Hello guys, I only hold bitcoin but I want to prepare my setup for the future when/if the bull market ever comes again.
Want to be able to swap bitcoin for some stablecoins like USDC but without using centralised exchanges. Want it to be safe and if possible cheap!
What are some of your suggestions for doing something like this?
Extra question — why didn’t the FTX “hacker” (SBF) just swap the tokens he had for monero in order to transact and not be detected?
1 thought on “Best way to swap bitcoin for stablecoins using defi?”
As for the bitcoin, you can bridge BTC to renBTC on various chains and use that for trading. Most DEXs have renBTC trading pairs, but you could also exchange renBTC for WBTC and then trade WBTC virtually anywhere.
As for the FTX question, it’s due to the volume of the transactions. It would be pretty difficult and risky to (1) get that much Monero, (2) hope the network can process that many transactions, (3) find somewhere to sell that much Monero, and (4) cover your tracks all along the way. So, it’s kind of like asking why the Russian oligarchs didn’t use BTC or Monero to bypass sanctions earlier this year. It’s not inconceivable, but it’s certainly not practical either.