Definition of Atomic SWAP

Atomic Swap is a term used to define a feature that allows exchanging cryptocurrencies that operate in different block chains, but without intermediaries. For example, to move from Bitcoin to Ethereum, a centralized exchange house is currently needed, since they are different block chains. Atomic Swap would allow you to send your bitcoins to the person who gives you ethereums in exchange for a single blockchain transaction that is reflected in both block chains.

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Related Terms

Peer to Peer

A communication protocol that does not require a central hub

Decryption

The process of decrypting data that was previously encrypted (made unreable) back to a readable form.

Wallet

Software client that handles storage of cryptocurrencies and allows users to send cryptocurrencies.

Over The Counter (OTC)

It refers to the process that cryptocurrencies are being traded outside exchange and it is done directly between two parties

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