of Time? Presales…

7 mins ago

Solana’s $3.2M Entrepreneur Story & BlockDAG’s $1 Potential

How Solana Transformed an Entrepreneur’s Life & Why BlockDAG Could Be the Next Millionaire Maker…

7 hours ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

12 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

14 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

14 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

14 hours ago