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How to Get Bitcoin (BTC) on the Solana Network
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Published on: Dec 20, 2023
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In Brief
Discover how to get Bitcoin (BTC) on Solana blockchain using Trust Wallet with this easy, step-by-step guide. Also learn about wrapped tokens and how they work.
Introduction
In this guide, you'll discover how to easily get Bitcoin (BTC) on the Solana network by swapping.
Swapping using a Web3 wallet like Trust Wallet allows you to go from one crypto asset to another without using fiat or going through a centralized exchange.
That said, this guide will focus on swapping your existing crypto for WBTC (Wrapped BTC) on the Solana blockchain, so you'll need SOL for any transaction fees, as well as SOL or a Solana-based token for the swap.
Below, we’ll cover the following:
Creating the wallet you’ll use for swapping
How to fund your wallet with the crypto you want to swap
How to swap your existing crypto for WBTC
Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with and holding cryptocurrencies. Exercise caution and ensure decentralized applications (dApps) you connect to and use are safe. View our terms of service at: https://trustwallet.com/terms-of-service
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) designed to operate on blockchain networks other than Bitcoin's own, such as Solana. It allows Bitcoin holders to utilize their BTC in various decentralized applications and ecosystems without selling or directly exchanging it. WBTC maintains a 1:1 value relationship with Bitcoin, backed by an equivalent amount of BTC through a secure system of custodians and smart contracts. This innovation significantly enhances interoperability between different blockchain platforms, expanding Bitcoin's utility beyond its native environment.
What is Solana?
Solana is a high-performance blockchain platform known for its exceptional speed and efficiency. It stands out in the cryptocurrency world for its innovative hybrid consensus model, combining proof-of-history (PoH) with proof-of-stake (PoS), which allows for significantly faster transaction processing and lower costs compared to traditional blockchains. Designed to support scalable and user-friendly apps, Solana has become a popular choice for developers, particularly in decentralized finance (DeFi) and decentralized applications (dApps), offering a robust and cost-effective alternative to older blockchain networks.
Getting Started: How to Create a Bitcoin Wallet
The first step to getting WBTC is to ensure you’ve installed the latest version of Trust Wallet. Doing swaps via a DEX requires having the best Bitcoin wallet for your needs, and Trust Wallet supports over 10M+ assets, across multiple blockchains.
Trust Wallet can be downloaded as a mobile app, or you can install the Trust Wallet Extension for your desktop browser. For this guide, we'll focus on creating a new wallet using the Trust Wallet mobile app.
Get the most updated version of Trust Wallet
Below you’ll see the steps to create a new wallet, but you could just as easily import an existing Web3 wallet to Trust Wallet, if that’s your preference.
To create a new wallet:
Install, then open Trust Wallet
Choose “Create a new wallet”.
Choose your backup option, or you can optionally postpone the backup process by choosing “Skip”.
Start using Trust Wallet.
Fund Your Wallet with the Crypto You Want to Swap
There are two main ways to add crypto to your wallet.
You can buy crypto directly using Trust Wallet via our trusted third-party providers
You can deposit crypto from another address or centralized exchange
Let’s briefly look at the steps for both.
How to Buy Crypto Using Trust Wallet
In this example we’ll look at how to buy Solana (SOL), since this is a swappable asset for WBTC.
Select “Buy” from the home screen
Search for “SOL” or “Solana” and select it.
Choose the currency you want to use, then enter the amount of SOL you want to purchase.
Select the third party provider & payment method you’d like to use.
Select the Buy button and complete the remaining steps.
How to Deposit Crypto Using Trust Wallet
You can also deposit SOL easily and here’s how.
Select “Receive” from the home screen
Search for “SOL” or “Solana” and select it.
From here you have two options. You can either
Copy your deposit address and use that on your exchange account or other wallet to send funds to.
Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.
How to Swap SOL for WBTC
Now that you have SOL or any other solana-based swappable asset, now it’s time to swap your crypto for WBTC. This can be done with the Trust Wallet mobile app or the desktop browser extension.In this example, we’ll use the mobile app.
Here are the steps:
Open the Browser icon from your Trust Wallet home screen.
Navigate to https://jup.ag/
Select “Connect” and then choose Trust Wallet to connect your wallet. Follow the remaining instructions to confirm the connection.
Choose SOL in the You’re Paying field, and WBTC (Portal) in the To Receive field.
Select “Swap” to initiate the swap. Wait until the transaction goes through.
Note: in some cases you may need to adjust your slippage settings to prevent transaction failure.
View your WBTC balance in Trust Wallet
To ensure you can see your WBTC tokens, do the following:
Scroll down on the home screen until you see “Manage crypto” and select it.
Search for “WBTC”. Then switch the toggle for Wrapped BTC (Portal) to on (so it turns blue).
Navigate back to the home screen of your wallet and you’ll see your WBTC balance.
Remember that in addition to WBTC, Trust Wallet lets you manage and interact with 10M+ crypto assets across ~100 blockchains. Get the latest version of Trust Wallet and explore Web3 without limits.
Frequently Asked Questions
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is a tokenized form of Bitcoin that operates on other blockchains, such as the Solana network. It maintains a 1:1 value relationship with BTC and enables Bitcoin holders to interact with decentralized applications (dApps) on these networks.
What are the Advantages of Swapping SOL for WBTC on Solana?
Swapping SOL for WBTC on Solana using Trust Wallet allows you to leverage the high-speed and low-cost transactions of the Solana network. This swap enables you to use Bitcoin in Solana's decentralized finance (DeFi) and other dApps more efficiently.
Will Swapping BTC for WBTC on Solana Incur Any Transaction Fees?
Typically yes, you'll need SOL in your Trust Wallet to cover transaction fees on the Solana network. These fees are typically lower compared to other networks, making Solana a cost-effective option for such transactions.
What Should I Do If I Can’t See My WBTC in Trust Wallet After Swapping?
If your WBTC doesn't immediately appear, refresh the wallet or add WBTC as a custom token. Ensure you're looking for WBTC (Portal) in the wallet to correctly view your balance.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
