Atomic Swaps Are Big News For Monero

Those of you who jumped into the cryptocurrency markets during Stage 3 of the Radical Agenda have been on a bit of a rough ride as of late. Bitcoin dropped like a rock, and Monero dropped against Bitcoin, costing a some of us a great deal of money. I tried to HODL on myself, and ended up cashing out near the bottom because I figured I could get a better return on my investment by stocking the shop here.

I’m back in the markets again myself now that we seem to have come off the floor, and as many of you already know, my favorite cryptocoin is Monero. Feel free to scroll down to the news part if you’ve already heard why.

Atomic Swaps Are Big News For Monero
Atomic Swaps Are Big News For Monero

Why Monero?

Monero’s privacy features are excellent, and fulfill the promise many a Bitcoin drug dealer found out the hard way wasn’t all it was cracked up to be. Anonymity. That’s why I’ve dubbed it The Official Cryptocurrency of the Alt Right.

Here at the Radical Agenda, we’re not criminals of course, despite what the Jews say. We’ve just learned the hard way to be skeptical of Jewish finance, and think we’re better off without Twitter bots tracking our finances for violent communist agitators.

Monero helps avoid Jewish banks and the violence of their street criminal allies in a few ways. For one, like all cryptocurrencies, Monero is a decentralized electronic currency that maintains a cloud based ledger known as a blockchain. All transactions are stored in a rather large computer file, and this file uses cryptography to transfer monetary units from one user to another across this ledger.

Most (all?) cryptocurrencies are “anonymous” insofar as anybody can generate a key pair without showing ID to a banker and tying it to their social security number. However, with Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and other more well known cryptocoins, those transactions can be viewed by anyone, including criminals in both the public and private sector. Especially when you start trading for fiat currencies, those coins come into contact with your true identity, and can be traced back to you by someone who has enough talent and time on their hands.

So called “Privacy Coins” like Monero emerged to help mitigate this problem. However, with other privacy coins like Dash, Zcash, PIVX, and Verge, users have the option of leaving those transactions publicly visible, or anonymizing their transactions manually.

Monero is unique in that its privacy features are always on by default. Knowing the address that you send Monero to, does not let you see the balance of that wallet, or who has interacted with it, unlike Bitcoin. This privacy is in ever increasing demand, as Big Tech and the radical Left exceed even the State itself in terms of scary big brother type behavior.

Monero’s Weaknesses

There are a few problems with Monero though, and in addition to a broader crypto market correction, the Monero exchange rate has suffered even greater losses as a result of those problems.

The Official Monero Wallet is not particularly user friendly, for one. By default, it wants to run a full node which involves downloading the entire 60GB+ blockchain file and requires constant bandwidth usage to keep updated, which can be a problem if your bandwidth availability is limited. You can get around this in several ways, but tech savvy workarounds do not a user friendly application make.

The clunky interface is made even more troublesome by the semiannual network upgrades or “hard forks” which are not backward compatible, and have led to significant upheavals in the Monero ecosystem.

Many exchanges are hesitant to list Monero, or have already dropped it, and other privacy coins, for fear of running up against KYC/AML (Know your Customer/Anti Money Laundering) laws. Governments, shockingly enough, don’t like you having control over your own finances. It is difficult to tax that which you cannot trace.

The Big News

All of these problems are about to get solved, or at least mitigated. Say hello to Atomic Wallet.

Atomic Wallet is a lightweight multicurrency crypto wallet that strongly resembles Exodus. It currently supports 300+ coins and tokens with more being added every day, and Monero was one of the new arrivals this month. That solves the problem of downloading the whole blockchain, and provides a slick, easy to use interface for all your coins, including Monero. Presumably, the Atomic Wallet developers will keep on top of updating the software, so you don’t need to concern yourself with the timing of future Monero forks.

Atomic Wallet is currently only available on Windows, Mac, and Linux operating systems, but they plan to roll out versions for Android and iOS in August.

Atomic Swaps

The more exciting news is that the devs at Atomic Wallet say that within two months they will offer “Atomic Swaps” with Monero. An Atomic Swap is when you trade one cryptocurrency for another without the assistance of a centralized exchange.

Most of my trades, for example, take place on Binance. Binance is the world’s largest cryptocurrency exchange. It has very low fees, and once you get the hang of things it is very easy to use. I love Binance, and you should sign up today if you’re not already on there. The only problem is, if Binance goes away, delists your coin, gets hacked or regulated out of existence, or engages in some other kikery, you’ve got a problem.

Atomic Swaps are “Cross Chain” exchanges executed by “Smart Contract”. In other words, you trade one cryptocurrency for another in a trustless, decentralized system which is not subject to the whims of regulators or prying eyes. Nobody can hack atomic swaps the way they hack centralized exchanges. Even in the unlikely event that every government in the world simultaneously banned Monero outright and no crypto exchanges carried it any longer, you could still trade Bitcoin for Monero via this system and vice versa.

Atomic Wallet already supports these decentralized trades for Bitcoin, Litecoin, and QTUM. On June 26th, The Atomic Wallet Twitter account said they would roll out Monero support within two weeks, and support for Monero/Bitcoin swaps within two months. So far, they have kept their promise on adding Monero to the wallet, so we can reasonably hope they will keep the deadline on the atomic swaps as well.

Until then, Atomic Wallet supports currency trades through Changelly and Shapeshift, just like Exodus.

Ready to get started?

If you’re looking to get started with cryptocurrency, I would suggest getting an account on Gemini.com. There you can fund your account with ACH or wire transfer and trade your local currency for Bitcoin, Ethereum, and Zcash. Once you have some cryptocurrency, you can take that to Binance and trade it for any coin you like, including Monero.

 

Once you’re ready to start spending this glorious freedom money, feel free to donate some to me, become a premium member, or buy something from our shop with it.

Chris

Christopher Cantwell is a former political prisoner, and current host of the Radical Agenda. The most entertaining podcast of the Alt Right.