Guide for using the BBTC asset using the Ardor platform
Bitswift, one of the first companies that launched a child chain in Ardor back in 2018, has developed a solution to easily export the BBTC asset (Asset ID: 13045451260956193623). It implies that the BBTC asset can be traded using the asset exchange feature of the Ardor platform. Hence, thanks to Bitswift the Ardor ecosystem is enriched with the possibility of trading tokens to Bitcoin with a very high degree of decentralization, avoiding centralized exchanges and costly fees.
BBTC asset to BTC
First you must start getting familiar with the Ardor platform. I recommend to follow the Getting Started of the official documentation and buy some tokens (Ignis, BITS)
Once the User Interface is up and running, populate the “Assets” section, click on the Asset Exchange and add the BTC asset id 13045451260956193623:
Then the asset will be available for trading in the UI as the following figure shows:
The next step is buying BTC with Ignis as shown above. The modal for issuing the transaction is as follows:
How does it work?
It is needed to open an account in https://bitswift.cash/login
Afterwards you must provide a mobile phone number for being authenticated and it is highly recommended to set up 2FA authentication.
Importing BBTC assets to Bitswift Cash:
Click on Holdings and then in the import box
It will appear a modal with the following information:
The “Import Address” is the Ardor address where you have to transfer the BTC assets, attaching to the transfer transaction the value shown in the field “Import Message”:
Click on the Asset Exchange section of the user interface, then “My Assets”:
Next step is transferring the assets to the wallet provided by Bitswift in the import address:
After 20 confirmations, the balance will be shown in the Bitsift Cash Holdings:
Afterwards, you can withdraw the BTC to your own Bitcoin address. In order to do this click on the “Export” button
Click on “Next” and your BTC will be sent to the Bitcoin address provided:
BTC to BBTC asset
It is also possible to do the other way around, from BTC to BBTC asset.
The steps are, first generated a bitcoin import Address by clicking on the import button:
Send BTC to the address generated and they will appear in the Holdings page. After this action, it is possible to send the assets to your own Ardor account.