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118 lines
4.2 KiB
Plaintext
118 lines
4.2 KiB
Plaintext
# How to complete your first Atomic Swap
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In this guide, we'll walk you through the process of completing your first atomic swap using the UnstoppableSwap GUI.
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Although the process is quite intuitive, there are some nuances to be aware of, so we'll cover everything you need to know to get started.
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## Prerequisites
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To complete an Atomic Swap, you'll need to have the following:
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1. A Monero wallet you can use to receive funds
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2. A Bitcoin wallet you can use with some funds in it.
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This wallet should also be able to generate a native SegWit address (an address starting with `bc1`).
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This address will also receive any refunded Bitcoin if the swap is not completed.
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3. _UnstoppableSwap GUI_ installed on your computer.
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We'll refer to this as _GUI_ from now on. View the [installation instructions](../getting_started/install_instructions) if you haven't already installed the GUI.
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import { Steps } from 'nextra/components'
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## Performing the swap
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<Steps>
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### Choose a _Swap Provider_ to swap with
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After opening the GUI, you'll be greeted with the main screen.
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In the bottom of the screen you can see the currently selected _Swap Provider_.
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This is who you'll send your Bitcoin to and who you'll receive the Monero from.
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You can change the _Swap Provider_ by clicking on the arrow and selecting a different _Swap Provider_ from the list.
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import { Callout } from 'nextra/components'
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<Callout type="info">
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Different _Swap Providers_ offer different exchange rates and differing amounts of liquidity. You may want to choose the _Swap Provider_ that best suits your needs.
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</Callout>
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You can also use input field to calculate the approximate amount of Monero you'll receive for a given amount of Bitcoin.
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<Callout type="info">
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The actual swap amount will be determined when you deposit your Bitcoin.
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This is only used as a reference for you to get a rough idea of how much Monero you'll receive for your Bitcoin.
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</Callout>
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### Start the Swap
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Once you've selected a _Swap Provider_, you can start the swap by clicking the `Swap` button.
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This will open a new window where you need to enter two addresses:
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1. the Monero address you want to receive the Monero to
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2. the Bitcoin address where you want to receive the Bitcoin refund incase the swap is not completed successfully.
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### Depositing Bitcoin
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After pressing the <img src="/start_swap_button.png" style={{
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height: "1lh",
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display: "inline-block",
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// center vertically
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verticalAlign: "middle",
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}}/> button, you'll be shown an offer by the _Swap Provider_. This includes:
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- the exchange rate (how much Bitcoin they demand for 1 Monero)
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- the minimum and maximum amounts you can swap
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- the network fees that'll be spent on the Bitcoin lock transaction
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<Callout type="info">
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You can hover over these values to see their value in `USD`.
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</Callout>
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If you're happy with the offer, you can proceed by sending the Bitcoin to the address displayed on the screen.
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All funds sent to this address will be used for the swap as long as they below the maximum amount.
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<Callout type="info">
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This is where the actual swap amount is determined.
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Be careful to send only as much Bitcoin as you want to swap.
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</Callout>
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### Waiting for the swap to complete
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After sending the Bitcoin, you'll need to wait a moment for the Bitcoin to be locked.
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After the lock transaction has been confirmed, the other party will lock the Monero funds.
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In most cases, it will take around 10 minutes for the Bitcoin lock transaction to be confirmed and 2 minutes later the Monero lock transaction will be confirmed.
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The swap will go through four stages:
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1. **Locking the Bitcoin**:
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Your Bitcoin is locked in a 2-of-2 multisig address.
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2. **_Swap Provider_ locks the Monero**:
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The other party locks their Monero as well.
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3. **_Swap Provider_ redeems _Bitcoin_**:
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The other party redeems the Bitcoin.
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4. **Redeeming the Monero**:
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You redeem the Monero using a key that was revealed in step 3.
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<table>
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<tr>
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<td>
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</td>
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<td>
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</td>
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<td>
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</td>
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</tr>
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</table>
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</Steps>
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