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84 lines
3.2 KiB
Markdown
84 lines
3.2 KiB
Markdown
---
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layout: single
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title: P2P Swaps
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permalink: /docs/swaps/
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sidebar:
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title: '<img id="side-icon-verybig" src="/assets/vector/arrow-right-arrow-left.svg"/>Swaps'
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nav: docs
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src: "_pages/docs/03-understand/09-swaps.md"
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---
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Apart from the various fiat payment methods available, there are something
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called *Swap Destinations* as well. These are payment methods, but for BTC, on
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a network other than the Lightning Network. This is useful if you want to
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exchange lightning satoshis for on-chain satoshis (or on any other network like
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Liquid BTC if you prefer). This process of exchanging satoshis on the Lightning
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Network for on-chain satoshis is usually referred to as a "swap".
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The table below makes it simple to understand swap in terms of "buyer" and "seller":
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| Side | Sends | Receives | Swap type |
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|--------|---------------|--------------|-----------|
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| Seller | ⚡BTC | 🔗 BTC | Swap out |
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| Buyer | 🔗 BTC | ⚡BTC | Swap in |
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### How to do a P2P Swap
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Remember, in RoboSats you always buy or sell Lightning Network satoshis. If you
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want to receive satoshis over the Lightning Network in exchange for your
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on-chain satoshis, then you create a **BUY** order. On the contrary, if you
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want to receive satoshis on-chain in exchange for your Lightning Network
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satoshis, then create a *SELL* order.
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In the Order Create screen, select "BTC" from the currency dropdown menu:
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<div align="center">
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<img src="/assets/images/understand/btc-swap-in-dropdown.png"/>
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</div>
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Select your Swap Destination from the dropdown:
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<div align="center">
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<img src="/assets/images/understand/swap-destination-selection.png"/>
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</div>
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You then set the amount or range you want to swap for. Remember that if you
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are a seller, then you will receive on-chain BTC and if you are the buyer, you
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will be sending on-chain BTC:
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<div align="center">
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<img src="/assets/images/understand/amount-swap.png"/>
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</div>
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You then simply create the order and wait for a taker to take your order. In
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the chatroom you move forward as usual, but this time the payment method is
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simply an on-chain bitcoin address.
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### Order amount and mining fees
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The amount to be sent on-chain must be the exact value mentioned in the order
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amount. The sender of on-chain sats needs to cover for mining fees (on-chain
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transaction fees).
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### What premium do I set?
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In case of a swap it's better to keep premium to 0% but if you want to make the
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offer a little more attractive to your counterparty you can follow the below
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recommendations:
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1. If you are the **seller** - you will be **receiving** on-chain BTC; setting
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the premium slightly below 0% (eg. -0.1%, -0.5%) will make your offer
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attractive. The taker already pays {{site.robosats.taker_fee}}% fees on the trade plus they have
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to pay mining fees for sending the on-chain BTC.
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2. If you are the **buyer** - you will be **sending** on-chain BTC; setting the
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premium slightly above 0% (eg. 0.1%, 0.5%) will make your offer attractive.
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These are just general recommendations about what premium to set to get started
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with swaps, but at the end of the day, the price is what the market sets, so
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experiment and see what works for you.
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{% include improve %}
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