Why no bitcoin swap on Trust | Bitcointalksearch.org

n0nce

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Quote from: Maestro75 on July 12, 2022, 01:25:07 AM

Am trying to swap an altcoin for Bitcoin on my Trust Wallet app but I can not find that option. I can swap for other tokens but not bitcoin. But I get to find related tokens with bitcoin tags like Wrapped Bitcoin, BBTC, BTCB, and I know they are not bitcoin because none of the addresses are the real bitcoin kind of address. I can find bitcoin in Trust Wallet and can transfer same to my wallet from other wallets but why can I not swap another token to it like I can do with others on Trust Wallet? Am not looking to buy with fiat as that is the only option there. Does anyone know how I can overcome this?

I'm not sure which coin you are trying to swap, but besides the fact that 'Trust Wallet' (despite its name) isn't recommended in general, you can do crypto<>crypto swaps using instant exchangers like https://fixedfloat.com/ or https://sideshift.ai/.
In case you are coming from Ethereum, I'd recommend https://boltz.exchange/ since it's the only exchange I know of which is trustless. It makes use of smart contracts to achieve that.

Fivestar4everMVP

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Quote from: Maestro75 on July 12, 2022, 01:25:07 AM

Does anyone know how I can overcome this?

As far as I know, you can not buy or swap real Bitcoin for Altcoin or Altcoin for real Bitcoin on trust wallet because, like other users already said, Bitcoin is a stand alone coin, Bitcoin's blockchain does not support smart contracts like it is with Ethereum and Binance smart chain, Bitcoin you can swap or buy with altcoin on trust wallet has to be either..
-Ethereum version which you can buy or swap from uniswap
-Binance smart chain version which you can buy or swap from pancakeswap... etc.

A solution i can recommend to you is to download chainge wallet, chainge wallet is non-custodial wallet with built in decentralized exchange with also a cross chain feature which can enable you buy or swap real Bitcoin to altcoin and also swap or buy real Bitcoin with any Altcoin listed on the wallet, you can also cross chain Bitcoin to and from various chains if you want ...you can find the app on Googleplay store and iphone app store.
Below is what the Bitcoin page on the app looks like.

suzanne5223

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Quote from: Pmalek on July 17, 2022, 02:25:14 AM

Quote from: suzanne5223 on July 16, 2022, 04:54:46 PM

Are you sure Binance is the owner of Trust wallet now because what I heard is that they are partnership.

I think it's more than just a partnership. If you do an internet search for "Trust wallet", Google tells you that its parent organization is "Binance Holdings Limited". Then if you go to Binance's official website and visit the About page, you will see the ecosystem section towards the top. Check out what is located at 9 o'clock - the Trust Wallet. And in the description it says: "The official wallet of Binance".

Wow. What the news said 2years ago if I could remember correctly is that Trust Wallet partnership with Binance, I guess CZ later acquire it. After I see the evidence you provide, I check CrunchBase which is one of the sites I trusted for information like this and it's written that Trust wallet was acquired by Binance. Meanwhile, I expected CZ to develop the wallet and support BTC swap, not wBTC, etc.

Pmalek

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Quote from: suzanne5223 on July 16, 2022, 04:54:46 PM

Are you sure Binance is the owner of Trust wallet now because what I heard is that they are partnership.

I think it's more than just a partnership. If you do an internet search for "Trust wallet", Google tells you that its parent organization is "Binance Holdings Limited". Then if you go to Binance's official website and visit the About page, you will see the ecosystem section towards the top. Check out what is located at 9 o'clock - the Trust Wallet. And in the description it says: "The official wallet of Binance".

suzanne5223

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Quote from: Maestro75 on July 16, 2022, 05:48:17 AM

Quote from: suzanne5223 on July 15, 2022, 09:23:30 AM

The only option you have is to swap your token into the Wbtc token and exchange it for the real BTC on an exchange like KuCoin.

That will mean doing a double transaction to get to something that is supposed to be a direct transaction. It is extra fee that ought to be avoided.

It's going extra miles for what you really want especially now that we are in winter market and the extra fee shouldn't be hindrance for the benefit that involve in holding the real Bitcoin instead of wBtc.

Quote from: Maestro75 on July 16, 2022, 05:48:17 AM

I still do not understand why Trust Wallet made it stressful exchanging any token to bitcoin directly or even buying with any of the stablecoins there. It makes it look like Binance is not in full support of bitcoin since it is the owner of Trust Wallet. Another thing, with the type of ongoing fud with withdrawals on Kucoin I do not think it will be an exchange of example now.

The issue is not from Trust wallet and it's the wallet the DEX they use operated.
Are you sure Binance is the owner of Trust wallet now because what I heard is that they are partnership.

Pmalek

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Quote from: xSkylarx on July 12, 2022, 07:25:54 AM

I've also thought of this few days ago because I'm planning to convert my holdings to stablecoin because of the unstable market condition.

You are thinking about converting your bitcoin to stablecoins now after a 70% price crash? That's something that should have been done much earlier, at $60, $50, or even $40k. Better yet, don't swap your Bitcoin for centralized stablecoins at all because you never know what might happen to them when you wake up tomorrow morning.

Maestro75

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Quote from: suzanne5223 on July 15, 2022, 09:23:30 AM

The only option you have is to swap your token into the Wbtc token and exchange it for the real BTC on an exchange like KuCoin.

That will mean doing a double transaction to get to something that is supposed to be a direct transaction. It is extra fee that ought to be avoided. I still do not understand why Trust Wallet made it stressful exchanging any token to bitcoin directly or even buying with any of the stablecoins there. It makes it look like Binance is not in full support of bitcoin since it is the owner of Trust Wallet. Another thing, with the type of ongoing fud with withdrawals on Kucoin I do not think it will be an exchange of example now.

Cookdata

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Quote from: suzanne5223 on July 15, 2022, 09:23:30 AM

Trust wallet swap will never support the trading of tokens, or coins into Bitcoin because Trust Wallet operates its cryptocurrency trading swap using the 1Inch network DEX and for the record, most DEX supported Wrapped Bitcoin and other token Bitcoin.
The only option you have is to swap your token into the Wbtc token and exchange it for the real BTC on an exchange like KuCoin.

It is not as if they cannot support the swap of native Bitcoin into other coins and tokens, it doesn't just align with their view of bitcoin. As you can see from the https://www.github.com/thorswap, they can fork their idea but I don't think there is a need to swap real Bitcoin to wrapped bitcoin, holders don't need it except the lenders and some decentralized finance who used it to bridge between blockchains and another reason I think Trust wallet wouldn't copy that idea is that native and wrapped bitcoin is already available in Binance, doing that on trust wallet is will be pushing some users from Binance especially those who don't want KYC.

suzanne5223

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Trust wallet swap will never support the trading of tokens, or coins into Bitcoin because Trust Wallet operates its cryptocurrency trading swap using the 1Inch network DEX and for the record, most DEX supported Wrapped Bitcoin and other token Bitcoin.
The only option you have is to swap your token into the Wbtc token and exchange it for the real BTC on an exchange like KuCoin.

Cookdata

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Quote from: Maestro75 on July 14, 2022, 07:15:49 AM

@2stout, that is what am worried about that I may likely find it difficult to transfer out the WBTC to exchanges after I have swapped to it or any other wrapped token of its kind. Is there another way to do it?

It is not difficult as you think if you have wrapped BTC or any other tokens, your choice of chain is arbitrary but fees should be your number one scale of preference. Most exchanges accept wrapped tokens be it BTC, coins or tokens, click on the deposit and you will see a drop-down menu of any blockchain they support, the popular ones are Ethereum, Solana, and Binance smart chain.

But do you really need wrapped BTC? It is stress and workload with all these conversions and swaps.

Maestro75

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@2stout, that is what am worried about that I may likely find it difficult to transfer out the WBTC to exchanges after I have swapped to it or any other wrapped token of its kind. Is there another way to do it?

Husires

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Is the use of the word "SWAP" correct? I used to think that swap is often used when you want to exchange altcoins with each other, and trading for bitcoin with altcoins is not swapping.

Quote from: https://academy.bit2me.com/en/que-es-coinswap/

CoinSwap is a cryptocurrency exchange protocol designed with the aim of creating a cryptocurrency exchange platform in a decentralized way.

Why not try any of those central exchanges and withdrawal it to your wallet. look at withdrawal fees here https://withdrawalfees.com/

Off-topic: Trustwallet is closed source wallet and its better to move your BTC to well reviewed open source one.

2stout

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You would have to swap for some wrapped, synthetic version of bitcoin, e.x., WBTC when using Trust Wallet. Also, be cognizant of fees when doing said swaps/conversions. At then end of the day, may be best to buy straight up bitcoin or barter trade for it.

SquirrelJulietGarden

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Quote from: Maestro75 on July 12, 2022, 01:25:07 AM

Am trying to swap an altcoin for Bitcoin on my Trust Wallet app but I can not find that option. I can swap for other tokens but not bitcoin. But I get to find related tokens with bitcoin tags like Wrapped Bitcoin, BBTC, BTCB, and I know they are not bitcoin because none of the addresses are the real bitcoin kind of address.

You have to swap your altcoin to alternative token of Bitcoin (not real Bitcoin) on the same chain, ERC20, BNB, TRC20 ...

You should know swap and convert is different. Swap is on chain transaction and mostly is done on the same chain. Convert means you make a conversion of your altcoin to Bitcoin (real Bitcoin) but have to pay conversion fee for that service. Conversion fee is not cheap!

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Quote from: mk4 on July 12, 2022, 01:47:15 AM

On-chain swaps on Trust wallet(and the likes of Uniswap, Pancakeswap, etc) are for tokens, and bitcoin is not a token (while the likes of WBTC are). Bitcoin has it's own native blockchain that it doesn't share with these smart contract chains.

If you'd like "real" Bitcoin(BTC), buy some on an exchange.

That is true that is a wrapped version of bitcoin although I never exchange directly in trustwallet.

the wrapped bitcoin version is for trade on different chain (*the bridge version) and the value must be 1:1 but usually the value fell or higher for people to arbit. if you want to swap use exchange

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Alternatively, I think what you are looking for is an instant exchange like godex.io or fixedfloat

There are plenty in this list;
{list} Instant exchanges

mk4

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Quote from: bitmover on July 12, 2022, 05:48:15 AM

There are some DEX which allow you to swap across different blockchains, and receive BTC not wBTC, such as https://thorswap.finance/

They are expensive, but I believe they can be trusted.

Yea, thorswap is one of the very few outliers, though I really can't recommend it anytime soon. They've had like 3 or 4 exploits all in all; so I'd personally wait till they get decently "stable" for a couple of years lol.

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Quote from: Cookdata on July 12, 2022, 07:37:19 AM

It is possible!

Thorchain has that feature, it supports up to 7 different blockchains and as a multilayer decentralized protocol

I wouldn't risking my Bitcoin to use unknown and not trustworthy chain just only for swapping, it should be mentioned the fees for swapping Bitcoin isn't cheap because you need to pay the slippage and other extra fees. This also would harm your privacy since you don't know how this site collect your data, use their nodes and not really open source [1] Not everyone can change the code and contribute the project since only 3 members are allowed, this is centralization not decentralized.

There's no need to have an additional network beside lightning network who will solve the scalability problem.

[1] https://github.com/thorswap

Cookdata

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Quote from: aysg76 on July 12, 2022, 05:51:55 AM

As @mk4 has already pointed out you can't directly swap altcoins for bitcoin as the native chain is different for both of them.Like you can't swap ETH to BTC as the pair is not available and they have different on chain but like you can swap ERC-20 tokens for each other as they are on the same chain and Binance chain native tokens to each other but not to some other chain.

So you have to go through buying some bitcoin through exchange and then transfer them to non custodial wallet or hardware wallets as these CEX are not safe at all.

Quote from: xSkylarx on July 12, 2022, 07:25:54 AM

I've also thought of this few days ago because I'm planning to convert my holdings to stablecoin because of the unstable market condition. But I think it is really impossible to convert BTC to other token because native btc runs on its own blockchain while other tokens have their own too like erc20 or bep2 network so we don't have a choice but to make it WBTC or wrapped bitcoin on a network that we will choose.

It is possible!

Thorchain has that feature, it supports up to 7 different blockchains and as a multilayer decentralized protocol, you can swap between Native Bitcoin (on-chain bitcoin) to other supported coins and tokens like BTC(not wrapped) to LTC, BNB and ETH to BItcoin without being wrapped like other protocols out there.
It involves connecting more than a single wallet to the protocol, but when swapping, You have to connect a single wallet( The coins you want to swap) and then receive your desired coins/tokens at your receiving address.
These are a few tutorials on Thorswap interoperability on different blockchains using Ledger and other non-custodial wallets.

https://docs.thorswap.finance/thorswap/thorswap-products/thorswap/wallets/ledger-hardware-wallet

https://www.youtube.com/watch?v=73ai2JwBqXw

xSkylarx

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I've also thought of this few days ago because I'm planning to convert my holdings to stablecoin because of the unstable market condition. But I think it is really impossible to convert BTC to other token because native btc runs on its own blockchain while other tokens have their own too like erc20 or bep2 network so we don't have a choice but to make it WBTC or wrapped bitcoin on a network that we will choose.

Topic: Why no bitcoin swap on Trust (Read 420 times)