How to swap BTC to ETH without KYC while staying decentralized

The cross-chain barrier of traditional swaps

The demand for cross-chain swaps is rising.
As more people enter the crypto space, the need to move assets between different blockchains is becoming increasingly important.

Traditional exchanges fail to meet this demand.
They are often expensive, and require users to give up their personal information.

Swapping cross-chain cryptocurrencies can be a headache.
High fees, low speed, unclear UX, and privacy concerns are just a few of the issues you might face.

Traditional methods often involve centralized exchanges that require Know Your Customer (KYC) procedures. These exchanges can be expensive and time-consuming, especially for large swaps.

But what if there was a better way?

Thorswap offers a solution that is fast, secure, and completely decentralized.

Why traditional methods fail for decentralized swaps

‍Traditional exchanges often charge high fees for large transactions. They also require KYC, which means giving up your personal information. A deal-breaker for many crypto enthusiasts who value privacy. Additionally, these exchanges are centralized. For those looking to move large amounts of crypto quickly and privately, traditional methods just don't cut it.

‍The depth of their liquidity pools matters too. Liquidity pools are the reserves of tokens that facilitate swaps on a DEX. If a pool doesn't have enough liquidity, it can lead to significant slippage. In large swaps, slippage can be substantial, leading to a worse exchange rate and higher costs.

‍Another problem is the risk of smart contract issues. Traditional exchanges often rely on smart contracts to facilitate trades. While smart contracts are generally secure, they are not infallible. Bugs or vulnerabilities in the code can lead to lost funds or failed transactions. 

‍Moreover, all DEXes often have limited support for cross-chain swaps. This means you can't swap assets between different blockchains directly. For example, if you want to swap BTC to ETH, you would first need to convert your BTC to an ERC-20 token like WBTC. This adds an extra step and incurs additional fees.

But there is a better way. Decentralized exchanges like Thorswap offer a solution that is fast, secure, and completely cross-chained.

Thorswap is for cross-chain swaps in Thorchain

Thorchain is for native asset exchange

Thorswap is a decentralized exchange (DEX) built on Thorchain (See on Coingecko). It allows you to swap cryptocurrencies across different blockchains without the need for a centralized intermediary.

No KYC, lower fees, and faster transactions. Thorswap uses a unique feature called streaming swaps. Instead of swapping all your crypto at once, Thorswap breaks it down into smaller, continuous swaps. This reduces slippage and sets the best possible rate, but the operation could take more time.

Thorswap supports a wide range of cryptocurrencies, including Bitcoin and Ethereum. This makes it a great option for those looking to swap BTC to ETH without KYC.

Thorchain, the backbone of Thorswap, is a decentralized liquidity protocol powered by over 100 nodes. Thorchain also boasts a strong community of developers who continuously work on improving the protocol and adding new features.

One of the most exciting aspects of Thorchain is its expanding support for various blockchains. Currently, Thorswap allows you to swap BTC to ETH, BTC to BNB, BTC to LTC, BTC to DOGE, BTC to BCH, and many other popular cryptocurrencies.

But that's just the beginning. Soon, Thorchain plans to add support for even more blockchains, including BTC to TRX, BTC to SOL, and BTC to XRP. This will make Thorswap an even more versatile and powerful tool for cross-chain swaps.

Additionally, Thorswap supports the Base L2 network, further expanding its reach and utility.

Let’s compare Thorswap vs. Uniswap

To understand the benefits of Thorswap, let's compare it to Uniswap, one of the most popular DEXs on the Ethereum network. Uniswap is great for swapping ERC-20 tokens, but it falls short when it comes to cross-chain swaps.

Let's look at some real numbers. Imagine you want to swap 1 BTC for ETH. You must first convert your BTC to an ERC-20 token like WBTC (wrapped Bitcoin). This process involves costs, risks and might be complicated for an average user.

Once you have WBTC, you can then swap it for ETH on Uniswap.

With Thorswap, you can swap your BTC directly for ETH in a single transaction. The process is faster and more efficient. Let's say the current exchange rate is around 1 BTC = 50 ETH. On Uniswap, you might end up with around 50.06 ETH after accounting for fees. On Thorswap, you could end up with 51.96 ETH. The difference might seem significant, and it adds up, especially for larger transactions.

Thorchain streaming swaps also reduce the impact of liquidity pools' depth relative to a size of swap. By breaking down the large swap into smaller parts, Thorswap ensures that you get a fair price, even if the liquidity is low. This is a big advantage over traditional swap methods, however the bigger the size – the more time it takes.

Uniswap (left) VS. Thorswap quotes. As you can see it gives you the 1.9 ETH more

Questions & Answers

What is Thorchain?
Thorchain is a decentralized liquidity network that allows for cross-chain swaps. It uses liquidity pools to facilitate these swaps, ensuring that users can exchange cryptocurrencies across different blockchains seamlessly.

‍Is Thorswap safe to use?
Yes, Thorswap is designed to be a secure and decentralized exchange. It uses smart contracts to execute swaps, ensuring that your funds are always safe. Additionally, Thorswap requires no KYC verification, protecting your privacy.

‍Can I use a hardware wallet like Ledger with Thorswap?
Yes, you can use a hardware wallet like Ledger with Thorswap. This adds an extra layer of security to your transactions, ensuring that your private keys are never exposed.

‍What are the fees for using Thorswap?
Thorswap charges ~0.45% fee for each swap. This fee is used to fund the development and reward stakers, to ensure the smooth operation of the platform. The fees are competitive and often lower than those charged by centralized exchanges.

‍How long does a swap take on Thorswap?
The duration of a swap on Thorswap depends on the current network conditions and the size of the swap. However, Thorswap's streaming swaps ensure that the process is cheaper and more efficient than traditional methods, yet alone it requires more time for large swaps.

‍Can I earn passive income with Thorswap?
Yes, you can earn passive income on Thorchain by providing liquidity to the pools. In return, you earn a share of the swap fees. This is a great way to make your idle crypto work for you. And the Thorswap app allows you to deposit in the pool.

‍What are the $THOR / $RUNE tokens?
The $THOR (See on Coingecko) token is the native token of the Thorswap. It is used for staking and earning passive rewards. So, $THOR is just a front-end interface to interact with $RUNE, which is Thorchain native token.

Thorswap offers a revolutionary way to swap.
With its streaming swaps, no KYC requirements, and competitive fees, it's a handy tool.

‍Thorswap shares 75% of swap fees happening via their interface, making it a lucrative option for those looking to maximize their crypto earnings.

For advanced users, Thorswap's liquidity pools provide an opportunity to earn fees on your idle crypto. Additionally, consider buying $THOR to earn passive income with USDC.

So, if you're tired of high fees, slow transactions, and privacy concerns, give Thorswap a try. It's the future of decentralized cross-chain swaps. Join the revolution and experience the power of Thorswap today.

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Happy swapping!