How to Redeem?
Explains the Redemption sequence of BTCpx
The steps involved in burning/redeeming a Bitcoin proxy are explained below:
Navigate to the Redeem page of BTC Proxy and connect your ETH Wallet
- Enter Amount of BTCpx - The first step in burning your BTCpx is to enter the amount of BTCpx that you want to redeem. Enter the amount of BTCpx you want to burn. The available BTCpx will be displayed. If you want to burn your maximum available BTCpx, click Use Max.
- Confirm Bitcoin Address - The next step is to confirm your Bitcoin address. This is the address you want to the BTC to be sent so make sure it is correct. If you are on mobile you may use the Camera Icon to open your camera to scan the QR code. Confirm the BTC wallet address, review the minting fee and Bitcoin network fee, and click Next.
- Receive your BTC - This step will pop up Metamask to prompt you to pay the Gas Fees for burning the BTCpx. Once you confirm the BTCpx will be burned and the BTC will be sent from the custodian to your confirmed BTC wallet address. This process of receiving your BTC may take some time as large amounts will be manually processed by the custodian. You can always check the status of your transaction in the Notifications section.