Bitcoin was first introduced by Satoshi Nakamoto in 2009 after the financial collapse of 2009. Beam, on the other hand, was launched relatively recently, in 2018, however, the project has an ambitious goal of revolutionizing the privacy landscape of the cryptocurrency market.
Before carrying out the procedure of exchanging Bitcoin to Beam or vice versa, we must know the essential details about Beam.
Beam was launched in March 2018, which still makes it a newcomer since many other cryptocurrencies have been around for a while now. With privacy of its users as its top priority, it has recently received immense attention. What makes Beam cryptocurrency highly privacy-oriented and confidential is its protocol that combines two different ones. The first one is known as the Mimblewimble protocol. It uses the PoW (Proof of Work) mechanism and CT (Confidential Transactions) protocol, both of which are specially designed for maximizing privacy. And it does so without dropping the scalability levels.
This protocol is quite similar to the one that is used in Bitcoin. Both of them are based on the Unspent Transaction Output (UTXO). However, what differentiates the two is that Mimblewimble stores none of the addresses of the transactions made, and the values of UTXO are rather encrypted by the blinding factors. It makes it easier to hide information on transactions and addresses from the third party and makes Beam anonymous and free from most of the potential risks and breaches.
To further maximize privacy, Beam makes use of another protocol, LelantusMW, which tends to offer the users anonymity that ranges up to 64 kilobytes. The main aim of Beam is to explore confidential DeFi and to enable the users to have full control over their financial assets. To further strengthen its privacy game, the Beam team is creating a new blockchain that would not only provide a confidential, and decentralized medium of exchange but also a strong independent community that would aid in the process of strengthening the Beam connection.
Now that we have had an in-depth look at what Beam is, we must fully understand its key features. Key features of every cryptocurrency tend to be the determinant of whether a user decides to join its ecosystem or not. Some of the very important features of Beam include:
These are only some of the many key features of Beam that have paved its way into the crypto market. The uniqueness that this cryptocurrency possesses certainly makes it very important as far as the domain of privacy coins is concerned.
If you’re eager to support the Beam platform, you might be wondering where your Bitcoin to Beam coin exchange should take place. Users often feel that it is extremely complicated to exchange cryptocurrencies. But, in reality, it is a fairly simple procedure, especially with exchange aggregators like Swapzone operating on the crypto market.
Swapzone partnered with a myriad of exchanges to assist users in converting their assets to another currency. It provides users with a number of options to choose from. Moreover, with low transaction fees, and minimal time consumption, it helps users to convert their digital assets with ease. Platforms, like Swapzone, offer exchange services for various crypto pairs, including both BTC to BEAM and BEAM to BTC.
Now, it is easier for users to get all the necessary information at a single exchange aggregator instead of referring to multiple platforms for that matter.
As mentioned above, Swapzone is one of the most reliable and reputable exchange aggregators in the crypto industry. Its high usability has attracted several traders and investors in exploring its features. Users only need to follow a few steps to exchange your Bitcoins to Beam:
Swapzone presents the convenience of a swapping service along with the best rate option and safety of the whole process to exchange cryptocurrency to BEAM coin. There is no need to use any supporting documentation, nor registration in the system.
If you’re a visual learner and want to have a better understanding of how to convert Bitcoin (BTC) to Beam (BEAM) on Swapzone with no hassle, check out our step-by-step video tutorial: