Conversion
BTC RBTC Conversion
Introduction
In this article we will explain step by step on how to convert from BTC to RBTC and vice versa. The process of conversion is called a 2-way peg mechanism, which locks BTC token on BTC network in BTC-to-RBTC conversion and release the BTC token during RBTC-to-BTC conversion.
Step by step instructions
You can try the peg process using your hardware wallet (if you have) or not:
Testnet Guide
In this section we will go over the steps of converting BTC to RBTC and vice versa in BTC and RBTC testnet.
Note: The minimum amount of Bitcoin to convert is 0.01 BTC for Testnet.
1. BTC to RBTC conversion
1.1 Connect a wallet to BTC testnet We recommend to use Electrum BTC wallet for connecting to BTC testnet.
- First, you will need to download the wallet from Electrum Website
- Second, install the App.
- Then, start Electrum in testnet mode, for example on MacOS
/Applications/Electrum.app/Contents/MacOS/Electrum --testnet - Once Electrum starts, create or import a wallet and 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:
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 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, selet RSK Testnet in “More Networks”, and Navigate to “MyCrypto -> Contracts -> Select Existing Contracts -> “Bridge” -> “getFederationAddress” to execute the call. It should look like below screenshot.
Once got 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 RBTC address with BTC private key You can get a corresponding RBTC address with your BTC private key from https://utils.rsk.co/.
Note: when entering Bitcoin private key do not include p2pkh: in the front.
1.6 Check RBTC balance on Testnet You can check balance of above RBTC 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 RBTC balance
2. RBTC to BTC conversion
2.1 Get BTC address with RBTC private key If you forgot BTC public address you can retrieve it with RSK private key from https://utils.rsk.co/.
2.2 Send RBTC to RSK Bridge Contract
RSK Bridge Contract address: 0x0000000000000000000000000000000001000006
Note: The minimum amount to send is 0.005 RBTC 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.
2.3 Check balance of BTC 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 RBTC and vice versa in BTC and RBTC mainnet.
Note: The minimum amount of Bitcoin to convert is 0.01 BTC for Mainnet.
1. BTC to RBTC conversion
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.
- First, you will need to download the wallet from Electrum Website
- Second, install the App.
- Then, start Electrum from Applications.
- Once Electrum starts, create or import a wallet and 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:
1.2 Whitelist Bitcoin address in RSK You need to complete whitelisting.
1.3 Send Bitcoin to RSK Federation address
The 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, selet RSK Network, and Navigate to “MyCrypto -> Contracts -> Select Existing Contracts -> “Bridge” -> “getFederationAddress” to execute the call. It should look like below screenshot.
Once got 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 RBTC address with BTC private key You can get a corresponding RBTC 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 RBTC balance You can check balance of RBTC 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 RBTC balance
2. RBTC to BTC conversion
2.1 Get BTC address with RBTC private key If you forgot BTC public address you can retrieve it with RSK private key from https://utils.rsk.co/.
2.2 Send RBTC to RSK Bridge Contract
RSK Bridge Contract address: 0x0000000000000000000000000000000001000006
Note: The minimum amount to send is 0.008 RBTC 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.
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 frequent does Federation address change? Federation address has changed three times since RSK mainnet launch.
2. Do I lose my Bitcoin if Federation address change during my transfer? There is a grace period for Federation address change. You will still be able to lock Bicoin and get RBTC during the grace period, however, any Bitcoin sent to the old Federation address will be lost post to the grace period.
Feedback
For any questions and suggestions you can post to RSK Gitter channels.