We will discuss about crypto swaps and particularly Atomic Swaps, a new way to do cryto swaps today. Recent developments in blockchain have made it possible for traders to exchange cryptocurrencies without centralized platforms. Decentralized exchanges (DEX), allow users to exchange crypto without it ever leaving the safety of their own private wallet using a unique exchange method known as an atomic swap.What is an atomic swap?
The digital market is relatively new, so countries and governments are scrambling to bring in cryptocurrency taxes and rules to regulate these new currencies. If you’re not aware of these before you start trading, you may find yourself in a spot of expensive bother further down the line. Many governments are unsure of what to class cryptocurrencies as, currency or property. The U.S in 2014 introduced cryptocurrency trading rules that mean digital currencies will fall under the umbrella of property. Traders will then be classed as investors and will have to conform to complex reporting requirements. Details of which can be found by heading to the IRS notice 2014-21. On top of the possibility of complicated reporting procedures, new regulations can also impact your tax obligations. The U.S, the ‘property’ ruling means your earnings will now be deemed as capital gains tax (15%), instead of normal income tax (up to 25%). Each countries cryptocurrency tax requirements are different, and many will change as they adapt to the evolving market. Before you start trading, do your homework and find out what type of tax you’ll pay and how much.
Advantages of Atomic Swaps: Interoperability between the different assets is a huge problem right now in cryptocurrencies. Atomic swaps are going to bring users of all these different coins together to help them interact with each other. Atomic swap makes the crypto ecosystem more “currency agnostic”. Because people with different crypto holdings will now be able to interact with each other, it is pretty likely that people will be more open to diversifying their holdings instead of just depending on a few coins. Atomic Swaps will open the doors to trustless and fee-less decentralized exchanges. Central exchanges are centralized and hence open to a host of attacks. Atomic swaps remove the need for having a 3rd party and makes the trade as direct as possible. Read extra info on Swap Cryptocurrency.
What’s nifty about Swapy is that it charges a fee only on the amount users will save relative to competitor services. In other words, Swapy only gets a cut of what you save on a swap, doing away with a flat fee entirely. Holders of REM tokens can further increase their discount level by up to 90%. Account registration is necessary with Swapy, but only if you’re looking to claim the maximum available discount. Another good pick is Atomiic.io.
The system is integrated into the largest cryptocurrency trading platforms. There is no deposit storage, only instant coin exchange in our service. So we are able to find the most profitable exchange rate for our users in a very short time. A project created for the convenience of customers. Our users don’t need to create accounts or store deposits in our service. Thanks to this, the users are protected from any kind of financial theft. We provide the best rates possible by comparing a wide range of reliable trading platforms. Source: https://atomiic.io/.
