How to Swap BTC for renBTC on Ethereum

Transcript

all right so the ren protocol team has announced that you can use the renn bridge now um this is super exciting just because it means that i can mint some ren bitcoin so i'm gonna be brave and try it right now uh what i did is i went to bridge.rendproject.io then i connected my metamask wallet i had to sign another two transactions uh just to connect my three box and then i ended up on this screen so i put in how much bitcoin i'm going to start with and then you'll notice that if you wanted to do this with zcash or bitcoin cash you can do that as well um you can create an erc20 token for rent zcash or rent bitcoin cash uh and then you notice here that this is the wallet

like my ethereum wallet where the rent bitcoin will will end up being received and then here's how much i'll receive from this this is less some of the fees that i'm going to incur so if i click next i can see the breakdown of those fees they're they're i think arguably small so i've got a ren vm fee here and then your standard bitcoin network fee so something you have to pay for no matter what uh what i like is that i don't have to back calculate like how much i need to add in terms of fees to get the transaction to go through it just deducts it from the total bitcoin that i'm starting with so i'm gonna hit confirm

and there we go so um this is where i'm gonna send my bitcoin to uh you'll also notice that i am able to delete this and start over with another transfer so if you feel like the total needs to be changed you can just click on the little widget here and then notice here's the run vm network fees so it's 0.1 plus this smaller 0.0035 bitcoin and that's it so i'll be back to see uh what happens after i deposit my bitcoin all right so i'm back after six block confirmations so uh the first part of my converting uh my bitcoin to run bitcoin

i guess is taken care of and i don't know this is the first time i've done this so i'm just gonna go ahead and click the submit to ethereum button all right and let me reshare my screen so you can see the uh the pop-up here all right so i've got my my metamask window and looks like i'm gonna pay a dollar sixty-one in gas and i'm just gonna double check what the gas prices are so i'm just checking this on my phone and it looks like it looks gas is still expensive

so i'm to spend 29 gway put the gas price at 29 gray and let's go ahead and hit confirm all right so i've got my transaction hash let's see what that looks like cool so i'll be back in just a bit to see whenever this settles all right so that's it i got my my ren btc i've got 0.009 ren btc which is about a hundred dollars worth uh but i'm just super

excited this was so easy to use and i just again i just followed the instructions on bridge.rendproject.io and uh you'll notice that so after i did my initial bitcoin deposit uh i then had to click that button submit to ethereum and then this was the final screen that i saw so i've checked my my wallet i've checked the ethereum uh transaction hash and i've i can see here i've got it so anyways just uh you know big congrats to the ren team and i am so excited to see more bitcoin come on chain with ethereum and uh you should be too once you get that you can do all sorts

of interesting things already like you can go trade it on uniswap or one inch exchange uh but i expect there to be lots coming in the coming weeks and i wouldn't be surprised if the wbtc goes to mainnet really soon so let me know if you have any questions on twitter and good luck and one last thing of course be careful this is all new there's you know there's never a guarantee that there won't be any sort of smart contract bug uh they've gone through audits but again there's no guarantee so uh you know when you put your money into this there's always a chance that there could be some unforeseen risk there so

anyways be safe