What is Redeeming/Burning?
Explains the process if redeeming/burning
Burning refers to the process of redeeming BTCpx tokens for Bitcoin.
As a user or distributor, you need to connect your ETH wallet to the Web3.js interface of app.btcpx.io. The ETH wallet address identifies you as a specific user or distributor and displays the fees to perform the redemption.
Then you have to confirm the BTC wallet address to which you want the BTC sent to. The Ethereum/Matic wallet address will be mapped to the Bitcoin Address for the transaction.
In the next step, you have to decide the quantity of BTCpx you want to redeem. the smart contract will lock up those tokens and burn them.
After the BTCpx has been burned, the Proxy Relay will confirm the transaction.
The Relay will signal the custodian to send the BTC to the user’s confirmed BTC address for completion of the redemption.