Having been in the market for more than 10 years, Bitcoin remains the #1 crypto in both value and popularity. However, this doesn’t make BTC perfect. In fact, it has many shortcomings, especially when it comes to using it as a means for online payments. The network is slow, and all transactions are available on the blockchain explorer.
BTC to XMR with Godex
To preserve their anonymity when sending crypto, many people choose XMR instead. It’s faster than Bitcoin, but most importantly, completely hides your transaction data and amount from the external observer. In this post, we provide you with a quick guide on how to easily exchange BTC to XMR on the Godex anonymous exchange.
: Specifics and Prospects
While Bitcoin acts as a great store of value, it comes as an online means of payment. With a throughput of 3-7 transactions per second, its network is heavily limited when it comes to daily transactions. While this issue can be fixed with layer-2 solutions like the Lightning Network, there remains another problem — anonymity.
Many people believe that because Bitcoin transactions are nameless, they are also anonymous. However, this is not entirely the case. In every Bitcoin transaction, we can access data about the sender and receiver addresses, as well as the amount transacted. This can allow malicious actors to trace back to the origin of the funds and put the cryptocurrency holder in danger of criminals.
Moreover, companies choose often not to transact with Bitcoin for a similar reason. They do not want to have their transactions open for the competition to see.
As a solution, we saw the emergence of privacy-focused coins like Monero (XMR). XMR allows you to transfer value on the blockchain in full anonymity by using ring signatures. In a nutshell, XMR mixes a large number of transactions from different users and different destinations, providing transaction data that cannot be traced back to its origin.
Why Choose Godex?
The first major advantage Godex has over the competition is that it’s completely anonymous. It doesn’t require the registration of an account, nor does it demand any personal data from the user. In the case of exchanging BTC for XMR, this is a huge advantage, because your ID remains off the grid at all times.
This also means that there’s no KYC procedure, which reduces the friction of the exchange process even further. Most cryptocurrency users know how tedious these identification processes can be, invading privacy and potentially exposing your data.
Another advantage for Godex is its streamlined user interface. You can swap tokens within minutes, just by providing your wallet address and selecting your coins. Moreover, during the exchange process, Godex freezes the exchange rate, which effectively shields you from any price fluctuations at this time.
Finally, we should note that there’s no upper limit on how much value you can exchange on Godex. Most crypto swaps have very low limits, never allowing you to proceed with the transaction you initially planned. On Godex, there’s no upper limit to the number of cryptos you can swap, allowing you to do all your exchanges at once.
How to Swap BTC for XMR via Godex?
By now, you should already have a good idea that anonymous crypto exchanges like Godex are the perfect solution to acquiring privacy-focused coins like XMR. So, let’s have a look in detail at the process for making your first BTC to XRM swap on Godex.
- First, choose your trading pair. In the left field labeled “You Send” use the drop-down menu to select BTC. In the right field labeled “You Get”, choose XMR.
- Next, provide the amount of BTC that you wish to sell. You can also indicate the amount of XMR you wish to receive, and the platform will automatically calculate the required Bitcoin.
- Finally, provide your Monero address and sign the BTC transaction with your wallet. Receiving your coins shouldn’t take more than a few minutes.
As you can see, the absence of registration makes this process very beginner-friendly and saves a lot of time when you want to swap BTC for XMR.
Exchanging BTC to XMR can be particularly helpful if you want to blur your tracks regarding your crypto holdings, for whatever reason. Using the Godex anonymous crypto exchange is the perfect solution for this swap, providing security and anonymity to users.