Here is an article that spreads bitcoin atomic swap transactions in simple words:
Ethereum: Can anyone EL5 (explain how 5) can Bitcoin Atomic swap?
Imagine you have the money, say $ 100 and want to buy a toy from your friend. You don’t yet know how much a toy costs, so you make a contract with a friend, “Hey, I’ll give you my money ($ 100), but in exchange I will get 10 toys.”
Problem
Suppose there are two children in this game: 1 player and 2 player. You want to buy a toy from 1 player, but they don’t want to pay $ 100 at once.
You need something called “nuclear swaps” to work for the contract. Atomic swap transactions are like magical offers that can be made without sending money between you and your friend.
What is the nuclear exchange?
Atomic SWAP is a kind of Bitcoin (and other cryptocurrency) transaction, during which two sides agree to exchange different quantities of cryptocurrencies. This is called “atom” because everything happens at the same time as magic!
Here’s how it works:
- You create a new blockchain surgery that says, “Give me 100 bitcoins, but only if you give me other coins.”
- Your friend creates a similar deal that says, “Take 10 coins and give me.”
- They both broadcast (send) operations to the network.
- The network checks both operations (check errors).
- After checking the operation, the operation will be connected to Blockchain.
Magic is going on
The situation is now becoming interesting. Because atomic exchange transactions include two different operations, the network must learn how to resolve these conflicts. This is called “balance restoration”.
Imagine you have $ 100 per operation and another $ 100 in another operation. How to recover coins?
To solve this, you can create a new operation that says, “Take 10 coins from me (during my first operation) and give them to my friend” (in the second operation). This transaction is called “atomic exchange”.
Why atomic exchange transactions are important
Nuclear swap transactions have many advantages:
- They make it easier for people to buy and sell cryptocurrencies without waiting for themselves.
- They reduce the amount of money that should be transferred among people.
- Due to the complex use of cryptography, they allow fast and safe operations.
program
In conclusion, nuclear swap transactions are a kind of Bitcoins (and other cryptocurrency) transaction, during which two sides agree with mutual exchange in different quantities of cryptocurrencies. It’s like a magical offer that at the same time takes place on Blockchain! Using nuclear exchange transactions, people can buy and sell cryptocurrencies without waiting for themselves, which makes it easier.
I hope this explanation helped to better understand Bitcoin atomic substitutes!
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