Can the BTC address used to send the BTC to

Question

DeFiChain - International

Francesco @moneydelics

Can the BTC address used to send the BTC to

wrap be controlled or censored by governments or is it somehow decentralized?

#blockchain #cryptocurrency #defichain #english

0

08.03.2022

14 ответов

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Francesco @moneydelics Автор вопроса

The gov’t could require Cake to freeze the account, at the point Cake must comply. I’m asking specifically about the address that we need to send the BTC to be wrapped and then sent to DFI Wallet. Is that address under Cake control? Is Cake the custodial of that BTC address?

0

08.03.2022

Spencer L

Francesco @moneydelics
The gov’t could require Cake to freeze the account...

Whoops. But I do not think they can be forced to give up the password to retrieve wallet contents. Cake holds all assets to back up the backed assets (think: dBTC, dETH, dLTC, dDOGE, etc.) Edit: the global situation is not only wrecking Ukraine but everyone else as well with immediate effects. 1m+ people evacuated/refugees now and going to Poland. Russian people are screwed because their economy has been sanctioned. And here in the U.S. we pay more for gas. It was 40 cents cheaper two weeks ago

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08.03.2022

Francesco @moneydelics Автор вопроса

Spencer L
Whoops. But I do not think they can be forced to g...

Got it. Thanks. Yes, bad… and this is just the begging…

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08.03.2022

Francesco @moneydelics Автор вопроса

Spencer L
Whoops. But I do not think they can be forced to g...

Spencer, do you know if I can send BTC to Cake (I think Segwit address) from an address that start with 1 (I think it’s a legacy address)?

0

08.03.2022

Zachary Chan

Francesco @moneydelics
Spencer, do you know if I can send BTC to Cake (I ...

When you are sending BTC to and from Cake, you are using the DeFiChain address, because you are using the DEX From Cake -> DEX (DEX wallet address). Wrapping BTC to dBTC From DEX -> Cake (DeFiChain BTC address option). Unwrapping dBTC to BTC

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08.03.2022

Francesco @moneydelics Автор вопроса

Zachary Chan
When you are sending BTC to and from Cake, you are...

I need to send the BTC to Cake first to be wrapped, but they are on another app.

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08.03.2022

Zachary Chan

Francesco @moneydelics
I need to send the BTC to Cake first to be wrapped...

Ah, I get it. You’re sending BTC from external address to Cake.

0

08.03.2022

Spencer L

Francesco @moneydelics
Spencer, do you know if I can send BTC to Cake (I ...

I am not sure if you can. However, I would not recommend trying it, although I thought they should work the same. Can you try to get to segwit (or whichever Cake is?) Again, I don't know, but I do not want you to lose money.

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08.03.2022

Zachary Chan

Francesco @moneydelics
I need to send the BTC to Cake first to be wrapped...

Sorry for the late reply, I was going through my own BTC logs to double check if Ive transacted with a legacy 1 wallet before, and I haven’t. 😅 You should still be able to send BTC to Cake from a legacy address. Cake seems to use Nested SegWit, not native SegWit. It’s deposit address starts with 3 (not bc1), which should be more compatible transaction-wise, at least in theory. You can try sending a small amount first to test? Personally, I have sent back and forth from 3 and bc1 addresses no problem, but not legacy 1 address.

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08.03.2022

Francesco @moneydelics Автор вопроса

Zachary Chan
Sorry for the late reply, I was going through my o...

Got it, thanks! By any chance, do you have a link that explains how BTC addresses work in the detail and how to recognize them? Really need to learn this stuff 😅 @misterpiggie49 thanks!

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08.03.2022

Spencer L

Francesco @moneydelics
Got it, thanks! By any chance, do you have a link...

No problem, hope everything works out!

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08.03.2022

Zachary Chan

Francesco @moneydelics
Got it, thanks! By any chance, do you have a link...

In detail would be very technical. You can google it. Resources are a plenty, but identifying is simple as my previous explanation. Legacy starts with 1 Nested segwit starts with 3 Native segwit with starts with bc1 There is actually another new update to bitcoin already, and it’s called taproot. The taproot address format can be identified with ‘bc1p’ Some reading material https://bitcoin.design/guide/glossary/address/

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08.03.2022

Francesco @moneydelics Автор вопроса

Zachary Chan
In detail would be very technical. You can google ...

Awesome! Thanks so much 🙏

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08.03.2022

Spencer L · Accepted Answer

Spencer L

BTC cannot be blocked by government, controlled, censored, etc. China bans it, yet it cannot stop people from interacting with it secretly. Sorry gov'ts! However, it can force Cake, which backs up the bitcoin, to shut down. In that case, I think Cake will return BTC back to the investors.

0

08.03.2022

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