ETH Holders: How to redeem your BTH using Trezor

ETH Holders: How to redeem your BTH using Trezor

Blockchain
September 10, 2019 by admin
87
bth trezor

Below are instruction how to redem your BTH using Trezor.

IMPORTANT: If you have not yet viewed the FAQ section on BTH redemption at the bottom of the website, please do so before reading this redemption guide. In addition, you can check out more about Bithereum in our white paper.

Since Ethereum and Bitcoin interact with transactions on entirely different blockchain implementations and with completely dissimilar address spaces; Bithereum will introduce a mechanism that will give you the ability to redeem BTH proportional to the amount of ETH you have.

To redeem BTH as an ETH holder, you must first send a 0 (zero) ETH transaction along with the your newly created BTH address (as a hex string in the data field) to the ETH redemption smart contract.

The ETH redemption smart contract pairs your ETH address to your BTH address (or pre-spork BTC address) and is referenced by the Bithereum oracle after the fork. The Bithereum oracle triggers the issuance of BTH from the ETH holder BTH allocation generated from the Bithereum genesis block.

IMPORTANT: Once the spork happens, the BTH transferred by the Bithereum oracle to the BTH address (specified in your zero ETH transaction) will be proportional to the balance of your ETH address directly prior to the spork block. For example, if you have a balance of 3 ETH when you send the 0 ETH transaction to the redemption smart contract and decide to send 1 ETH to another ETH address; the amount of BTH you will receive to your BTH address will be proportional to 2 ETH. In other words, the ETH redemption process must be completed for all ETH addresses with an Ether balance prior to the spork block.

Without further ado, here are the steps for redeeming BTH using Trezor.

Step 1: Open Trezor by going to MyEtherWallet

Go to https://www.myetherwallet.com/ (CHECK THE URL!!!).

Trezor is primarily designed for Bitcoin, so that’s the only currency the myTrezor site offers. However, you can use your hardware wallet to store and send Ethereum and ERC20-compliant tokens.

Rather than build an in-house solution, Trezor uses MyEtherWallet as its interface to the Ethereum blockchain.

If you would like to learn more about how you can use your Trezor, refer to this tutorial.

Step 2: Connect Trezor

Connect your Trezor to your computer, Android mobile or iPhone.

Choose Send Ether & Tokens to send, or View Wallet Info to see what’s stored on your Trezor. Don’t create a new wallet: your Trezor is your wallet!

 

Click Connect to TREZOR and enter your PIN.

 

MyEtherWallet will ask you to confirm exporting your public key. The site needs your key to check the blockchain for transactions, but it’s the public key. Nothing private is transmitted. Click Export.

 

The site will show you a list of the wallet addresses on your Trezor. Select the one you wish to use and click Unlock to continue.

 

Step 3: Follow MyEtherWallet Tutorial

At this point you will now be presented with the the send interface on MyEtherWallet.

To send the 0 ETH transaction follow guide below

bth redem wallet

IMPORTANT: If you have not yet viewed the FAQ section on BTH redemption at the bottom of the website, please do so before reading this redemption guide. In addition, you can check out more about Bithereum in our white paper.

Since Ethereum and Bitcoin interact with transactions on entirely different blockchain implementations and with completely dissimilar address spaces; Bithereum will introduce a mechanism that will give you the ability to redeem BTH proportional to the amount of ETH you have.

To redeem BTH as an ETH holder, you must first send a 0 (zero) ETH transaction along with the your newly created BTH address (as a hex string in the data field) to the ETH redemption smart contract.

The ETH redemption smart contract pairs your ETH address to your BTH address (or pre-spork BTC address) and is referenced by the Bithereum oracle after the fork. The Bithereum oracle triggers the issuance of BTH from the ETH holder BTH allocation generated from the Bithereum genesis block.

IMPORTANT: Once the spork happens, the BTH transferred by the Bithereum oracle to the BTH address (specified in your zero ETH transaction) will be proportional to the balance of your ETH address directly prior to the spork block. For example, if you have a balance of 3 ETH when you send the 0 ETH transaction to the redemption smart contract and decide to send 1 ETH to another ETH address; the amount of BTH you will receive to your BTH address will be proportional to 2 ETH. In other words, the ETH redemption process must be completed for all ETH addresses with an Ether balance prior to the spork block.

Without further ado, here are the steps for redeeming BTH using MyEtherWallet.

Step 1: Navigate to MyEtherWallet

Go onto https://www.myetherwallet.com/ (MAKE SURE THE URL IS CORRECT!!!) and click on “Send Ether & Tokens”. Enter in private key to proceed to the screen below.

 
(Source: MyEtherWallet)

Step 2: Provide redemption contract address

Once you have gained access to your account, input the following bithereum redemption contract address into the “To Address” field:

0x3C2C10e5Ecd073D9ee238493D338Ec6e3d7281C6

 
(Source: MyEtherWallet)

Step 3: Add the hex version of your BTH address to your transaction

Note: If you don’t have a hex version of your BTH address or have not created a BTH address, go here before proceeding with this step.

Click on “+Advanced: Add Data” under the field “Gas Limit” to reveal the “Data” field. In this field you will paste in the HEX output BTC address that you generated from the redemption walkthrough.

 
(Source: MyEtherWallet)

Step 4: Generate and send your 0 ETH transaction

Lastly, click “Generate Transaction” to see the below screen, confirm that everything was entered in accurately, and proceed with the transaction.

 
(Source: MyEtherWallet)


Step 5: Confirm redemption

You can now verify on the site to confirm that your redemption process was successful by looking for your successful transaction directly on the Bithereum redemption smart contract using Etherscan.

  • zelcashZelCash (ZEL) $ 0.045699 2.63%
  • ycashYcash (YEC) $ 0.272465 3.89%
  • bitcoinzBitcoinZ (BTCZ) $ 0.000108 9.57%
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  • bithereumBithereum (BTH) $ 0.008934 21.36%