Sometimes it can be stressful and complicated to enter a crypto ecosystem like Rootstock without knowing all the tools available. That is why it is important to know how to enter and exit at hand, that is, how to obtain smart bitcoin to mint DOC and BPRO.
We are going to analyze some gateways to the Rootstock ecosystem so that you can bring your BTC and transform it to rBTC in the easiest way possible.
Undoubtedly, having this information available to any user can mean an incredible experience, which is why we will describe them in detail, explaining their characteristics, and considering their particular aspects.
The Rootstock Pow Peg, a tool developed by the Rootstock team available to the ecosystem, is an MIT-licensed Bridge that will allow you to easily cross your BTC into rBTC and out of rBTC into BTC. When you use the Rootstock PowPeg you are using the main gateway to the ecosystem and the most decentralized one.
To start go to the 2-Way Peg App, there you will find this interface.
As you can see, it will appear to transfer your BTC to rBTC and vice versa, you can also check the status of your transactions while they are confirmed.
Important: Peg-in (bitcoin to smart bitcoin) and peg-out (smart bitcoin to bitcoin) transactions require a large number of block confirmations. Connections require 100 Bitcoin blocks (approximately 2,000 RSK blocks) and outputs require 4,000 RSK blocks (approximately 200 Bitcoin blocks). So you should not worry if your transaction takes time to execute in both chains, it is the logical process for the level of security you are looking for (we will explore faster alternatives).
+info: https://dev.rootstock.io/rsk/architecture/powpeg/
As an example, imagine that you want to send BTC from your Trezor Hardware Wallet to the Rootstock network. Click on the desired option and follow the steps:
The next option is Fast BTC, developed by Sovryn, which allows access to the ecosystem in a faster but less decentralized way than the PowPeg. With this Bridge you can enter and exit the ecosystem, even go from local currency (FIAT) to rBTC in a few simple steps.
If you already have your BTC in the Bitcoin on-chain network, you could use Fast BTC integrated into the new version of the Money On Chain dApp as explained in the wiki.
In the event that you want to access rBTC from local currency (FIAT) go to https://alpha.sovryn.app/fast-btc/transak using the Transak payment engine you can purchase it.
Connect your web3 wallet within the Rootstock network.
Generate a BTC address by clicking the button.
Here you will see that a BTC address is generated. Deposit FIAT to convert it to Bitcoin and later send it to Fast BTC to convert it to rBTC, all this automatically. You will only see that you receive the rBTC.
(It must be clear that this interface is outdated to the legacy version of Fast BTC. In this version, it was only possible to peg-in. Therefore, it must be verified that the team continues to support it).
In case you use Defiant, the experience of exchanging your BTC to rBTC will be nothing more than the experience of making a simple swap. Defiant provides a more comfortable day-to-day user experience, using the Rootstock PowPeg anyway. Here’s an example:
We assume that you already have BTC in your Defiant wallet.
Go to “Swap”.
Then choose the destination token, in this case, rBTC.
Choose the amount you want to exchange, in this case, through PowPeg. There you will see that it shows the details of the network commissions and how much you will receive. To finish, you just click on continue.
Liquality is another self-custodial web3 wallet that features an interface to connect your Bitcoin to Smart Bitcoin on Rootstock. Here’s a tweet from AndresBTC interacting directly with this wallet and using the Money on Chain protocol.
Krypton Market is a platform that works as a marketplace where you can buy products through this feature, but it also has the option of making exchanges through your local currency (Argentine, Colombian, Uruguayan pesos, Peruvian soles, bolivars, dollars, among others).
Go to https://www.kriptonmarket.com/broker?operation=cash-in&medium=Bank
Create your account in a few simple steps. Choose your local currency, and the amount, select the rBTC option, select the Rootstock network, and paste your destination address (remember to be positioned within the Rootstock network).
In the case that you want to convert your rBTC to FIAT money. Access this link https://www.kriptonmarket.com/broker?operation=cash-out&medium=Banco and you must complete the same fields as in the previous procedure. Only that you must add the number of your bank account in which you will receive your money.
Important: You will see that the platform has a commission for its service since it is duly regulated. It does not have the need to inform governments of user movements, it only uses a database for the purpose of justifying its services.
Related to p2p bots (person to person) we will find options such as @lnp2pbot and @p2p_rsk_bot to trade satoshis on the Lightning Network against satoshis within the Rootstock network. Keep in mind that you must have a wallet for each case.
To do this, you can go to this user within Telegram https://t.me/lnp2pBot write the command "/start" and then "/help" so that the bot can give you all the instructions to buy or sell and configure your offer to your liking.
For example: You want to sell your satoshis (rSats). The correct syntax to write it is:
/sell <amount of sats> <amount of rsats> rsat “rsk”
/sell 1000 1000 rsat “rsk”
Here you can see an example of making a purchase offer: https://t.me/P2PbtcLNrbtc/278 . In addition, in this group, you will find other useful videos that will help you understand the step-by-step.
If you want to see your order, you can find it on this Telegram channel: https://t.me/p2plightning . If you have questions about how the bot works, you can go to this channel: https://t.me/consultasp2p
The bot will notify you when someone is taking your order and you will have a period of 15 minutes to continue with the order process, otherwise, the order will fail and you will have to place it again.
Going through some more centralized alternatives that provide good services, we found OKU Trade and BuenBit which will allow you to access rBTC by trading within their platform. If you are a resident of Uruguay, you can buy your rBTC through Criptala.
It is worth mentioning that all these alternatives have a KYC process that you must go through to trade there.
OKU Trade is a platform based on Uniswap v3 that allows users to swap several tokens from the Rootstock ecosystem, DOC and MOC among them.
In the case of BuenBit, you can buy rBTC through a simple exchange, either in local currency or cryptocurrencies. You can also deposit and withdraw rBTC very easily, let's see some examples:
Here you will see how you can exchange ARS/rBTC.
You can also deposit and withdraw rBTC.
Mt. Pelerin ( https://www.mtpelerin.com/es ) can be another centralized alternative through which you could access rBTC, whether you want to swap between tokens from different chains, as in the case of the following example:
Or for example, if you want to buy rBTC through your local currency.
As you will see, there is a wide variety of possibilities to transfer your Bitcoin to Smart Bitcoin within the Rootstock network. This article is intended to be a simple guide so that you can easily find all the available options in one place.
In most of the tools available, the user experience is pleasant, you may encounter some delays in the confirmation of a Bitcoin on-chain transaction but don't worry, this will depend on how congested the blockchain is at that moment.
In the Money On Chain wiki you have detailed guides on this topic and others related to the protocol and the dApp.
If you have any questions or need help step by step on your way to Rootstock, don't forget that you can always join our Telegram community, where we will help you and welcome you if you are new.
Note: This list is often growing or changing so this article will probably be edited accordingly.
Disclaimer: Money On Chain does not make recommendations, just enumerates possibilities of getting rBTC.
Author: @BTCLegosi