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Registering BTC Address
To lend and borrow BTC on BiFi, the user needs three BTC addresses. Two (deposit address and repayment address) are issued by BiFi. The address for withdrawing or borrowing BTC will need to be registered by the user.
Each BTC address are used for the following:
BTC Deposit Address Address to deposit BTC to BiFi from user's own Bitcoin wallet
BTC Repayment Address Address to repay borrowed BTC from BiFi My BTC Address Address to receive BTC when withdrawing or borrowing BTC from BiFi
How to register your BTC address:
1) Once you connect MetaMask wallet to BiFi, click 'Deposit' next to BTC to have your two personal BTC addresses issued.
2) Then, enter your own Bitcoin wallet address to receive BTC when withdrawing or borrowing BTC and click 'Register' to finish registering BTC address.
- You will need to register your BTC address only once.
- BiFi will automatically store your BTC Deposit and Repayment Address for you, but you can also store these addresses for your own record.
- Gas fees will incur when registering BTC address.