Using Electrum and MyCrypto
Last updated
Last updated
In order to do this, it is necessary to exchange BTC for rBTC, the native token of RSK, which value is pegged to Bitcoin 1BTC = 1rBTC. This value is achieved because for each rBTC issued a BTC is “locked”.
This is the Non-Custodial way to get a big amount of rBTC, that is, you are not depending on a third party (custodian), having control of the process in your hands. This way you can send the amount you want and only pay the network’s fee.
This can be done with other HW like Trezor and with other sites, but we chose this setup as it is the one that allowed us to configure derivation paths in BTC as long as in rBTC and sign transactions on both sides with a Hardware wallet.
Step 1: Get a Legacy address and transfer some sats
Legacy addresses are those beginning with 1. If you already have a Legacy wallet, you can go to step 2.
With the HW Ledger connected to Electrum, open it, click on “New Wallet” and follow the steps indicating that you already have a hardware wallet and that you want a Legacy Wallet. (Ledger Live also allows you to generate legacy wallets, but it is probably better to do it with electrum to have full control of the address to use, the utxo to use, etc.)
Once the Legacy wallet is generated, copy an address and send a few sats from your Segwit wallet (0.01 BTC minimum, although it is recommended a little bit more).
Step 2: Get the BTC address of the current peg:
For this step you have to go to https://app.mycrypto.com/interact-with-contracts. (Notice that you have to select RSK in the upper right corner and then)
In “Selecting Existing Contract”, select Bridge and then click Access
In Read/Write click on “GetFederationAddress” and then click READ that will be shown after selecting
Finally, the address to send your Bitcoin will be shown.
Step 3: Send BTC (0.01 BTC min) from Legacy account to the Peg address that you got in the previous step
You have to wait 100 Bitcoin confirmations (approx 16 hours) and after that you should have your rBTC.
It is important to keep in mind that sending your BTC from Legacy should ideally be done from a single address. Although in the case that you consolidated multiple inputs, then the Peg will be done to the first address it finds within the inputs. If you want a simple and clean process, you can send everything from a single address. (This address can be used multiple times later for next pegs).
Step 4: Withdraw your rBTC
Here comes a series of steps. With the Ledger connected and the RSK app open, you have to open MyCrypto, select the RSK network, but in the “Addresses”, you have to write m/44‘/0’/0‘/0 (this is called the Derivation Path)
Once that “Derivation Path” is entered as it is stated above, click "ok" after selecting the address # 1 which is the one with the rbtc balance.
Once you click, you will see the balance in your Mycrypto wallet, but it is convenient to send it from there to your preferred address in RSK, since this address only appears with the custom derivation path. So, you simply send this balance to your own wallet.
You can also save that special rBTC address which together with your Legacy BTC address will become your usual addresses to bridge between one network and the other. Make sure that the addresses you use are not public so your identity is preserved.
Done this, click on “Send Transaction” and confirm!
With this last step, the process is finished! Enjoy you rBTC.
Note that the amounts may not match exactly through the entire document since they were made with different movements in the middle.
