Bithereum Redemption Guide for BTC and ETH Holders
The Definitive Guide to Redeem Bithereum for BTC and ETH holders
Welcome everyone to the definitive guide to redeem Bithereum for both BTC and ETH holders. Since Bithereum is a fork of Bitcoin, all BTC holders are eligible to redeem Bithereum at a 1:1 ratio. Also, since Bithereum is utilizing Ethereum’s Casper protocol for our Proof of Stake model, we’ve created a mechanism that enables all ETH holders to redeem Bithereum as well.
This was done via a hard spoon of the Ethereum chain which we go more in detail about here: https://medium.com/bithereum-network/bithereums-hard-spoon-snapshot-is-complete-c1814024ea9a. TL;DR: ETH holders can redeem at a ratio of 38 ETH:1 BTH
This blog is divided into two sections, for both BTC and ETH holders. Proceed below to see the steps for redeeming through either of the chains (or both). There is no time limit on the redemption process, you can redeem at any time.
For ETH Holders
To redeem BTH as an ETH holder, you’ll need to send a 0 (zero) ETH transaction to our ETH redemption smart contract with your BTH address in the data field. This triggers the Bithereum Oracle to send your entitled BTH to the address you provide.
Here are the steps necessary to redeem:
- Create a BTH address at https://guarda.co/ (or from any other BTH wallet of your choosing)
- Save your BTH public address and private key (Make sure you save your private key and do NOT share it with anyone)
- Convert your BTH public address into hexademical format (The hexadecimal format of your BTH address allows the smart contract to read it). You can quickly do this here, by pasting your public address into the ‘input text field’: https://www.online-toolz.com/tools/text-hex-convertor.php
- Once you get the Hex output, copy this text, and add a ‘0x’ in front of it. This step is CRUCIAL as this hex output is what you’ll include in the transaction date for the 0 ETH transaction in the following step. An example of how a hex output with ‘0x’ added in front of it would look is below: 0x425275516f7334623648616961815762867971754d45576b3778744369566d705548
- Send your 0 (zero) ETH transaction. You can send this from any wallet that allows you to input transaction data, and we have provided tutorials for six of the top Ethereum wallets:
MyEtherWallet: https://medium.com/@bithereumnetwork/eth-holders-how-to-redeem-your-bth-using-myetherwallet-232e40ca899c
MetaMask: https://medium.com/@bithereumnetwork/eth-holders-how-to-redeem-your-bth-using-metamask-9f0e9c1a3d96
Jaxx: https://medium.com/@bithereumnetwork/eth-holders-how-to-redeem-your-bth-using-jaxx-a5cd530417b6
imToken: https://medium.com/@bithereumnetwork/eth-holders-how-to-redeem-your-bth-using-imtoken-58c0d3d7ba79
Trezor: https://medium.com/@bithereumnetwork/eth-holders-how-to-redeem-your-bth-using-trezor-b7ffba052bf6
(If you know what you’re doing, and don’t need a tutorial for a 0 ETH transaction, our ETH Redemption smart contract address is: 0x3C2C10e5Ecd073D9ee238493D338Ec6e3d7281C6. Please be sure to put your hexed BTH address in the data field)
Congratulations, you’ve succesfully redeemed your BTH.
NOTE: ETH holders will start receiving their BTH some time before the end of Q3 of 2019. We will post an announcement when ETH holder issuance begins.
For those that sent 0 ETH transactions with addresses that start with a ‘1’ instead of a ‘B’ (prior to our mainnet launch), you can simply import your private key into a BTH wallet once ETH holder issuance begins and you’ll be able to see/use the funds.
For BTC Holders
To get started, it is advised that BTC holders move their BTC to an entirely new wallet as this prevents any scenarios where coins are lost by spending on either chain. Although we have implemented full replay protection to prevent this scenario from happening, you should still do this just to be on the safe side.
With your BTC safely moved to a new address (created after Bitcoin block #555,555), the private key associated with the old BTC wallet can then be imported into the Bithereum wallet option on Guarda.
With the BTC holder’s old Bitcoin wallet imported into this BTH wallet client, the BTC holder will be able to see exactly how much BTH they will have based on their BTC balance prior to the fork block.
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Step 1 — Create a Guarda Wallet
Go to https://guarda.co and create a web wallet by clicking “Create wallet” in the top right corner.
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Step 2 — Choose Import or Restore
After selecting “Create wallet”, this screen will follow and you will click “Import or Restore”
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Step 3 — Import by currency
In the “Import by Currency” section you will see “Select Currency”, click on that and then click on Bithereum. Paste your BTC private key into the box that says “Private key, Mnemonic, WIF or XPRV”. Then click on “Add wallet”
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Step 4 — Import
After clicking “Add wallet”, scroll down on the same screen and you will see how much BTH you will be redeeming based on how much BTC you had in your wallet. If this screen is accurate, select “Import”
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Step 5 — Create a password
Next you will select a password for this private key on Guarda. This will encrypt the private key and you will use this password to log into Guarda. Make sure you write it down just to be safe.
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IMPORT IS COMPLETE
You will see a screen similar to this which now shows your BTH balance, Wallet address, and allows you to send/receive.
(For more seasoned veterans, you can import your BTC private key into our Electrum wallet if you are more comfortable with that.)
If you would like to import this Bithereum address into the Guarda mobile wallet, then you can repeat this same process on the Guarda app for Android or iOS.
That’s all there is to it. Follow these simple steps to redeem your BTH and be a part of the Bithereum Network ecosystem.
Bithereum Network
Visit the Bithereum Network website to learn more. Stay-up-to date with our project news and announcements by following our social media channels: Facebook, Twitter, and LinkedIn. Join the conversation on our community channels: Telegram, and Reddit.
