On April 13, RelayX launched Trademail, an innovative interoperability solution built on Bitcoin.
Currently, through Trademail, Bitcoin SV (BSV) users can send BSV to BTC, ETH, USDC, and USDT (ERC20) wallet addresses and exchange their BSV for those digital assets in the process. In other words, through Trademail, a BSV holder can exchange their BSV for BTC, ETH, USDC, or USDT directly—without ever having to send their BSV to an exchange or use a digital currency swap service. Let’s take a look and see how Trademail works.
How to use Trademail
Using Trademail is simple. At the moment, the RelayX, SimplyCash, Dot, Money Button, Centbee, and HandCash* (note: HandCash only supports BTC Trademail transactions at the moment) wallets support Trademail transactions, and we expect to see support from many more BSV wallet providers in the future. For our demo, we decided to convert $8 worth of BSV to USDC via Money Button wallet. Let’s take a look.
The first step to using Trademail is to start a “send” transaction on one of the BSV wallets that supports Trademail. Afterward, you enter the receiving BTC, ETH, USDC, or USDT wallet address with, @BTCpaymail.com ‘@ethpaymail.com’, ‘@usdcpaymail.com’, or ‘@usdtpaymail.com’ as the suffix (following your wallet address).
After that, you enter an amount over $5 and click send.
And just like that, you will be finished; now all you need to do is wait for your funds to appear in your BTC, ETH, USDC, or USDT wallet.
BSV’s best offramp
Trademail is a major asset to the BSV ecosystem; Trademail might be the best BSV offramp there is. Most exchanges require an absurd number of confirmations for BSV deposits and withdrawals, so many that it tends to make the overall withdrawal/deposit process last over 10 hours. However, with Trademail, BSV holders can quickly exit BSV to the USDC and USDT stablecoins or BTC and Ethereum, without ever having to go through an exchange. This eliminates the need to wait the ridiculously long amount of time for a transaction to receive the exchanges required amount of confirmations. It also removes the need for the user to work through a third-party intermediary like a swap service that charges a high transaction fee for providing the same swap service that Trademail provides for only ~3%.
“We are thrilled by the early reception and feedback by users across all major BSV wallets,” said Jack Liu, the creator of RelayX. “It’s been used over 50 times in the opening hours. We’re now hyper-focused on delivering what we call a 1-1-1 experience. 1.x% fees, in under 1 minute with less than 1% failure rate. We are working hard with our friends at HandCash to ensure Trademail is available with what really is one of the best wallets in BSV.”
Look out for Trademail to expand in the near future. Soon, Trademail will support even more digital currencies. And according to the RelayX blog post that introduced Trademail, soon, you will be able to assign a username to your recipient wallet addresses rather than have them live as “long, random, unfamiliar character strings like cryptocurrency addresses [typically are].”
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.