wrap be controlled or censored by governments or is it somehow decentralized?
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.
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?
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
Got it. Thanks. Yes, bad… and this is just the begging…
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)?
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
I need to send the BTC to Cake first to be wrapped, but they are on another app.
Ah, I get it. You’re sending BTC from external address to Cake.
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.
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.
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!
No problem, hope everything works out!
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/
Awesome! Thanks so much 🙏
Обсуждают сегодня