Move Your Bitcoin to Ethereum using the MEW wallet iOS

Introduction

MEW wallet has partnered with RenVM to offer a Bitcoin bridge to Ethereum correctly in the MEW wallet app. now users can hold their BTC with MEW wallet in the human body of renBTC, which is a nominal that lives on the Ethereum blockchain and is pegged to BTC ’ s respect. This token can be swapped for other tokens or moved back to BTC at any prison term. To begin, you ’ ll need an active Bitcoin wallet with BTC and a MEW wallet app account.

Don’t have a MEW wallet? Go ahead and check out the following guides to get started: > > Download the app HERE > > Create and Back up your wallet with MEW wallet io > > Restore your wallet on MEW wallet using Recovery give voice

Moving Bitcoin to Ethereum

Step 1. When you ’ ra fix, point to the MEW wallet app. Step 2. Tap the double-sided arrow in the bottom course to go to the ‘ Swap ’ section, then select ‘ Move Bitcoin to Ethereum ’ .Image of MEW wallet scanning the QR code step 3. You will be given a impermanent ‘ Deposit Address ’ for BTC that will final for 12 hours. Send the indicate amount of BTC to this impermanent address in orderliness to begin the process of moving it to your MEW wallet account .Image of MEW wallet scanning the QR codeImage of MEW wallet connected successfullyImage of MEW wallet scanning the QR codeImage of MEW wallet connected successfullyImage of MEW wallet scanning the QR code Step 4. Once the situate has been detected, there will be a serve of 6 confirmations to confirm the depository. This process will take a while. Step 5. After the 6 confirmations are completed, your renBTC will be minted and sent immediately to your MEW wallet account address. Step 6. You ’ re done ! once you ’ ve received your renBTC, you can begin swapping it for other tokens, using it in DeFi apps, or you can just hold onto it .Image of MEW wallet scanning the QR code

Moving Back to Bitcoin

Step 1. When you ’ re ready to move second to Bitcoin, head to the MEW wallet app. Step 2. Tap the double-sided arrow in the penetrate row to go to the ‘ Swap ’ incision, then select ‘ Move Bitcoin to Ethereum ’.

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Image of MEW wallet scanning the QR code Step 3. From here, choose ‘ Move back to BTC ’ .Image of MEW wallet scanning the QR code Step 4. Enter the amount of renBTC you ’ d like to send back, then continue .Image of MEW wallet scanning the QR codeImage of MEW wallet connected successfully Step 5. Set your BTC deposit address, choice ‘ Proceed with move ’, and your transfer back to BTC will begin. Step 6. After a few confirmations, your BTC transfer will complete, and you ’ ll be all set ! This summons may take a while .

Risks Involved:

  • When you begin this process, make sure you send your Bitcoin within the 12-hour time limit and use a eminent boast fee. If the Bitcoin transaction and 6 confirmations don ’ thymine go through in 24 hours, the Bitcoin can get stuck. Most of the time, Ren will be able to recover it for you, but in rare edge-cases, this Bitcoin could be permanently lost .
  • Don ’ t send your Bitcoin directly from a centralized central. Most centralize exchanges pool many different users together under a few addresses. If something goes wrong with the process, and your BTC is sent back to you, an exchange may have trouble knowing this BTC is meant for you .
  • If you send an total of BTC that is excessively small, it will wholly be used up in the fees for this summons, sol cause indisputable you send a hearty total .
  • This transportation process is built by RenVM, so it ’ sulfur authoritative to do your research into the risks associated with their platform and product. besides, all respect for renBTC is protected by RenVM, but if something happens to RenVM, we can not guarantee the BTC peg for renBTC .

Here is a breakdown of the fees involved, which are also displayed during the transferral process:

  • 1 % MEW military service fee
  • 0.1 % RenVM net fee
  • 0.000007 BTC as a flat gas fee by RenVM ( which can increase during times of high book )
  • Ethereum boast tip, determined by network congestion

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