Users who want to swap Monero (XMR) for Bitcoin (BTC) will need to use an exchange or a service, and this will not change until atomic swaps are implemented.
But, on the other hand, you may already be aware of the fact that exchanges often want to collect data about users and the info that they usually require includes passport data and ID. This defeats the whole purpose of crypto, which is about anonymity and privacy.
The dangers of centralized exchanges
There are various dangers regarding centralized exchanges, and these include the risk that Monero gets delisted in the future as a result of the push coming from regulatory authorities.
Speaking of atomic swaps, these would definitely be the most viable alternative to swapping coins. If Monero were to integrate the ability to atomic swap without the need of a centralized exchange getting involved, all the issues in this regard would be solved.
Atomic swaps are implying the fact that transactions and trading from one currency to another are made at incredibly high speeds without the need to have validation that comes from third parties. These could ensure a long and safe future for Monero, the most important privacy coin out there.
Anyway, until all this is possible, we have to rely on other solutions that allow exchanging Monero for BTC anonymously.
Use XMR.TO to exchange XMR to BTC anonymously
XMR.TO is the best solution to convert XMR to BTC anonymously. Crypto’s main target is to enable frictionless and secure payments that are taking place all over the world, including for people without bank accounts. In the banking system, all of your friends, employers and the entities that you are transacting with can see your bank account. XMR.TO says that they recognized that this is a huge problem and their main goal is to fix it.
They are also aware of the fact that these days there are few merchants who choose to accept XMR payments and this means that in order to make one, you should first change your XMR to BTC. This is precisely what XMR.TO is doing – they allow users to spend their XMR at any BTC-accepting merchants.
How does XMR.TO work?
XMR.TO lets you specify an address to send BTC to, and it simply tells you the XMR amount that is sent and will send the BTC instead. Here are the necessary steps:
- First of all, you have to enter the BTC address that’s been given to you by Bitpay or any other merchant/payment processor and the amount that you want to send.
- Hit the “create” button.
- XMR.TO will then tell you how many XMR you have to send.
- After they receive the XMR that you sent, they will make your requested BTC payment.
Indicative rate and potential hidden costs
The indicative rate is the rate that XMR.TO offers for a standard order size. It’s called indicative because it might change depending on the amount of the order. Users can see the actual rate for their desired amount after creating an order.
Regarding the potential hidden costs, thankfully, there aren’t any. XMR.TO tells you exactly the BTC/XMR exchange rate and the exact number of XMR that you have to send in order for your BTC payment to be fulfilled.
This might be seen by some as the most important part. As you already know, Monero payments protect users’ privacy a lot better compared to BTC. The user is in control of how much they want to reveal and to whom thanks to the view keys. XMR.TO is not the entity that protects user privacy because they are not a trusted third party in this whole equation. Monero is the one that gives users back control in the digital realm.
On the other hand, the BTC blockchain is transparent, and the payments that originate from XMR.TO can be easily seen as coming from this source. Due to the Monero features, no one can associate the payment with the sender unless they choose to.
The best choice that users have is to access the website of XMR.TO using the TOR onion service in order to avoid the IP address being logged.
This is the safest and most anonymous way that you can change XMR for BTC these days.