Question 1

What is BCH used for?

Accepted Answer

BCH is primarily used for fast, low-cost peer-to-peer transactions and as a medium of exchange in decentralized applications.

Question 2

What makes DOT unique?

Accepted Answer

DOT is unique for its role in enabling cross-chain communication and scalability through the Polkadot network's parachain architecture.

Question 3

Can I stake DOT?

Accepted Answer

Yes, DOT can be staked to secure the Polkadot network and earn rewards for participating in its consensus mechanism.

Question 4

Is BCH a good store of value?

Accepted Answer

While BCH is designed for transactions, some users view it as a store of value due to its limited supply and utility in decentralized finance.

Question 5

Do I need KYC to use Instaswap? How are transactions secured?

Accepted Answer

No, Instaswap does not require KYC (Know Your Customer) for any swap amount or pair. However, we employ an advanced KYT system powered by a trusted third-party partner. This system automatically checks wallet addresses involved in transactions, ensuring they haven’t previously been flagged for illicit activities, keeping your swaps safe, secure, and private.

Question 6

Is Instaswap decentralized? Does it support centralized (CEX) swaps?

Accepted Answer

Yes, Instaswap is fully decentralized (DEX), meaning all transactions occur directly on the blockchain without centralized intermediaries. We do NOT offer centralized exchange (CEX) swaps, and your funds always remain fully under your control through our non-custodial platform.

Swap BCH (Bitcoincash) to DOT (Polkadot)

Description

Frequently Asked Questions