Boltz Review: Non-KYC Exchange for Submarine Swaps

Description

Boltz is a privacy-focused, non-KYC exchange supporting Tor and offering submarine swaps between Liquid Network, Lightning Network, and Bitcoin on-chain. Boltz prioritizes security by offering non-custodial swaps, this means you control your funds at all times during a swap.

The Problem Boltz Is Solving

Boltz Bitcoin exchange addresses the problem of getting enough inbound capacity in Lightning channels to receive funds. Traditionally, Lightning network users have struggled to obtain sufficient inbound capacity in their channels to receive funds. Boltz offers a solution by allowing you to swap the inbound liquidity you need without having to rely on others or wait for their capacity to grow naturally. This eliminates the need to manually request channel openings or use other services, providing a simpler way to obtain inbound liquidity on the Lightning network.

How Boltz Works

Boltz Bitcoin exchange operates without user accounts and prioritizes user privacy by not tracking or storing any data that can be linked to your identity. It operates as a noncustodial exchange, supporting regular and Lightning wallets. Boltz allows noncustodial swaps between different Bitcoin layers, giving you full control over your bitcoin at all times.

Boltz currently offers three types of swaps:

• Normal Submarine Swaps: These swaps facilitate a transfer from a regular Bitcoin chain to a Lightning Network wallet.
• Reverse Submarine Swaps: In contrast, these swaps enable a transfer from a Lightning Network wallet back to the regular Bitcoin chain.
• Chain Swaps: Lastly, Chain Swaps allow for direct transactions between two regular Bitcoin chains.

To use the Boltz exchange, you can follow these steps:

• Visit the Boltz website.
• Choose the type of swap you want to perform, such as a Lightning swap or a Liquid swap.
• Follow the on-screen instructions to input the necessary details, including the amount you want to swap and the addresses involved.
• Click on “Create Atomic Swap.”
• Wait for your Boltz swap to be processed, which may take some time depending on the network conditions.
• Once the swap is completed, you will receive the swapped bitcoin in your designated wallet.

Boltz Features

Boltz offers a range of swapping features for you. With Boltz, you can easily swap between Liquid, Lightning, and Bitcoin on-chain using a single web application. You can swap up to 0.1 BTC. Additionally, Boltz supports swapping to Taproot addresses, specifically bech32m. To enhance privacy, swaps can be conducted via Tor. Moreover, Boltz provides precise on-chain amounts, allowing you to swap with precision down to the satoshi level.

Boltz Fees

When using Boltz, you’ll encounter two types of fees. The first is the miner fee, which covers the cost of on-chain transactions involved in Bitcoin Submarine Swaps. The second is a service fee charged by Boltz, calculated as a percentage of the traded amount. The specific fees are as follows:

• 0.1% for swaps from Bitcoin to Lightning
• 0.5% for swaps from Lightning to Bitcoin
• 0.1% for swaps between Bitcoin and Liquid (in either direction)
• 0.1% for swaps from Liquid to Lightning
• 0.25% for swaps from Lightning to Liquid

For transparency, Boltz clearly displays the exact fee amount before you initiate a swap.
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Is Boltz Legit and Safe?

Yes, Boltz Bitcoin exchange is a safe and legit platform. Boltz is a trustless exchange, which means that it relies on cryptographic mechanisms to facilitate transactions without a central authority overseeing them. This can be appealing for users who prioritize anonymity and control over their funds. It is said a noncustodial exchange, implying that you retain custody of your Bitcoin throughout the swaping process. This stands in contrast to custodial exchanges, where you deposit your Bitcoin into the exchange’s wallets.

Finally, Boltz BTC exchange operates as a non-KYC (Know Your Customer) exchange, it wouldn’t necessitate you to provide personal identification. This mean the exchange is privacy-focused.

More Information

• Boltz website
• Boltz on Twitter
• Boltz on Discord