With XMR.to, you can pay Lightning Network bills and Bitcoin transactions using Monero.
The tool to pay in Lightning for Bitcoin with monero is in beta.
The XMR.to tool, which allows you to use monero (XMR) to pay for Bitcoin transactions, now offers Lightning Network bill payment using the privacy-focused cryptocurrency as well.
In a post on Reddit, XMR.to is presented as a tool to “help spend your XMR where it is not yet accepted”, in addition to offering the sending of “clean bitcoins” and the privacy of Monero.
When entering the tool you can see that the transaction limits on the Lightning Network go from 0.0001 BTC to 10,000 satoshis patient 0.002 BTC o 200.000 satoshis. Transactions with Bitcoin on the main chain can be between 0.001 BTC and a maximum of 2 BTC.
This new functionality is in beta, the developers clarify. “If all goes well, we will soon increase the maximum amount you can pay through LN bills,” they added via Reddit.
The XMR.to team stated that typically “it takes less than 10 seconds between when you click ‘send’ in your Monero wallet and the merchant confirms that the bill is paid.”
According to the post, XMR.to is in charge of paying network fees for Bitcoin transactions. However, for transactions greater than 0.005 BTC, there is an additional charge that is not specified by the platform.
Regarding the exchange rate between XMR and BTC, we see that on the platform each XMR is equivalent to 0.007283 BTC at the time of writing this note. At the same time, the value in CoinMarketCap It is 0.00727 bitcoin for each monero (0.0001 BTC or 10,000 satoshis difference). It is likely that the commission payment offered by the service will come from that difference.
Use of Monero in the pursuit of greater privacy
Cryptocurrencies focused on privacy are in the crosshairs of governments and private organizations. A report from the United States IRS focuses precisely on going against privacy in this type of cryptocurrency and the Bitcoin Lightning network.
No tools to track Monero trades have been released yet, but Chainalysis Y Elliptic have already started by tracking Zcash. Precisely, the IRS document mentioned these two organizations as potential alliances in their quest to curb privacy in cryptocurrencies.
Being a cryptocurrency focused on privacy and anonymity, the use of Monero is often associated in the eyes of the authorities with illegal activities. Recently, a media outlet associated with the armed group ISIS stopped accepting bitcoin donations and recommended their donors to use Monero.
This same week, CriptoNoticias reported a leaked FBI document that exposed the alleged laundering of bitcoins from criminal activities through the conversion of funds to XMR.
However, the US investigation bureau document only exposes the suspicion of illegal activities behind the switch from BTC to XMR. They are based on the impossibility of tracking the funds once they are switched to monero.
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You Can Now Use Monero To Pay On The Bitcoin Lightning Network