Getting rBTC and back to BTC with FastBTC
This guide shows how to use the FastBTC integration implemented by MOC.
Last updated
This guide shows how to use the FastBTC integration implemented by MOC.
Last updated
Money On Chain has implemented an integration of FastBTC Relay developed by Sovryn.
FastBTC is a quick and easy way to obtain the rBTC you are going to need to operate the Money On Chain protocol. It lets you exchange your BTC for rBTC inside Money On Chain's dApp to mint the token of your preference.
According to Sovryn: "FastBTC allows the bi-directional exchange between BTC and RBTC. The FastBTC Relay is not fully decentralized. There is a very brief custodial process where the user entrusts the FastBTC operator to receive the user's BTC and exchange it for RBTC. The exchange is facilitated quickly."
Go to the Money On Chain web app and connect your wallet. Click on the Bitcoin button on the left sidebar and then you will see this page.
Click on Convert BTC to rBTC. A pop-up will detail important information
Users who wish to deposit more than the maximum limit may add more BTC by sending the max limit multiple times over multiple transactions. If you are going to send multiple FastBTC transactions, make sure to wait a good length of time (half an hour) between them to ensure there is no possibility that the transactions are included in the same block.
Click on GENERATE BTC DEPOSIT ADDRESS
Send BTC to the address shown to you
After a moment this screen will appear showing transaction information.
And then, when rBTC is deposited second part of the details will show the transaction is done.
That's it! Now you have an easy and fast way to bring your BTC to Money On Chain protocol and mint your favorite token.
You can check information related to the peg in operations at the bottom of the screen:
On the main FastBTC page, click on Convert RBTC to BTC. A pop-up will detail important information.
Click on Continue to enter the BTC address destination and the amount you want to convert.
Then it will show detailed information about the operation. Verify and then click on Confirm.
Next, you will see a dialog box showing the states of the transaction that you can also see in the peg out FastBTC last operations panel. Click on Close.
After a few minutes, the operation will be confirmed and you will have your BTC in the corresponding wallet.
