Another way to get RBTC is to use the services of centralised cryptocurrency exchanges. These are companies who provide a service which allows its users to trade between one cryptocurrency and another cryptocurrency, or a fiat currency and a cryptocurrency. These exchanges hold assets on your behalf - which means that in the case of cryptocurrencies, they operate crypto wallets on your behalf.
The way that exchanges work will be quite familiar if you have traded on a stock exchange or a foreign currency exchange before. They typically have order books to match buy and sell orders among different users, with the price of a particular pair being the last match in the order book.
There are currently two exchanges that allow users to trade between BTC and RBTC: Bitfinex and Kucoin.
Bitfinex is a digital asset trading platform, it offers order books with top tier liquidity, allowing users to easily exchange BTC and RBTC, plus other cryptocurrencies and tokens. Bitfinex also provides other services, including margin trading, funding, order types, customizable interface, and security.
Kucoin is an exchange and trading platform, where users can exchange BTC and RBTC, plus other cryptocurrencies and tokens. The platform provides users with features such as Spot Trade, Margin Trade, Futures Contracts, Staking, and Lending.
In addition to centralised exchanges, there also is another category of exchange services for that act similar to exchanges, but do not require registration or KYC.
There are currently two such services that allow users to trade between BTC and RBTC: Liquality, and Exolix.
Liquality The Liquality Wallet is a browser extension for accessing Bitcoin and RSK applications. This alternative to MetaMask supports multiple blockchains and provides the easiest way to swap between BTC and RBTC, plus transact RSK tokens using built-in one-click atomic swaps.
Exolix enables users to exchange BTC and RBTC cryptocurrencies instantly and without registration.
RBTC is the built-in cryptocurrency of the RSK network. This means that (1) you should have a wallet that is configured to work with the RSK network, and (2) that wallet must have some RBTC if you wish to send transactions.
Warning: A common mistake users make when interacting with exchanges is that they confuse RSK addresses/ wallets with Ethereum addresses/ wallets. Their addresses follow the same format, but they are otherwise incompatible. Do not send RBTC to an Ethereum address on an exchange. Similarly, do not send Ether to an RBTC address on an exchange. Your funds will be burnt (permanently lost) should you do so, as blockchain transactions are immutable, and therefore cannot be undone. It is your own responsibility to ensure that you are using the right wallet, and connected to the right network. RBTC can only be sent to and from RSK addresses on the RSK network.
The general approach to use an exchange to convert BTC to RBTC:
The general approach to use an exchange to convert RBTC to BTC:
Use the user documentation from your chosen exchange for specific guidance on how to do this.
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