How Can Swapoo Be a Safe Bitcoin Wallet for Non-Custodial Trading Bots?

How Can Swapoo Be a Safe Bitcoin Wallet for Non-Custodial Trading Bots?
How Can Swapoo Be a Safe Bitcoin Wallet for Non-Custodial Trading Bots?

The cryptocurrency trading craze is gaining popularity these days. Every astute entrepreneur wishes to profit from the fast-expanding digital currency. However, it is critical that you have all of the necessary information. You could even lose your hard-earned money if you don’t have all of the facts. Let’s keep going. Do you have a crypto wallet if you invested your savings in a digital currency and now have an exchange account? Where can you have your coins redeemed and stored? Our services are open, secure, and safe.

We provide a simple Swapoo wallet that can store and send bitcoins, as well as the ability to subscribe to bots that are sent to the wallet. The starting service is currently set up as an unfocused service. There is only one bitcoin wallet with non-custodial trading bots.

This means that users must have an account with an approved exchange in order to use our bots. But, first and foremost, what is a trading bot? What exactly is a worry-free service? This post will address all of these concerns. So, let’s get started.

What is a Cryptocurrency Trading Bot, Exactly?

A bot is Internet-based computer software that does repetitive activities faster than humans. Bots are thought to account for almost half of all Internet traffic, communicating with websites and users, surfing for content, and performing other tasks.

Cryptocurrency trading robots follow the same basic idea. This is artificial intelligence software that performs tasks based on predefined criteria. No more squandered deals or opportunities: using a series of algorithms, you can purchase, sell, or retain assets from anywhere in the globe automatically, swiftly, efficiently, and automatically.

The Promise of Trading with No Money Down

Counterparty risk can be eliminated (or at least reduced) by trading without custody. When trading non-custodial currencies, customers no longer have to put their coins in a central exchange. Rather than leaving the custody of their currencies to the Swapoo wallet, users keep their coins in their wallets. The user’s coins are not at risk if the exchange wallet is hacked and the coins are stolen. As we will undoubtedly provide.

We have seen a variety of projects targeted at resolving the issue of exchange stalemate (many of which are dubbed “decentralized exchanges”). Each of these activities is aimed at making good on the promise of unrestricted commerce. What role does our solution play in the design process, and where does it fit? Let’s take a closer look at the specifics.

In Whom may We Place Our Trust?

Although noncustodial trading is not free, we make it available to you for free. Normally, we must impose a security requirement to ensure that the user’s coins are safe even if the exchange (on which the user is trading) is hacked. The following are some of the security assumptions we discovered in the ecosystem.

Creating a trusted third party, which is a centralized party that offers security between other (mutually untrusted) parties, is the classic solution to the cryptographic trust problem. Security is guaranteed as long as the trustworthy third party is not hacked.

We see trusted third parties all over the cryptocurrency ecosystem. BitMEX is perhaps the most well-known of these, but choosing which industry leaders to trust to protect wallet-to-wallet cryptocurrency transfers is entirely up to you.

Swapoo is a reputable website; yet, a reputable third party may appear to be a reputable gateway. The Waves platform is a “decentralized exchange” with its own blockchain. Users can deposit and receive bitcoins on the Waves network, which can then be exchanged. On the other side, these doors must be dependable. If the gateway is hacked, the user’s bitcoin may not be able to be converted back to regular bitcoin once the transaction is completed.

The dependable execution engine: avoiding custody risks might be as simple as depending on dependable hardware. If I have a BitMEX account, for example, I can log into my Swapoo wallet and set up bots to trade BitMEX on my behalf. Me bots connect to BitMex using the BitMEX API. Bots are programmed to carry out only the tasks that have been allocated to them. Bots, for example, are unable to withdraw funds from their BitMEX accounts. This ensures the security of all monies deposited on the exchange and prevents a thief from gaining “complete physical access to the machine where the money is held.”

Blockchain is a distributed ledger technology: in all of the above security models, the security of the trusted third-party execution engine/provider/gateway is jeopardized. The fact that we can rely on the blockchain makes us far more appealing on Swapoo. We are, after all, a bitcoin wallet with guardless trading bots. If the blockchain that underpins it is not safe, this coin should be worth very little. As a result, for security concerns, we can trust this blockchain and forego the condition that the dependent party is impacted.

 

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