Swap PIVX Conveniently with BasicSwap

Published on: 10.12.2022
Swap PIVX Conveniently with BasicSwap

Swap PIVX conveniently with BasicSwap. Distinguishing it from some other DEXes, BasicSwap uses atomic swaps, where the only transactions are on the blockchains of the two coins being swapped. When a direct atomic swap is not available for two cryptocurrencies on BasicSwap, a pair of atomic swaps can be used—the first to Particl and the second to the new cryptocurrency.

BasicSwap is a new privacy‐focused Decentralized Exchange (DEX) that supports PIVX. It allows trustless exchange between PIVX and Bitcoin, Monero, Particl, Litecoin, or Namecoin.

Because BasicSwap is a DEX, it can avoid the data‐leaking, risk‐inducing Know Your Customer (KYC) processes used by centralized exchanges. And the lack of a centralized controller removes a path to censorship and loss. If you can successfully run wallets of the two cryptocurrencies involved in an atomic swap, you can make the swap.

So how do you use it?

BasicSwap is a software you install on your own computer and interface with using a browser, like Firefox, Brave, or Chrome.

When you install BasicSwap, you configure it for just the coins you want to use. This is because BasicSwap runs wallets for all those coins. Particl is always included. So if you plan to use BasicSwap to exchange Monero and PIVX, say, you will run Monero, Particl, and PIVX wallets. CPU, memory, and bandwidth resources are required for each, and overall resource consumption grows with the number of types of coins you want to exchange.

With this in mind, you may want to run BasicSwap on a separate computer from your main working computer. For full control, this is ideally at your physical location to reduce the risk of unwanted access, but it could also be on a Virtual Private Server (VPS) that is more easily acquired and reliable.

In all cases, security matters, but should be considered in proportion to the value of the cryptocurrencies you plan to swap. If you plan to swap hundreds, rather than thousands or more, of USD value at a time, for example, a VPS could be a good choice because you are already trusting the VPS provider with your payments for that service. On the other hand, some atomic swaps require the swapper to stay online, and this factor could make a VPS a better choice.

Optional Use of a VPS

A PIVX user choosing to use a VPS for BasicSwap might consider hosting with Contabo. It is a cost‐effective hoster highly regarded in the PIVX community for supporting PIVX Masternodes. If you would like to go with Contabo, you can use the instructions for VPS acquisition for Masternodes. The same specifications for a four‐node VPS can be used for BasicSwap: 4 cores, 200 GB SSD, 8 GB RAM, and 32 TB Traffic. The OS can be Ubuntu 20.04.

Installing BasicSwap

After you have either acquired a VPS or secured a local computer, you are ready to install the BasicSwap software. To do this, largely (while incorporating the modifications discussed below) follow the instructions given. 

If using Ubuntu on Contabo, follow the instructions for Linux, which can be found under the Linux (vs. Windows) tabs on the instructions.

ABOUT BasicSwap

BasicSwap is a private, cross-chain trading exchange (DEX) with no central point of failure. It lets users swap cryptocurrencies like Bitcoin or Monero without restrictions or third-party interference.

Website | Twitter

ABOUT PIVX

PIVX is an open-source and decentralized peer-to-peer currency. Featuring advanced user data protection features, community governance mechanisms, a Proof of Stake consensus algorithm, and multi-purpose Masternodes.

Website | Twitter

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