Receiving and Moving Bitcoin on Hive with Zero Fees
The CTT Podcast was on this morning and it started before my waking hour so I was an hour late. Even so, it was great to have given it time because I learned yet another thing and for the first time, received some micro amounts of BTC by interacting on the threadcast. I am aware that we already have the v4v.app by BrianofLondon, I haven't tried using it, and here comes VSC allowing Bitcoin wrapping on Hive!
The podcast aimed to test the feature where Starkerz and others sent BTC to various users who were able to register to the VSC wrapping platform. Uyobong sent me my first 5 cents worth BTC, Starkerz and Vaultec added some more then Luis96xd gifted me with some too! Thank you guys! You rock!
It was quite exciting to experience that myself - receiving and then sending some to others as well.
How to Register
✅ Go to https://wrap.vsc.eco/ and click on the Keychain logo.
✅ Approve the request on your Keychain. There are two pop-ups and you must confirm both.
Per my experience, there was no notification showing that my registration was successful. Others had something like this:
MummyGo
Other users reported not being able to register (most of them were using mobile phones so it might be an issue). Vaultec mentioned that they are working on something that doesn't require users to register before being able to process transactions because it will be connected to our Hive accounts already.
If you are reading this and just registered, feel free to leave a comment under this post so I can transfer some 5 cents worth of BTC to you so we can all experience it hehe.
Transferring BTC to another Hive account
After seeing the incoming transfers from Uyobong and Starkerz, I was in a waiting mode thinking that I would receive a notification saying BTC had fully confirmed when they had been processed in just about 15 seconds which is very impressive.
But here's how to transfer BTC to another user who is registered to the wrapping portal.
➡️ Go to Actions and select "Transfer" from the dropdown menu.
➡️ A small pop-up opens where you can input the account you are transferring to and the amount of BTC. For now, it is not yet possible to transfer BTC to an account that is not registered on the portal. You will know if the account exists because it says "Account found!" like in the second image below.
| User not registered | User registered |
|---|---|
 |  |
Upon sending, the transaction shows up on the transaction page as "Pending" for a very short while then it confirms seconds after which is insane! It takes a lot longer time when transacting on Bitcoin's mainnet.
Summary and Personal Thoughts
It was very cool to experience this new service, being able to receive and send Bitcoin fast and feeless. I'm yet to test wrapping BTC myself on the VSC network but will try to do so at some point.
It is great that VSC is bringing this tool or bridge to Hive. Accordingly, they are building a Bitcoin wrapping technology which is a fully decentralized, collateralized, and proven wrapping system that is used to bring Bitcoin from Layer 1 over to Hive and VSC smart contracts.
This brings Bitcoin into Hive so people can have cross-exchange trading and provide a liquidity source for Hive through their decentralized exchange where anyone can directly trade HIVE or HBD to wrapped Bitcoin, unwrap it, and send it to their Bitcoin mainnet wallets. According to Vaultec, they might be the most secure wrapping tech there is.
I'm not technical but it's very interesting to see what other opportunities this will bring to the blockchain. Perhaps one day, we will be able to tip others with BTC here on Hive, yeah?
Lead image edited on Canva. Photos and screenshots from VSC wrapping portal. No copyright infringement intended. 03122023/12:12ph
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I heard about the new service in threads but you shared everything in details with example means screenshot.
The new service seems interesting and I still don't know when I will use it for the first time.
By the way I am the first commenter in your post 🤣🤣. Feeling lucky to start reading it instantly after you posted. That kind of thing happen sometimes only 😅.! LOL
!PIZZA
It never hurts to try it out.
Congrats to you then, Inti, !LOLZ
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That is nice , can't wait the feature to be integrate..🤗
It is an exciting service that became available here on Hive.
!PIZZA
👍 ❤️ Upvoted ❤️ 👍
Thank you lots, I appreciate it.
@ifarmgirl,
You are most welcome.
I'll keep up the good work.
Wow this is amazing I can't wait because it going to be very interested in the feature.
Yes, I also think it is a gamechanger.
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Thank you for this! Signed up if you want to send me sum to test it out. :) !HUG !WINE !PIZZA
Awesome! Sent some 10 cents haha! It's actually amazing that we can send even too small amount and it goes through without any fees
Thanks! It is so awesome to be able to receive 10 cents in bitcoin! Yes exactly. :)
Haha, ain't that cool? No fees!
Very cool indeed! :D
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Thank you once more :)
Your posts are worth reading.
Thank you for crypto knowledge.
!luv
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Thank you for your kind words :)
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The whole process looks seamless and I can't wait to try it out! I also think this will bring more opportunities for the blockchain, especially in the realm of finance and gaming. Interesting times ahead!
Yes. It's exciting to think what other tools, applications and services are coming to Hive.
!CTP
https://twitter.com/LovingGirlHive/status/1731269451063218212
Bagong network ba VSC? Pwede kaya pag manggagaling sa Binance?
L2 smart contract system sa Hive ang VSC. Pwede siguro pero di ko pa na try yung wrapping service. May narinig akong nagsend ng BTC this morning from outside and dumating sa vsc nila pero hindi ko sure kung galing sa exchange.
Nasa testing phase pa sya so it's advised not to send large amounts
https://twitter.com/lee19389/status/1731290432720798094
#hive #posh
This is a great information. I love the improvements that has been going on these days because its very helpful. THanks for sharing.
Hive keeps building :)
!PIZZA
Yeah, that's just it and I love it that way.
Ooh I love this. I’m always wanting to run away from BTC charges and I will create an account now
Thank you
It's cool. It's still in the testing phase so it is advised not to send a large amount yet.
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Was trying to send you but it looks like you're not registered yet.
Hey @ifarmgirl ! I just signed up. If you want to send me a micro amount of BTC, I'd appreciate the experience. If you also want to send me another user I can send it on to, it would be even better. Then I could experience it both ways.
Cheers!
Awesome! I just woke up and sent you some :)
You may ask a friend of yours here to register and you can send some to him/her 😉
Nice post. Is helpful i just registered.
Unfortunately, can't find you there.
https://twitter.com/jewellery_all/status/1731414351821828264
Excellent post and amazing tutorial!
It's so nice to see this platform and it's utility, thanks for sending me BTC and for telling me to try on my computer
This is so positive to the Hive Blockchain, people are talking more about it
Thank you Luis. I appreciate your kind remarks and gracias too for the BTC 😉
Let's hope to see how having this system impacts the blockchain :)
I tried sending you! I forgot... I have no balance, hehehe!
Oh, hehe! I sent you some :)
Let me check!!!
Wow! Thanks!!
How do we add/increase this?
I have been trying to find how to do it but the portal isn't showing me a BTC address like it shows on the others.
I think the options are a bit limited since the portal/site is still in the testing phase so hopefully, more features will be added. I heard they are building something that allows HIVE and HBD to be swapped to BTC
I was able to send you BTC
Thank you. Yes, we can transfer between Hive accounts. I would like to send BTC from my XDEFI wallet to my vsc account but I can't find a way to do it.
Oooh, interesting! Thanks for the info!
Cheers :) Pleasure to share.
Six bucks is too expensive for my blood.
That's the fee in the Bitcoin network.
Can you transfer from swap.btc on Hive Engine?
I don't think it can.
It's really awesome to see those types of stuff coming up in the Crypto space
Yes, especially here on Hive :)
I would love to try this.If you still have some cents to send count me in :)
Is there a faucet to get some BTC to try out the operation?
Sent you some :)
I don't think they have a faucet. I heard Starkerz sent the BTC from his wallet.
Thanks appreciate it :)
This update is very good as it will get people more interested in the project when things can be transferred from one place to another without any fees.
Very interesting indeed, I'm going to have to unpick this one and get my head round it. This could be very impactful for transacting with BTC and integrating users into Hive at the same time.
It is really interesting. I'm going to log in and I hope it will work fine.
Hi @ifarmgirl i've tried this tool and it is simply fantastic. Could I use for an article which I want to write about this topic the first image of your article?
Thanks in advance