RSK Documentation
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RSK Documentation

BTC to R-BTC Conversion

In this article we will explain step by step on how to convert from BTC to R-BTC, and vice versa. The process of conversion utilises a 2-way peg mechanism. Thus, these conversions are referred to as peg-ins and peg-outs.

  • Peg-in:
    • A conversion from R-BTC to BTC
    • Locks R-BTC on the RSK network
    • Releases BTC on the Bitcoin network
  • Peg-out:
    • A conversion from BTC to R-BTC
    • Locks BTC on the Bitcoin network
    • Releases R-BTC on the RSK network
IMPORTANT: WHITELIST PROCESS. To use the 2-way-peg you must first get whitelisted.

Note: On Testnets, the token symbols are prefixed with a lowercase t. Thus we have BTC and R-BTC on Mainnets, which correspond to tBTC and tR-BTC of Testnets.

Step by step instructions

You can try the conversion process using either a hardware wallet, or using software:

Testnet Guide

In this section we will go over the steps of converting BTC to R-BTC, and vice versa on the Bitcoin and RSK Testnets.

Note: The minimum amount of Bitcoin to convert is 0.01 BTC for Testnet.

1. tBTC to tR-BTC conversion

Instructions on how to do a Testnet peg-out.

1.1 Connect a wallet to Bitcoin Testnet

We recommend to use Electrum BTC wallet for connecting to Bitcoin Testnet.

  • Download the wallet from Electrum Website
  • Install Electrum
  • Start Electrum in Testnet mode
    • For example on MacOS: /Applications/Electrum.app/Contents/MacOS/Electrum --testnet
  • After Electrum starts, create or import a wallet
  • Go to the third tab, “Receive”. You will see a Bitcoin Testnet address like below.

Create a Legacy(P2PK) wallet

Note: The Bitcoin wallet needs to be legacy (not Segwit) whose public key starts with either m or n, and private key starting with p2pkh:

Get a Bitcoin Testnet address in Electrum Wallet

1.2 Get test Bitcoin from Testnet Faucet

There are a few options to get Bitcoin on Testnet. We use https://testnet-faucet.mempool.co/

1.3 Whitelist Bitcoin address in RSK

You can contact us in RSK official Gitter channels to whitelist your Bitcoin Testnet address.

1.4 Send Bitcoin to RSK Federation address

The RSK Federation address is retrieved by making a Smart Contract call on RSK Testnet. In order to make the call, you will need to have MyCrypto installed, select RSK Testnet in “More Networks”, and Navigate to “MyCrypto -> Contracts -> Select Existing Contracts -> “Bridge” -> “getFederationAddress” to execute the call. It should look like the screenshot below.

Get RSK Federation address from MyCrypto

Once you have the RSK Federation address, you can send Bitcoin to it from your whitelisted Bitcoin address.

Note: You need to send a minimum amount of 0.01 BTC for conversion.

1.5 Get tR-BTC address with tBTC private key

You can get a corresponding tR-BTC address with your tBTC private key from https://utils.rsk.co/.

Note: when entering Bitcoin private key do not include p2pkh: in the front.

1.6 Check tR-BTC balance on Testnet

You can check balance of above tR-BTC address on Metamask, MyCrypto or any RSK Testnet compatible wallets.

Note: You have to wait a minimum of 100 confirmations + a minimum of 5 minutes for checking your R-BTC balance

2. tR-BTC to tBTC conversion

Instructions on how to do a Testnet peg-in.

2.1 Get tBTC address with tR-BTC private key

If you forgot tBTC public address you can retrieve it with RSK private key from https://utils.rsk.co/.

2.2 Send tR-BTC to RSK Bridge Contract

RSK Bridge Contract address: 0x0000000000000000000000000000000001000006

Note: The minimum amount to send is 0.005 tR-BTC for Testnet

Gas Limit of the transaction needs to be manually set at 100,000 gas; otherwise the transaction will fail. Gas Price can be set to 0.06 gwei.

Customize Gas in Metamask before send transaction on RSK

2.3 Check balance of tBTC address on Bitcoin Testnet

You can either use Electrum wallet downloaded earlier or from any Bitcoin explorer to check the balance.

Note: The release process on Bitcoin network takes 4000 RSK block confirmations and at least 10 more minutes.

Mainnet Guide

In this section we will go over the steps of converting BTC to R-BTC and vice versa in Bitcoin and RSK Mainnets.

Note: The minimum amount of Bitcoin to convert is 0.01 BTC for Mainnet.

1. BTC to R-BTC conversion

Instructions on how to do a Mainnet peg-out.

1.1 Get a BTC address with balance

Any Bitcoin wallet that supports legacy(P2PK) private key works for this step, and here we recommend to use Electrum BTC wallet for connecting to BTC mainnet.

  • Download the wallet from Electrum Website
  • Install Electrum
  • Start Electrum
  • Once Electrum starts, create or import a wallet
  • Go to the third tab “Receive”. You will see a Bitcoin Testnet address like below.

Note: The Bitcoin wallet needs to be legacy (not Segwit) whose public key starts with either m or n, and private key starting with p2pkh:

Create a Legacy(P2PK) wallet

1.2 Whitelist Bitcoin address in RSK

You need to complete whitelisting.

1.3 Send Bitcoin to RSK Federation address

IMPORTANT: DO NOT EXECUTE THIS STEP BEFORE BEING WHITELISTED.
Note: You need to send a minimum amount of 0.01 BTC and not more than 10 BTC for conversion.

The RSK Federation address is retrieved by making a Smart Contract call on RSK Mainnet. In order to make the call, you will need to have MyCrypto installed, select RSK Network, and Navigate to “MyCrypto -> Contracts -> Select Existing Contracts -> “Bridge” -> “getFederationAddress” to execute the call. It should look like the screenshot below.

Get RSK Federation address from MyCrypto

Once you have the RSK Federation address, you can send Bitcoin to it from your whitelisted Bitcoin address.

1.4 Wait for BTC confirmations

To ensure the transaction, we need to wait 100 BTC confirmations, be patient :)

100 blocks * 10 minutes/block = 1000 minutes = 16.667 hours approx.

1.4 Get R-BTC address with BTC private key

You can get a corresponding R-BTC address with your BTC private key from https://utils.rsk.co/.

Note: when entering Bitcoin private key do not include p2pkh: in the front.

1.5 Check R-BTC balance

You can check balance of R-BTC address on Metamask, MyCrypto, or any RSK compatible wallets.

Note: You have to wait a minimum of 100 confirmations + a minimum of 5 minutes for checking your R-BTC balance

2. R-BTC to BTC conversion

Instructions on how to do a Mainnet peg-in.

2.1 Get BTC address with R-BTC private key

If you forgot BTC public address you can retrieve it with RSK private key from https://utils.rsk.co/.

2.2 Send R-BTC to RSK Bridge Contract

RSK Bridge Contract address: 0x0000000000000000000000000000000001000006

Note: The minimum amount to send is 0.008 R-BTC for Mainnet Gas Limit of the transaction needs to be manually set at 100,000 gas; otherwise the transaction will fail. Gas Price can be set to 0.06 gwei.

Customize Gas in Metamask before send transaction on RSK

2.3 Check balance of BTC address

You can either use Electrum wallet downloaded earlier or from any Bitcoin explorer to check the balance.

Note: The release process on Bitcoin network takes 4000 RSK block confirmations and at least 10 more minutes.

Video

Q & A

1. How often does the RSK Federation address change?

RSK Federation address has changed three times since RSK mainnet launch.

2. Do I lose my Bitcoin if the RSK Federation address change during my transfer?

There is a grace period for the RSK Federation address change. You will still be able to lock Bitcoin and get R-BTC during the grace period. However, any Bitcoin sent to the old RSK Federation address will be lost post to the grace period.

Feedback

For any questions and suggestions you can post to RSK Gitter channels.