Lets say you want to use Monero to buy something online, since Monero is a privacy coin were no one can see your transaction history when making purchases online. You find a website that offer goods and services and they do accept cryptocurrencies for payment. However they only accept Bitcoin.
No problem! Use a cryptocurrency swap service when making the purchase! There are many swap services out there and majority of them do not require an account and do not require any KYC! Many cryptocurrency wallets do have swap services built into them to use, making all of this more seamless!
- Find a swap service that supports the coin you want to use and the coin the merchant accepts.
- When setting up the swap, Make sure the swap is set to a fixed rate. If the purchase from the website is 0.0025 BTC, you want to make sure when you send your Monero to the swap service, it will send exactly 0.0025 BTC to the merchant.
- Enter the amount in the swap that the merchant is requesting. If the merchant is requesting 0.0025 BTC to complete the order, set the receive amount to 0.0025 BTC.
- For the receiving address of the swap, copy and paste the merchant cryptocurrency payment address into the swap receiving address field.
- Complete the swap.
- Wait for the merchant to receive the cryptocurrency to complete your order!
Keep in mind that some e-commerce sites have a strict time limit on cryptocurrency order. I would avoid doing this if the timer of the merchant cryptocurrency payment request is less than 10-15 minutes.
Here are some swap services you could use that are popular…
Trocador - Finds the best rate from several swap services, Privacy friendly, No JS
SwapSpace - Finds the best rate from several swap services
Swapzone - Finds the best rate from several swap services
ChangeNOW - Supports many cryptocurrencies
StealthEX - Privacy friendly