In this blog post, we will show you how to bridge Bitcoin using Avalanche Bridge and access earning opportunities on DeFi protocols while still maintaining Bitcoin in your portfolio.
Avalanche has recently announced the support of native Bitcoin using the Avalanche Bridge. This solution allowed Bitcoin holders to gain access earning and yield opportunities within the Avalanche DeFi ecosystem.
Bridge Bitcoin Using Avalanche Bridge
You need to install the new Core wallet in your browser in order to bridge your Bitcoins to Avalanche ecosystem. You will find the step-by-step instructions here on how to do the bridging.
Once you have successfully bridge your Bitcoins, they will be represented in the form of BTC.b tokens. These BTC.b tokens represent your locked Bitcoin from your Bitcoin network.
Access Earning and Yield Opportunities
One of the popular DeFi platform on the Avalanche Blockchain is Trader Joe. As of writing, they are offering BTC.b to AVAX pool with yields of 4.8% APR. Remember that this has the potential change overtime.
Bitcoin holders will surely love this because they will be able to earn free BTC.b or AVAX while still maintaining their Bitcoins in their portfolio.
You could then use your earning in buying gift cards at CryptoRefills using the Avalanche network option.
How To Pay With Bitcoin Using Avalanche Network
Time needed: 4 minutes.
This is the step-by-step process how to buy gift card with Bitcoin using Avalanche network
- Go to Cryptorefills.com or install the CryptoRefills App
Click here to go to CryptoRefills website or the image below to download the CryptoRefills App on your phone.
- Select the category
After going to the website or installing the app, you will see the product categories that are available. Choose the category you want to browse.
- Select the Gift Card you want to buy and the price package
Just select the git card brand. Then you will see a box to enter a value or price packages such as 100 USD. Click on the package you would like to purchase.
- Select the cryptocurrency
Now select the cryptocurrency you prefer to pay with such as Bitcoin and the payment network which is Avalanche in this case. You will see the cost of the price package based on the crypto you select.
- Proceed to the checkout
Insert your email and tick the box. Click on proceed to payment. (Make sure your email is correct so that the unique El Corte Inglés gift card code can be delivered to you and you can be contacted in case of issues).
- Make the crypto payment using
Send the exact amount of cryptocurrency to the address displayed and follow the instructions. It is important you send exactly the amount displayed. You can use the QR code displayed on the page to make sure the address is correct and speed up this step.
- Receive your gift card code
After a few minutes, you will receive your gift card code by email. The delivery of the code depends on the time to confirm the transaction on the network. Generally, it will take a minute or two, but you might need to wait 5 or 10 minutes depending on the network congestion and the miner fee. Check your spam/junk folder. If you still can’t find the email, please send an email to info@cryptorefills.com from the email address you used.
- Redeem your gift card
Redeeming your gift card vary from brand to brand. Some brand supports website code redemption and some are accepting the gift card code inside their stores. Please check on the How To Redeem section to see the correct instructions in using your gift card code.
That’s it! That’s how to bridge Bitcoin using Avalanche Bridge and access earning opportunities. You could then use your earnings in buying gift card at CryptoRefills without decreasing the amount of Bitcoin in your portfolio.
Disclaimer: This post is for informational purposes only, and none of the information above is intended to be legal, investment, financial, or other advice.