I think Hydranet dex will bring what you are looking for: https://hydranet.ai/en/hydranet-dex
Edit: also, chainflip [1], you can try on testnet at the moment: https://demo.chainflip.io/
[1] https://twitter.com/Chainflip/status/1703715109552476649/
Topic: Is it possible to bridge BTC onchain to ETH ? (Read 288 times)
Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.
So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?
There are two main methods for bridging BTC to ETH is wrapping BTC into ERC-20 token via services like WBTC,RenBTC or tBTC.So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?
Making a swap of BTC directly to ETH via DEXes like RocketXchange or Thorsoap.
How does the Thor work exactly? Does it have bitcoin and Ethereum on both networks and it just sends it to you when you make the bridge?
I am assuming the transaction fees for this aren’t cheap. Also what is the risk here exactly? What guarantee do you have that you will get your transfer fulfilled?
Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.
So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?
There are two main methods for bridging BTC to ETH is wrapping BTC into ERC-20 token via services like WBTC,RenBTC or tBTC.So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?
Making a swap of BTC directly to ETH via DEXes like RocketXchange or Thorsoap.
It doesn't support any other token, so what's the point of bridging? Maybe there are a lot of developers who think about that. In my perspective, it is possible, but making a move is difficult.
Most of the time something like this is designed with a trading purpose in mind. Faster transaction and relatively cheap fee to transfer with a shaky guarantee that you don't lose your Bitcoin as long as you don't sell your wrapped tokens. Tokenization is the last thing that matters when people do this. Even if they did, you can argue that you don't need other chains and use Bitcoin instead. It is really not difficult, others give you examples of services doing that already. CMIIW.
We must recognize that Bitcoin is not the same as Ethereum or any other cryptocurrency that supports tokens. Because of its mechanism, Ethereum is the most commonly utilized currency for bridging because it allows for easy transfers from its mainnet to others. But Bitcoin is unique; we cannot compare it to Eth. It doesn't support any other token, so what's the point of bridging? Maybe there are a lot of developers who think about that. In my perspective, it is possible, but making a move is difficult.
In fact, Bitcoin cannot be transferred to the Ethereum network or any other network. What is actually done is to create a token called WBTC equivalent to the value of the Bitcoin to be transferred to the Ethereum network. So WBTC is not actually Bitcoin.To get WBTC on the Ethereum network you need a bridge or CEX, usually I use the Binance exchange which has transfer options between many networks, if you have Bitcoin on Binance and want to transfer it to (Ethereum network, BSC) you can choose to withdraw and then select the Ethereum network or Binance or any network available.
To my knowledge, Yes, it is possible using Wbtc, where the ratio is also 1:1 based on the value of Bitcoin, but that's why it has an attached risk. Now, the only thing I can think of is why would you do this when you can just exchange your Bitcoin for Ethereum, right? At least in this way you can avoid the charge fee and also avoid the possible issue of liquidity problems, of course we can't say that. You know the risk is always there in such transactions. Now if you are really looking for other services like that, maybe you can also try Horizon Bridge, it just had a hacking issue this year, so don't do it,
Bridging Process For BTC to WBTC On Ethereum
That attached risk is not something smart, there is no need to have an added risk when the real bitcoin is just there and nobody really could say that there is anything wrong with that. I am not arguing that people can't do that, you can do it, but the only wrapped I would be fine with is the wrapped of the chain we are talking about.Bridging Process For BTC to WBTC On Ethereum
So in the case of ERC20 that means ETH would be fine, if we talked about BSC then I would say BNB as a wrapped would be fine. When we are talking about bitcoin, I do not find that fine at all, I wouldn't wrap it and I wouldn't trust any wrapped version of it as well. I believe that it is going to take a while but we are going to have some sort of future that would be different in the end.
The fastest way and simplest way in my opinion is through Centralized Exchange You just need to deposit BTC and withdraw to the desired chain like ETH in your case.
However, there is 3rd part app on the Decentralized Finance platform like Wormhole or Thorchain that I know but personally, I never using it.
Also, you can actually buy a wrapped version of Bitcoin on a desired chain through an app like 1inch or Uniswap.
and lastly what version do you want to is it from Ren or from Wbtc you can actually see there is guide how to using their platform and how to bridge it.
However, there is 3rd part app on the Decentralized Finance platform like Wormhole or Thorchain that I know but personally, I never using it.
Also, you can actually buy a wrapped version of Bitcoin on a desired chain through an app like 1inch or Uniswap.
and lastly what version do you want to is it from Ren or from Wbtc you can actually see there is guide how to using their platform and how to bridge it.
It doesn't support any other token, so what's the point of bridging? Maybe there are a lot of developers who think about that. In my perspective, it is possible, but making a move is difficult.
Most of the time something like this is designed with a trading purpose in mind. Faster transaction and relatively cheap fee to transfer with a shaky guarantee that you don't lose your Bitcoin as long as you don't sell your wrapped tokens. Tokenization is the last thing that matters when people do this. Even if they did, you can argue that you don't need other chains and use Bitcoin instead. It is really not difficult, others give you examples of services doing that already. CMIIW.
We must recognize that Bitcoin is not the same as Ethereum or any other cryptocurrency that supports tokens. Because of its mechanism, Ethereum is the most commonly utilized currency for bridging because it allows for easy transfers from its mainnet to others. But Bitcoin is unique; we cannot compare it to Eth. It doesn't support any other token, so what's the point of bridging? Maybe there are a lot of developers who think about that. In my perspective, it is possible, but making a move is difficult.
To my knowledge, Yes, it is possible using Wbtc, where the ratio is also 1:1 based on the value of Bitcoin, but that's why it has an attached risk. Now, the only thing I can think of is why would you do this when you can just exchange your Bitcoin for Ethereum, right? At least in this way you can avoid the charge fee and also avoid the possible issue of liquidity problems, of course we can't say that. You know the risk is always there in such transactions. Now if you are really looking for other services like that, maybe you can also try Horizon Bridge, it just had a hacking issue this year, so don't do it,
Bridging Process For BTC to WBTC On Ethereum
Bridging Process For BTC to WBTC On Ethereum
Have you thought about using CEXes instead of Bridges? You could just deposit your BTC, and then on the withdrawal process, you can choose the network you want to withdraw your WBTC to. I obviously wouldn't recommend storing WBTC for the long term though.
For a higher fee, there's also those non-deposit exchanges like eXch.cx which have started advertising in BitcoinTalk through their own signature campaign. Third-party risks are probably the same as Bitstamp and other centralized exchanges, but they act like "bridges" and there's no need to go through KYC.
Plus OP, why not hold the actual base coin/unit for that blockchain instead of holding Bitcoin as an IOU in another blockchain? It's better to hold the shitcoin than holding an IOU in a blockchain of a shitcoin.
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
This is the price of WBTC versus the price of Bitcoin during the last year. Do you think that this currency is really locking Bitcoin 1:1, or is it closer to being a stablecoin whose price is linked to Bitcoin, but the difference here is that in the case of the dollar, there is a difference of a few cents, and it was at the level of 30 thousand $ is not noticeable but the difference of .001 Bitcoin would be significant.
All of these currencies will end up closer to what happened with Luna, so no one knows what will happen when the price of Bitcoin rises and everyone wants to sell. your best options currently are CEXs and we have a good list ----> https://bitcointalksearch.org/topic/--5461920
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
It depends on your wishes you should have a reason before doing it.Both are good in their own use cases, for example you want to gain access to ETH "defi" ecosystem or something like that. Converting BTC to ETH/stable coins just to hold doesnt have many prominent advantages.
You should not really need or require an onchain ETH type of wrapped bitcoin on that chain, it is really not a smart thing to require, just get out and get bitcoin and it is equally possible. I get that some people do not want to pay the transaction fee but risking it that much gives you bigger risk and the transaction fee looks a lot less costly at that point. Either you lose 5 bucks on the fee, or you lose it all .If you are not aiming at just BTC and want to stay in the chain, pick something better.
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
If you believe in ETH, hold it is best option because stable coin is risky even it is Tether USD (USDT).With stats from this ultrasound.money/, I feel very positive about Ethereum in a next bull run and it will have better profit than Bitcoin. First ETH is promising for profit. Second stable coin is risky by depeg. Why you don't simply hold ETH?
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
Nothing has changed, there is still one point of failure. It is true that in the case of CEX, the probability of failure is greater, as your account can be frozen or identity verification may be requested, but all current bridges require trust in them, trust that there is no vulnerable when locking your bitcoin and that there is enough From the liquidity to sell WBTC, here if there is not enough liquidity, you may sell WBTC at less than its price.
Why not try P2P DEX like bisq It's decentralized, and you have many options so you won't have to worry about liquidity.
Cryptocurrency bridges are not good enough in their security and many bridges were hacked. They are vulnerable to hacks and I won't take risk with cryptocurrency bridges if I have other options.
it is not easy to find vulnerable in bridges. In most cases, it is insider attack or an employee who left development. 
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
It depends on your wishes you should have a reason before doing it.Both are good in their own use cases, for example you want to gain access to ETH "defi" ecosystem or something like that. Converting BTC to ETH/stable coins just to hold doesnt have many prominent advantages.
I know that using a CEX is the easiest and safest and cheapest however you would think that by now there would of been a solution already to bridge between the 2 largest crypto blockchains out there.
Probably still in the making. There are some bridges before that I encoutered of but it seems its like an atomic swap version or crosshain. Bridging is something like sensitive of. As far as I know avalanche develop a bridge of bitcoin directly to avax network bitcoin but not of eth. But you could already converted that unit into eth and bridge to common L1 after that.
So since RenBTC is not a real bridge and WBTC is centralized due to BitGo, the only safe way to do this would be to immediately sell the wBTC for ETH and hold that on the ETH chain? Or some other stablecoin?
I know that using a CEX is the easiest and safest and cheapest however you would think that by now there would of been a solution already to bridge between the 2 largest crypto blockchains out there.
I know that using a CEX is the easiest and safest and cheapest however you would think that by now there would of been a solution already to bridge between the 2 largest crypto blockchains out there.
^^
I would also like to mention Thorchain in this regard. Bridge mediation is using their token (Rune) with 2 settlement processes which basically the user buys Rune tokens with the desired ETH worth of bitcoin (fees and slippage are not included).
This is actually quite expensive, compared to going with a p2p exchange where fees can be negotiated.
I would also like to mention Thorchain in this regard. Bridge mediation is using their token (Rune) with 2 settlement processes which basically the user buys Rune tokens with the desired ETH worth of bitcoin (fees and slippage are not included).
This is actually quite expensive, compared to going with a p2p exchange where fees can be negotiated.
ThorChain was the de-facto on-chain bridge for BTC <-> ETH, but I'm really not sure how good/bad it's doing right now due to the number of times it got exploited in the past lol. They're still up and running though. If you want to try it out, do smaller amounts first just to be sure.
As for bridges in general though, KuCoin used to be my go-to bridge lol.
As for bridges in general though, KuCoin used to be my go-to bridge lol.
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