How to exchange XMR to BTC?
Cryptocurrency payments are much faster and cheaper than traditional financial systems. The distance between the sender and the recipient does not matter. Among the undoubted advantages of decentralized systems, it is worth mentioning a high degree of security and confidentiality.
How the security of transactions in blockchains is ensured
Two concepts are key to blockchain security: the concept of consensus and the concept of immutability. Consensus refers to the ability of the nodes of a distributed blockchain to reconcile the validity of transactions and the current state of the chain.
Immutability means the ability of the blockchain to prevent changes in already confirmed transactions. This means that a transaction after being written to the blockchain cannot be deleted, canceled, edited, etc.
The cryptographic hashing function plays a huge role in block immutability. A hash is a block identifier generated by processing input data. The hash has a standard length and is generated based on the hash of the previous block. This is how the blocks are linked into a single chain. Attempts to change the input data will entail the need to change the entire block and those following it.
Critography is used not only to protect data in registries, but also to protect wallets. Pairs of public and private keys for each wallet are generated by asymmetric encryption.
Differences between Monero and Bitcoin
The Bitcoin blockchain is positioned as anonymous, but in practice it is rather pseudonymous. All records in the blockchain are stored openly and are available for viewing. It is technically possible to establish the movement of coins and connections between wallets, and then reach the owners, but it is very difficult, time-consuming and expensive.
In connection with the demand for a high level of privacy protection, projects began to appear aimed at achieving maximum privacy. The absolute champion in this respect was the Monero coin (XMR).
The coin operates using the CryptoNote protocol.Additional layers of protection are provided by Ring Signature, Hidden Address, and RingCT technologies. RingCT hides the amount of the transaction, and hidden addresses and ring signatures exclude the deanonymization of the sender’s identity.
In the foreseeable future, it is planned to introduce several original developments that should improve the privacy mechanisms. According to the developers, after the implementation of the updates, it will be impossible to even establish the fact of using Monero by one or another user.
When comparing the two privacy coins ZEC vs XMR, it is worth noting that ZEC has two privacy levels. Users can choose how transparent the record of a particular transaction will be. This option is not provided on the Monero network and all records are equally opaque.
However, Bitcoin has been and remains the most attractive asset for investment.
How to change Monero to Bitcoin
Monero’s unprecedented anonymity also has a dark side. It is for her that the coin is very fond of various dubious personalities, and this greatly spoils the reputation of the asset. Major exchanges are trying to get rid of the potentially problematic coin. Therefore, the best way to exchange XMR to BTC is to use the services of the Letsexchange service. The exchange is carried out automatically, immediately after you fill in the empty fields in the exchange widget for each order:
- In the upper field, select XMR, and indicate the amount you will change;
- In the bottom field, select BTC to buy;
- Enter the address of your Bitcoin wallet;
- Replenish your deposit;
- Click the “Exchange” button.
The program will find available deals and choose the most profitable one. As soon as you confirm the application, the transaction will be completed, and the coins will be credited to your wallet. The platform works without registration, KYS and additional commissions.
