Prerequisites for BTC Collateral Loans
To utilize BTC collateral lending services on BiFi, you must first:
- Install the MetaMask wallet browser extension
- Configure it to connect to the Ethereum mainnet
👉 Get started with MetaMask wallet setup
Understanding BiFi's Three Essential BTC Wallet Addresses
BiFi's BTC lending system requires registration of three specialized wallet addresses:
- BTC Deposit Address (Auto-generated by BiFi)
- BTC Repayment Address (Auto-generated by BiFi)
- BTC Receiving Address (User-provided personal wallet)
Address Functions Explained
| Address Type | Purpose | Generation Method |
|---|---|---|
| Deposit Address | Receives BTC when depositing collateral | BiFi auto-generates |
| Repayment Address | Receives BTC when repaying loans | BiFi auto-generates |
| Receiving Address | Receives borrowed/withdrawn BTC | User-provided wallet |
Step-by-Step Registration Process
- Connect your MetaMask wallet to BiFi
- Click the "BTC Deposit" button
View your two auto-generated addresses:
- Deposit address
- Repayment address
- Enter your personal BTC wallet address for withdrawals
- Complete the registration
👉 Learn more about secure BTC transactions
Important Considerations
- One-time setup: Wallet registration only required for first-time use
- Gas fees: Address registration incurs Ethereum network fees
- Security tip: Always copy and securely store your addresses
- Updates: Change receiving addresses via the "Update Address" button
FAQs
Q: Can I use the same address for deposits and repayments?
A: No, BiFi automatically generates separate addresses for security and tracking purposes.
Q: How often should I update my receiving address?
A: Only when necessary for security reasons, as frequent changes may complicate transaction tracking.
Q: What happens if I send BTC to the wrong address type?
A: Always verify the address purpose before sending funds. Contact BiFi support immediately for recovery assistance.
Q: Are there minimum deposit amounts?
A: Minimums vary based on network conditions and BiFi's current parameters.
Q: How long do address registrations remain valid?
A: Registered addresses persist indefinitely until manually changed by the user.
Q: Can I use hardware wallet addresses?
A: Yes, any standard BTC wallet address works for the receiving address field.