ETH Holders: How to redeem your BTH using MyEtherWallet
How to redeem your BTH using MyEtherWallet ?
Since Ethereum and Bitcoin interact with transactions on entirely different blockchain implementations and with completely dissimilar address spaces; Bithereum has introduced a mechanism that will give you the ability to redeem BTH proportional to the amount of ETH you have, 38 ETH: 1 BTH.
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 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.
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 your private key to proceed to the next step.
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:
Enter 0.0 ETH in the “Amount to Send” field.
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 and follow the steps for ETH holders: https://altcoinstech.com/blockchain/bithereum-guide-for-btc-and-eth-holders/
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 BTH address that you generated from the redemption walkthrough.
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.
Step 5: Confirm redemption
You can now verify that your redemption process was successful by looking for your successful transaction directly on the BTH Redemption smart contract using Etherscan.
Congratulations, you have successfully redeemed your BTH! Next you can refer back to the Redemption Guide to import your BTH address into Guarda Wallet.