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Depositing BTC via Binance Smart Chain (BEP20)

#1

I’m using the app version: v4.7.3

When I go to Shield crypto and search for “btc” I get the following positions:

  • Bitcoin (BTC)
  • Wrapped BTC (WBTC ERC20)
  • Bitcoin 3 (BTC3 ERC20)
  • 0xBitcoin Token (0xBTC ERC20)
  • Bitcoin (BSC BTCB BEP20)

However, when I go to the Trade window and see which cryptos I can trade from and search for “btc” the only relevant verified crypto is Bitcoin itself.

My question is: if I were to deposit Bitcoin on BSC (ie. BTCB) into the appropriate shield address do I get normal Bitcoin (ie. BTC) in the app?

If so, are there any fees associated with taking BTCB and turning it onto BTC? Aside from the ~615 sats BTCB deposit fee and later BTC blockchain tx fees.

Or do I get BTCB and then have to trade that for BTC in some way?

1 Like
#2

Thanks for your question about our bridges. As you see, there are BTC tokens belonging to different networks. E.g. BTC (Bitcoin), WBTC (ERC20), BTCB (BEP20). Each token has a different shielding protocol, and they are not transferable. It means, we can’t shield BTCB and convert to BTC instantly (as normal).
However, there is a way to convert BTCB to BTC and vise versa by trading through pDEX. But there is no liquidity pool with the token BTCB now. In the upcoming version - pDEX v3, we hope to grow up the trading volume, as well as liquidity pool volume. Then you can swap between BTC and BTCB.

5 Likes
#3

Thanks for the response! You’ve answered all my questions.