How to Earn Bitcoin Using Trust Wallet
In this guide, we’ll cover how to earn Bitcoin using Trust Wallet. We’ll do this using the Venus Protocol and earning BTCB, which is a pegged version of Bitcoin that’s both on the BNB Chain. Trust Wallet allows you to earn crypto in many ways, including in-app staking or connecting to protocols via the Web3 dApp browser. Additionally, features like the Trust Wallet Security Scanner help to keep your entire Web3 experience safe.
Before you start earning Bitcoin using Trust Wallet
Before we dive into how to earn Bitcoin using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
- Open the Trust Wallet app, and choose the option to ‘Create a new wallet.’
- Choose a method to back up your wallet.
- Go through the instructions to start using your wallet.
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
Step 3: Ensure you have BTCB in your wallet
Note: To earn Bitcoin with Venus Protocol, you need BTCB - a pegged version of BTC that’s on the BNB Smart Chain (BEP20). You’ll also need this to cover any gas fees.
There are a number of ways to get BTCB into your wallet, including the following.
Deposit or buy BTC on the Bitcoin blockchain and then swap it to BTCB on the Binance Smart Chain (BEP20). This requires a couple of steps as you currently cannot directly swap BTC to BEP20 assets. Please see here for instructions (view the section on How to swap BTC or ETH to BEP20 tokens).
Deposit BTCB (BEP20) directly using these instructions.
Swap another BEP20 asset to BTCB (BEP20) using these instructions.
Once you have BTCB in your wallet, you’ll be ready to start earning using the Venus Protocol.
What is the Venus Protocol?
Venus Protocol is a DeFi (decentralized finance) money market platform operating on the BNB Smart Chain. It allows for the lending, borrowing, and minting of synthetic stablecoins (VAI), all collateralized by user-supplied assets. Venus is a fusion of concepts from Compound and MakerDAO, two Ethereum-based protocols, and brings together functions of lending and stablecoin minting within a single system. In this permissionless lending environment, users can earn interest on their collateral, or borrow against it, by participating in the platform's lending and borrowing services.
How to earn BTC using Venus Protocol and Trust Wallet
Step 1: Connect to Venus Protocol
- Select the Trust Wallet Web3 Browser.
- Enter https://app.venus.io/ into the search bar and navigate to the website.
- Select “Connect wallet” and then choose “Trust Wallet”.
- Connect your wallet, and select “Let’s get started”.
- Tap the BTCB section, then choose your amount.
- Once you’ve chosen your mount, located the “Approve BTCB” button, and select it.
- Confirm the smart contract call.
- Select the “Supply” button, then approve the smart contract call.
- Now your supply is successful and you will start earning rewards.
Earning and claiming your rewards – things to keep in mind
In addition to earning BTCB, you also earn XVS, as shown in the above process. Once you earn the rewards, you can choose to swap the XVS rewards for additional BTCB (or any other swap pair asset offered) from within the Venus Protocol dApp.
You can use the in-app swapping feature of Trust Wallet to swap from BTCB back to BTC on the Bitcoin chain. With Trust Wallet, you have the freedom to approach this as you wish. If you do want to swap BTCB to BTC, just remember this will require a couple of steps as outlined here.
The Power of Web3 and Decentralized Protocols
As we come to the end of our guide on earning Bitcoin using Trust Wallet, it's important to recognize the transformative power of Web3 and decentralized protocols. Web3, also known as Web 3.0, is the next generation of the Internet where applications interact with decentralized networks. This is a game-changer for financial transactions and introduces innovative ways to earn more crypto.
Web3 wallets, such as the Trust Wallet, provide users the flexibility and autonomy to connect with various decentralized protocols directly. Whether you're staking with Venus Protocol or any other decentralized protocols, your crypto wallet acts as a gateway to a number of DeFi services and a world of Web3 experiences.
It’s also worth noting that Trust Wallet is easily accessible not only on your mobile device but also on your desktop. It’s conveniently available as a Chrome extension on the Chrome web store, making it effortless to manage your assets while browsing the web. Plus, features like the Trust Wallet Security Scanner help keep your assets and Web3 experience safe and enjoyable.
In a nutshell, using a Web3 wallet to interact with open, decentralized protocols can offer numerous opportunities to earn more crypto, and platforms like Trust Wallet make this process seamless and user-friendly.
As we wrap up, remember that the world of decentralized finance is rapidly evolving, and it's crucial to stay updated with the latest tools and protocols that can increase your crypto holdings. Always remember to do your own research and happy earning!
Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.