How to convert DoC (Dollar on Chain) to Fiat.
What I did here was basically swapping my DoC to RIF since it’s listed on Binance and it’s paired to USDT which allows me to sell for USDT and conduct P2P for Fiat.
Exchange and wallet used; MetaMask, Binance, Sovryn, Defiant .
Now with cross chain communication protocols we are reaching a point where you can basically move your digital assets to the chain where you need to use them for the purpose you need to use them and that’s transformative
DoC is a bitcoin backed stable coin that is pegged 1:1 to USD issued by Money on Chain one of the DeFi solution on Rootstock.
Step Covered;
- How to swap BTC to rBTC via Sovryn
- How to swap DoC to RIF
- How to exchange RIF to Fiat via Binance.
Lets get Started!!
Import wallet
NB: I received DoC with my MetaMask wallet address but I was not able to see it till I imported my MetaMask wallet into Defiant wallet using my seed phrase or private key ( Do not reveal your seed phrase or private key to anyone).
Once I imported my wallet; will go ahead and swap DoC token for RIF
2. Swap DoC for RIF;
Select “Dollar on Chain (DoC)”
next Click “Swap”
I need rBTC to pay for gas to process this transaction; the same way you pay for gas with ETH on Ethereum’s network or the same way your local bank charges you to process your transaction, when using RSK network you pay with rBTC (Rootstock Smart Bitcoin).
Get rBTC;
3. Navigate to Sovryn
(With Sovryn FastBtc you can swap BTC for rBTC)
Click “Connect wallet” ; Make sure the wallet you connect is the same with the one you imported to Defiant for easy usage.
4. Select wallet type
(I’m doing this on my browser)
5. Select Browser wallet type;
Make sure you configure to RSK Mainnet as Metamask is connected to Ethereum Mainnet by default.
6. Fund wallet
I have Bitcoin on my Binance account so I sent BTC to the generated address.
Which I received as rBTC; view Portfolio
Now I have rBTC , Lets proceed!!
7. Swap DoC to RIF
Successful
RIF has been added to my Portfolio
Send RIF to Binance
Navigate to Binance search for RIF under Spot Select “Deposit RIF” choose “RSK network”
Scan QR code or copy and paste RIF Deposit address from Binance to Defiant wallet.
RIF has been successfully sent to my Binance account
It will take 12 confirmations for it to be added to my Binance account.
It will take 500 confirmations for it to be withdrawn or exchanged to Fiat
(This will take some time)
RIF is paired to USDT and BTC; Select “RIF/USDT”
Sell RIF for USDT
Which I will receive as USDT.
Next is P2P selling USDT to buy fiat.
Thanks for reading!!
Check out this resources.
Resources;
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Their are benefits that comes with completing the Rootstock developer course + interesting ways to apply your new Web3 skills.
To get more important updates on Rootstock blockchain follow Rootstock on Twitter @RSKsmart
