Lock Bitcoin
Once you have a Sidepit-Id, it's time to "Lock" some Bitcoin for trading.
Last updated
Was this helpful?
Once you have a Sidepit-Id, it's time to "Lock" some Bitcoin for trading.
Last updated
Was this helpful?
Locking Bitcoin is a two-step process that ensures you have trading funds available during the trading window.
Before you can lock funds, you need to have Bitcoin in your Sidepit-ID wallet.
Open the Unisat Wallet or the wallet containing your Sidepit-ID.
Click on the "Receive" option and copy the displayed bc1q address.
Send Bitcoin (BTC) from any source (e.g., another wallet or exchange) to that address.
Note: Check the contract specifications for required collateral. We recommend locking an amount equal to the initial margin. For the Sidepit Private Beta, the initial margin requirement is 0.002 BTC, so LOCK at least 0.002 BTC to be safe.
After funding your Sidepit-ID wallet, you’re ready to lock your BTC into the Sidepit system:
Send the desired amount of BTC from your Sidepit-ID wallet to the SIDEPIT_BETA1_LOCK_ADDRESS: bc1qn9szw2tfte4m2l7enhentvjpvnque932xr2m03
Sidepit will recognize your LOCK within approximately 5 minutes. At that time:
Your account will be created (if it’s the first time you are locking funds).
The locked BTC will be marked as “pending” until the next trading session.
Important: When trading opens the following day, your locked funds will appear in your available balance, allowing you to begin placing trades.
