Frequently Asked Questions
WHAT IS WyreBitcoin.com Swap Wallet?
WHAT DO YOU MEAN BY DECENTRALIZED?
WHAT DO YOU MEAN BY ATOMIC SWAP?
Atomic Swap Explained in Simple English
Atomic Swap Explained in 3 Minutes
WHY SHOULD I USE A DECENTRALIZED WALLET WITH A RELATIVELY COMPLICATED EXCHANGE SYSTEM?
Another reason is the hectic fees involved with centralized services. Market makers/takers are usually charged around 0.1% for each exchange activity and there are deposit/withdrawal fees involved. Remember, we are not here to sell anything and we charge 0 fees for any of the services we offer. We have simply created this decentralized wallet + p2p exchange because we are passionate about bringing solutions to the existing problems within the industry. By using Bitcoin.js, web3.js and the libp2p library in IPFS, we allow users to seamlessly swap coins and tokens (cross-chain) directly with one another without any 3rd parties involved & without any fees involved.
Many centralized services additionally require you to complete KYC as funds are received directly into their wallets. We do not require users to verify their identifications as we do not handle your funds nor do we store your data anywhere with us. Nobody can freeze or suspend your account or funds and prevent you from performing transactions. It’s the way it should have been and will always be.
WHICH BLOCKCHAIN/COINS/TOKENS DO YOU SUPPORT?
WHAT ARE THE FEES INVOLVED FOR USING THE WALLET?
For ERC20 tokens, it is required that you have at least 0.001 ETH on your wallets. Remember! when sending ERC20 tokens, you are required to hold some ETH as miners fees for transactions. This is also the case for all atomic swaps for ETH & ERC20 tokens.
NOTE: You can easily check the ‘miners fees’ required for each respective coin by simply googling them.
HOW ARE YOU BETTER THAN YOUR COMPETITORS?
None of the decentralized exchanges allow users to actually swap BTC <> ETH <> ERC20 Tokens. They either require you to ‘wrap’ your BTC or ETH… or they’re straight up lying about being ‘decentralized’. WyreBitcoin.com Swap Wallet doesn’t require users to ‘wrap’ their coins as we have simply implemented the ‘atomic swap’ technology, allowing users to directly interact with various blockchains on a single interface.
0x (Kyber, Radar Relay, Airswap) – work only with ETH and ERC-20 tokens, no support for other blockchains.
Binance DEX, BitShares, EOS DEX – proxy-token or token-wrapping required and funds are required to be sent to the administrator or special CEXs. The exchange of these IOU (proxy-token) cannot always be 100% guaranteed.
Polkadot Bridge, Cosmos – they serve as cross-chain IOU services only. Exchange is guaranteed by the consensus and there is no way to trade Bitcoin.
Atomic Wallet – p2p Atomic Swaps are only supported for BTC, LTC, QTUM. They deal with a wide range of coins & tokens but these are not supported by atomic swaps & they use centralized services such as Changelly for exchanges of these coins & tokens. Additionally, Atomic Wallet’s atomic swaps do not support partial fulfillment.
Spark Swap, Exchange Union – software download required and works only on the console itself.
Changelly, Shapeshift, Zigzag – centralized (custodial) services at most times requiring full KYC.
WHICH COINS CAN I ACTUALLY USE FOR ‘ATOMIC SWAPS’?
- Bitcoin ⇋ Ethereum or ERC20 or Litecoin
- Ethereum ⇋ Bitcoin or Litecoin
- Litecoin ⇋ Bitcoin or Ethereum
- USDT ⇋ ERC20 Tokens
- ERC20 Tokens ⇋ Bitcoin or USDT
Swap Support for BCH, EOS, TLOS are coming soon.
WHAT ARE THE RISKS ASSOCIATED WITH USING THE ATOMIC SWAP FEATURE?
Amounts Exceeding $10,000
Hackers can deliberately spam the network (e.g. Ethereum network) to delay your swap, take funds out of the smart contracts, and cancel the intended swap. This makes sense if the transaction itself is larger than $10,000 as it would cost more than that to actually ‘spam’ the network.
1. Alice (BTC) and Bob (ETH) have frozen funds in smart contracts for the atomic swap
2. Alice tries to withdraw funds from ethereum smart contract and sends the secret key with a low gas price (the secret becomes visible to everyone)
3. Hacker detects the transaction and starts a DoS attack in which he starts spamming the ethereum network to prevent the TX from being mined
4. Hacker withdraws BTC from the Bitcoin script (since the secret is already known)
5. After a timeout, Hacker sends a refund transaction with higher gas fees to perform his TX before BOB‘s and withdraws ETH from the smart contract
TX amount too small or public node unavailable – resulting in delays and funds stuck for hours
1. The node will not accept a Bitcoin transaction for withdrawal (transaction is too small or considered as a spam)
2. Public node suddenly becomes unavailable
How to remove the risks
1. Check that you are connected before performing a swap (check bottom-left corner of the wallet).
2. Do not perform swaps if nodes are unavailable .
3. If the transaction remains pending for a long time, replace it or complete the swap manually by sending transactions.
The risks of a user starting a swap but not completing it:
When a user starts a swap process with you and he/she suddenly disappears in between the swapping process, your funds may be locked in the contract for a few hours or until it has been cancelled. Therefore, we have implemented the ‘user rating’ system – available on the top-right corner of the wallet – which will rate users on the number of successful swaps conducted.
WHAT ARE THE FEES INVOLVED?
HOW DO ‘ORDERS’ ON THE ‘ORDERBOOK’ WORK?
How are orders created?
1. The user selects a pair in the interface and indicates the amount he/she wants to sell (amount should be available on the wallet).
2. User’s browser creates a message based on the protocol, signs it with the user’s private key (for identification) and sends it to the IPFS pub sub network
3. Other users receive this message via their browsers and adds the order to their local copy of the order book.
4. If someone wants to execute the order, this message is sent directly to the creator of the order only.
WHY WAS MY EXCHANGE/SWAP REQUEST DECLINED?
Common causes of rejection:
-Your account is not credible (few exchanges = low ratings)
-The other party has found another user for the swap
-The other party does not have enough funds to actually perform the swap
HOW LONG DOES IT TAKE TO SWAP MY COIN/TOKEN?
IT SAYS ‘BITCOIN NODE’ IS DOWN. WHAT SHOULD I DO?
ARE SWAPS DONE “ON-CHAIN” OR “OFF-CHAIN”?
HOW IS THE VOLUME & LIQUIDITY MAINTAINED?
WHY IS MY ORDER NOT VISIBLE TO ME BUT VISIBLE TO OTHERS OR ON DIFFERENT BROWSERS?
2. If it doesn’t help, save the keys and clear indexDB
- 2.1. Open dev tolls (press F12 or click right button & select “inspect element”)
- 2.2. Go to Application tab
- 2.3. Delete all entries in IndexedDB
MY SWAP PROCESS & BITCOINS ARE STUCK! WHAT SHOULD I DO?
BUSINESS & LISTING INQUIRIES
Support for ETH, EOS, TLOS, LTC, BCH ⇋ ERC20 Tokens will be launched soon.