[size=14pt]XBTC is the easiest and smoothest way to trade on the DEX[/size]
Had troubles with orders not matching or going through against BTC on the DEX?
XBTC is the answer. XBTC is worth exactly 1 BTC. XBTC is a native Counterparty asset and can be held in full escrow by Counterparty.
The fee to to get XBTC is only 0.1% + TX costs.
[size=12pt]How to get XBTC[/size]
An automatic vending machine for XBTC has been created. To get XBTC, simply send BTC in Counterwallet to:
[size=18pt][color=blue]1XBTCxh9HdyQ4y5VMnTzPANZoZZvrMSA6[/color][/size]
After 3 confirmations, XBTC will be sent back automatically.
Open Counterwallet, select ‘Send’ from the address which you want to get XBTC
1) Enter the address from above
2) Enter in the amount of BTC you want to send
3) Click 'Send’
That’s it!
[size=12pt]How to get back your BTC[/size]
Send XBTC from Counterwallet back to the same address as above.
Full details about XBTC can be found in the following post.
[size=12pt]Order Book[/size]
View the XBTC/XCP order book at Blockscan: http://www.blockscan.com/order_book.aspx?f=2
[size=12pt]Why Trade with XBTC[/size]
[list]
[li]When you trade on the DEX using XBTC you can trade without worrying about: fees (fee required, fee provided)[/li]
[li]Troll orders. Every price you see at blockscan is the price you can hit directly. Prices from the bid and ask side will converge.[/li]
[li]Waiting for the other side of the trade to btcpay, nor will you need to be standing by to perform a BTC pay.[/li]
[/list][size=12pt]XBTC is[/size]
[list]
[li]Cheaper to trade than using BTC unless trading in very low amounts (<0.05 BTC). If you trade in larger blocks (>=0.9 BTC) XBTC is cheaper than trading on a centralized exchange! I have created a cost analysis spreadsheet here https://docs.google.com/a/vennd.io/spreadsheets/d/1ymF4Fks4xXLZExhMHM8_8otm1lFD7OHCO0sgsfXKU2I/edit#gid=0[/li]
[li]100% transparent and auditable[/li]
[li]100% of BTC is held in reserve https://blockchain.info/address/1XBTCxh9HdyQ4y5VMnTzPANZoZZvrMSA6[/li]
[/list][size=12pt]Security[/size]
[list]
[li]There is no web or user interface. There is no web site to attack.[/li]
[li]The only way to reach the XBTC servers is via the Bitcoin network, via TOR. There are NO other ports open, no SSH, no remote access.[/li]
[/list][size=12pt]Source Code[/size]
XBTC is based upon the source code for Vennd. The full source will be free and available soon. If you wish to gain access early, please send me a PM.
[in progress]
This is really cool. Do you foresee it being possible to vennd XBTC in exchange for receiving BTC to a multisig nLockTime address like GreenAddress.it? Then it could be trustless.
[quote author=Giants link=topic=404.msg2686#msg2686 date=1402840193]
This is really cool. Do you foresee it being possible to vennd XBTC in exchange for receiving BTC to a multisig nLockTime address like GreenAddress.it? Then it could be trustless.
[/quote]
I am investigating the ability for a number of vending machines to run together in consensus to release funds held in a vending machine multisig address. It is still in concept phase and I can’t commit to when such a feature could be incorporated into Vennd but it is definitely something on the roadmap.
21 million units, but shouldnt the asset issuance be locked now? I noticed that it wasnt.
[quote author=cryptonaut link=topic=404.msg2802#msg2802 date=1404711321]
21 million units, but shouldnt the asset issuance be locked now? I noticed that it wasnt.
[/quote]
Thanks for pointing that out cryptonaut. This was an oversight and the asset has been locked.
That's fantastic, thank you!
Thanks everyone for your support.
We crossed a milestone in the last 24 hours. [size=12pt][color=green][size=10pt]During the last 24hrs the trading volume of XCP/XBTC on the decentralized exchange was greater than XCP/BTC![/size][/color][/size]
Try out XBTC and see how it makes it easier to trade!
As a reminder, you can easily exchange your BTC to XBTC. Alternatively, here are some of the projects which you can earn XBTC:
EARNFREEBTC - Earn weekly dividends!
https://forums.counterparty.co/index.php/topic,373.msg2542.html
PETAMINE - Mine bitcoins with your counterwallet!
https://forums.counterparty.co/index.php/topic,488.msg3020.htm
Cloud mine Bitcoin from your Counterparty wallet! GIGAHASH
https://forums.counterparty.co/index.php/topic,249.msg1901.html
Thanks, this is great!
Hi All,
To help people redeem their XBTC, we have removed the 0.1% fee (but the TX fee remains). We will leave that side of the gateway running for a couple of weeks. After which time, please contact us and we will be happy to help you redeem manually.