What is ckBTC?

Overview

Chain-key Bitcoin (ckBTC) can be sent with 1-2 second finality and negligible fees — a multi-chain bitcoin twin, created by chain-key cryptography and a pair of canister smart contracts that directly hold raw Bitcoin without relying on intermediaries.

ckBTC is an ICRC-1-compliant token that is backed 1:1 by Bitcoin (BTC) such that 1 ckBTC can always be redeemed for 1 BTC and vice versa.

 

How to obtain ckBTC?

There are two main ways of acquiring ckBTC:

  • Swap on DEXs: If you have ICP, you can swap it for ckBTC on decentralized exchanges running on the Internet Computer, including ICDex or ICPSwap.
  • Convert directly on the protocol: You can convert BTC to ckBTC by simply sending BTC to your NNS wallet (for more details, see next question). ICDex and ICPSwap have similar functionality that allows you to convert your BTC to ckBTC, directly using the ckBTC canisters.

How do I convert BTC to ckBTC in the NNS dapp?

Easy steps to getting ckBTC via your NNS wallet:

1. Go to the NNS frontend dapp and sign in with your Internet Identity. If you don't have one, you will be prompted to create one. Any device that supports WebAuthn can be used as a passkey for II. Alternatively, you can use a YubiKey or a Ledger device.

2. Navigate to My Tokens and select ckBTC.

3. Click on Receive on the bottom of the screen.

4. Send BTC to your NNS BTC address. Once you see this pop up window, you can copy your NNS BTC address, and send BTC there. Note, that since this is a real bitcoin transaction, it will take roughly an hour, and have the Bitcoin network's transaction fees. Once you acquire ckBTC, you can take advantage of its near instant finality (1-2s) and negligible transaction fees (10 satoshis).

Important: Please note that when converting BTC to ckBTC in the NNS dapp, there is an estimated inter-network fee of 0.00002 BTC. Sending less than that amount, can result in loss of funds. 

 

How do I view ckBTC Transactions?

You can view ckBTC transaction on the Internet Computer dashboard here

 

 

 

Further resources:

https://internetcomputer.org/bitcoin-integration 

https://internetcomputer.org/bitcoin-integration/faq 

Updated