It has been a rather eventful week for Bitcoin Cash in many ways. The altcoin saw a massive pump artificially inflate its price. Behind the scenes, developers completed the first atomic swap involving this currency. An interesting turn of events, as it seems Bitcoin Cash beats Bitcoin to the punch in this regard. It will be quite interesting to see how this affects the BCH price moving forward.
Atomic swaps are an important development in the world of decentralized cryptocurrencies. They bring us one step closer to no longer needing centralized trading platforms. It is a security and convenience booster beyond what most people would expect. Ensuring atomic swaps work on every blockchain is something else entirely, though. The Bitcoin Cash currency has been one of the assets exchanged using this technology recently A big development, especially since they may beat Bitcoin to the punch.
Bitcoin Cash is Eligible for Atomic Swaps
Evidence of this BCH atomic swap can be found on GitHub. The exchange occurred between Bitcoin Cash and Decred, an altcoin with a lot of promise. Said trade was executed on the main blockchains, rather than using a testnet. This means a proper implementation of this technology may become available to community members sooner rather than later. It will be interesting to see if and when that happens.
Whether or not we will see a bright future for atomic swaps, remains to be seen. Various altcoins have been experimenting with this technology these days. So far, Litecoin and Decred seem far more successful compared to the competition. If this technology can be built into regular wallets, the future looks bright. Not having to rely on third-party companies for this purpose is a big step forward. It also highlights the potential of hash time-locked contracts.
Decentralized exchange solutions are direly needed. Cryptocurrency is all about decentralization at its core. However, we often rely on intermediaries and trust them with our money. At the same time, we give up full control over our coins as well It is far from an ideal situation. Not to mention how cumbersome all of this can be. Atomic swaps are the future. We can only hope to see more developers focus on this technology moving forward.
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