Tutorials: How to deposit and withdraw Bitcoin
Waves allows you to hold and transfer Bitcoin on its blockchain. This works through a so-called Multigateway approach: Bitcoins are sent to a user's personal deposit address available in the Lite Client and after the deposit the user receives a Bitcoin token (wBTC) on the Waves blockchain. Every single Bitcoin token is backed 1:1 with a real Bitcoin. The deposited Bitcoins are held in a multi-signature wallet secured by a minimum of 3 servers. These 3 servers hold each a private key to the multi-signature wallet of which at least 2 have to sign when a withdrawal request comes in. This gives the whole system a limited extent of decentralization. When a user wants to convert his Bitcoin tokens to 'real' Bitcoins, he simply creates a withdrawal request to a Bitcoin address and the server will execute the Bitcoin transaction within a few minutes.
This Multigateway approach can be implemented for basically any crypto currency and allow their communities to access the feature set of Waves. For example, a user doesn't have to wait for the 10 minute block time of the native Bitcoin blockchain but can send Bitcoins to another address within a minute. Moreover, it allows a crypto currency to be traded on the Waves decentralized exchange against any other token issued on the Waves blockchain. These are only two simple use cases with many more to be discovered.
How to deposit Bitcoin
In the Wallet tab of the Lite Client, click on DEPOSIT in the Bitcoin box. The following pop-up will appear:
How to deposit through a Bitcoin transfer
The process is straight-forward - simply copy paste the shown Bitcoin address and send a payment to it. Alternatively, you can enter the amount you want to send in the box a little further down and scan the QR-code for the transaction. Please note that the minimum deposit is 0.01 Bitcoin.
The deposited amount of Bitcoin will be sent to your Waves account in form of a Bitcoin token (wBTC) within a few minutes.
How to deposit through credit card
The Lite Client also supports small purchases of Bitcoins in Euro and US Dollar (minimum 15 EUR/USD, maximum 50 EUR/USD) through credit card. If you want to do so, click on Buy Bitcoin from your credit card and a new pop-up appears:
Define the amount in EUR or USD you want to spend and the client automatically returns you the amount of Bitcoin you are going to receive after payment. After you have done so, click on BUY and you will be forwarded to our gateway partner Indacoin. Go through the verification and payment process and you'll receive your Bitcoins within a few minutes.
Please note that the commission on credit card purchases is comparably high and is mainly intended for beginners who don't want to go through the hassle of buying Bitcoins through centralized exchanges.
How to withdraw Bitcoin
In the Wallet tab of the Lite Client, click on WITHDRAW in the Bitcoin box. The following pop-up will appear:
Simply enter the Bitcoin address you want to withdraw to as well as the amount of Bitcoin. Please note that the gateway charges 0.001 Bitcoin for the network fee as well as 0.001 WAVES. After you have completed the form, click on WITHDRAW and you'll receive Bitcoins within few hours at maximum, depending on Bitcoin's network load.