Heard about RBTC ?
RBTC, or Rootstock Bitcoin, is the native cryptocurrency of the #Rootstock blockchain.
1 Rbtc = 1 #btc
Let's Learn how this is possible..
And how you can get Rbtc to get started with Defi on #Bitcoin
Let's learn 🧵 below..
First learn about #Rootstock
#Rootstock is a smart contract platform that is built as a sidechain to the Bitcoin blockchain, which means that it is connected to the Bitcoin network and uses the same proof-of-work consensus mechanism as #Bitcoin
RBTC is pegged to the value of Bitcoin, it can be traded or used to pay for transaction fees on the RSK network.
Rbtc & BTC
The main difference between RBTC and BTC is that RBTC supports smart contracts and has faster transaction times.
RBTC is pegged to BTC by means of a two-way peg mechanism.
Peg-in
The process of converting BTC to RBTC
Peg-out
The process of converting RBTC to BTC.
That means that each time a #Bitcoin is transferred to Rootstock the exact same amount is locked up on the Bitcoin Blockchain
FastBTC
The process of converting RBTC to BTC can take up to 24 hours to confirm a transaction as a large number of confirmations are required. The Sovryn Team Developed a faster way to get this swap done pretty quick and easy
It is called
FastBTC..
So how do you convert from RBTC to BTC and vice versa.
First setup a Rootstock / Bitcoin compatible wallet. I like using @Liquality_io or @defiantApp
Next connect to the @SovrynBTC
Dapp
Click on "Get started" Button at top right..
View the Rbtc Row..
NB: send means you'll be sending RBTC and getting equivalent in BTC.
Recieve means you'll be sending BTC and getting Equivalent in RBTC
Click on the option of your choice..
And proced to do the transaction.
Next step
NB: steps are the same vice versa
NB: if you are swapping from BTC to RBTC FastBtc automatically generates a BTC deposit adress
Make sure you have a green checkmark before closing transaction portals..
You should get your RBTC or BTC in 20 min
Explore the unlimited world of DEFi on #Rootstock
Learn more about FastBtc wiki.sovryn.app/en/sovryn-dapp…
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