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Bitcoin and other cryptocurrencies can be transferred between different blockchain systems using a process called cross-chain atomic swaps.
Blockchains which link to, or integrate with, the Bitcoin network are referred to as Bitcoin Relay: 220 transactions do not appear directly on the base blockchains 216 but are instead relayed through other blockchains such as Bitcoin's own blockchain and Ethereum's blockchain. 211
Because the base blockchains that miners run these transactions on may be inaccessible or expensive to use, cross-chain atomic swaps create a direct path by allowing a user to exchange a token based on a different blockchain for a token on a different blockchain. 221 Cross-chain atomic swaps help to reduce the trading friction of moving money from one blockchain to another. 221
Example
Bitcoin can be transferred from chain B to chain A using cross-chain atomic swaps
Transaction flow:
User A wants to transfer a given amount of bitcoin from chain B to chain A.
User B is willing to trade his bitcoin (on chain B) for the same amount of bitcoin (on chain A). 221
At the start of the swap, User A creates an order to transfer the amount of bitcoin onto chain A and is simultaneously refunded on chain B. 222 This is done by writing a transaction to chain B (the ordering network) which records a payment to User A.
User A then creates an order to send the same amount of bitcoin onto chain A. User A writes the transaction to chain A (the confirmations network) and they both simultaneously receive confirmation. Now User B can call his or her bitcoin wallet on chain B and send it to User A 219 . 216 The blockchain A and B have been connected, and the bitcoin is stored on chain A for now.
This example in some ways shows the parallels that can be drawn between the more mainstream electronic payments industry and the blockchains that have more recently emerged as the backbone of cryptocurrencies. 220 For example, large, reputable banks are involved in everyday electronic payments such as the transfer of funds between one checking account and another, and these same banks can also be involved in the launch and transmission of blockchain-based digital currencies such as bitcoin, or their associated tokens. 220
Blockchain-enabled payments
Payments such
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