Hey Jessatoshis
I've been looking for ways to secure more liquid Bitcoin to start opening up more contracts on HODLHODL and earn interest on my Bitcoin holdings. I'll openly admit it hasn't been easy to secure Liquid Bitcoin cheaply. You either have to peg in Bitcoin with an on-chain transaction or exchange like Bitfinex that supports Liquid Bitcoin transactions.
Now I cannot sign up to new exchanges, download apps, do KYC, and all that other shit they make us do to exchange assets, and I'm always looking for ways to do simple swaps.
Yes, this means I need to pay a little more, but I think it's worth the premium to avoid the hassle. That's why I was pretty stoked to find this site called Side Shift.
Note: This is not a paid post; this is just me messing around with services
Side shift swaps
Side shift is by no means a perfect exchange, but it gets the job done for what I want. It allows you to exchange 30 plus tokens or token representations from different chains and swap them for L-BTC.
From what I can see, they support tokens on ETH, BCH (using the SLP tokens standard), BNB and a few chains like Solana and Stellar.
If you are in DE-FI or have coins you want to convert to Bitcoin but want to avoid exchanges and mining fees, then L-BTC is a great option to consolidate your gains in Bitcoin.
I prefer using services like this and using blockchains instead of exchanges; yes, it can be more expensive, but if your work it correctly, like using L-BTC, it can be much more affordable or equal to using your standard exchanges.
Storing your Liquid Bitcoin
You will need a compatible wallet to use liquid Bitcoin, I am personally using the Green Wallet by Blockstream, but you can also use Aqua or any other compatible wallet. Once you have the wallet set up and loaded up, you can treat it as your standard Bitcoin and use it on various apps that support L-BTC.
As I mentioned earlier, I am using HODLHODL, which seems to be the only DEFI platform using the token, but some exchanges are willing to accept it.
Note: L-BTC is a side chain that is run by Blockstream along with a federation of exchanges. The chain is centralised but offers chapter transactions and faster transaction times. It's a great way to use Bitcoin at a cheaper rate and stay away from the main chain.
You can always swap out your L-BTC for BTC without restrictions other than the mining fees you'd pay for an on-chain transaction. This has been great for me as exchanges often have transfer limits and other annoying shit I don't want to deal with when transacting.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
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