DON'T LOSE YOUR WALLET OR YOUR PASSWORD

Instructions for ether Buyer:

1. First, go to EthereumBitcoinSwap and choose which ether ticket you want to get. Note the ticket ID, Bitcoin address and the total price bitcoinAmount.
2. python btcToEther.py genwallet, enter a password
3. Make sure you write down the password or otherwise keep it safe, and make sure you backup your wallet file (saved at btcToEtherWallet.json by default, you can use -w to save it somewhere else)
4. Send the bitcoinAmount + 0.0003BTC (miner fee) into the intermediate address (python btcToEther.py getbtcaddress). If you change your mind, you can still get the bitcoins in the intermediate address. The miner fee helps ensure that your Bitcoin payment to the ether seller will be mined in a timely manner.
5. If you do not have any ethers already, decide an etherFeePercent for the 3rd party that will submit (2) Ethereum transactions for you. Important: you may specify etherFeePercent of zero, but take a big risk that the required Ethereum transactions will not be performed for you.
6. Use python btcToEther.py makeAndSignTx <etherFeePercent> <bitcoinAmount> <Bitcoin address> to create a raw Bitcoin transaction and hash. Do not broadcast this Bitcoin transaction. A few steps later, you will give the hash only, to a 3rd party.
7. Go back to EthereumBitcoinSwap, click Help, and then enter your Bitcoin transaction hash and ticket ID. Click Compute. It will take a random amount of minutes to compute a proof of work nonce: be patient and multitask (it is a small inconvenience for a trustless, secure exchange).
8. When a nonce has been computed, give the nonce, Bitcoin transaction hash (only the hash) and the ticket ID, to a 3rd party that has ethers: make sure etherFeePercent is non-zero so that a 3rd party will help you. If you already have ethers, you can avoid a 3rd party and be a Claimer yourself following the Claimer instructions.
9. Coordinate with 3rd party for them to reserve the ticket (they follow Claimer instructions below)
10. Go back to EthereumBitcoinSwap and check that your ticket has been reserved by the 3rd party.
11. Once the ticket has been reserved, time is ticking and as soon as you can, broadcast your Bitcoin transaction (by using the tool of your choice, eg https://blockchain.info/pushtx) Once broadcasted you will no longer be able to change your mind and get your bitcoins back.
12. Wait until the Bitcoin transaction has 6 confirmations and then request the 3rd party to claim your ticket.
13. If 2 hours have elapsed since the 3rd party reserved the ticket, you may seek the assistance of anyone else who has ethers, to claim the ticket for you. Again, the etherFeePercent above is important so that someone will want to help you. This step must be completed within another 2 hours: tickets are only reserved for a total of 4 hours, and afterwards you need to reserve it again, or someone else can reserve the ticket and use their own bitcoins to claim the ethers (your bitcoins will already have been sent to the ether seller).

Claimer instructions:

1. On EthereumBitcoinSwap, look for the ticket using the ID, and click Reserve.
2. Enter the Bitcoin transaction hash, Proof of Work (nonce provided by Buyer)
3. You should now be able to click the Reserve button. Click it.
4. Assuming the Proof of Work is valid, wait for the Ethereum transaction to reserve the ticket.
5. When the ticket is reserved, monitor and wait until the Bitcoin transaction has 6 confirmations.
6. Go back to EthereumBitcoinSwap, look for the ticket using the ID, and click Claim.
7. You should now be able to click the Claim button. Click it.

Result of swap:

• Claimer will get etherFeePercent of the number of ethers in the ticket.

• Buyer will have the number of ethers in the ticket, less the fee paid to the Claimer.

• Seller has the bitcoins they desired at the Bitcoin address they specified in the ticket.

Future

Servers can be setup as the 3rd party. A server can listen for buyers to provide it with a ticket ID, Bitcoin transaction hash, and proof of work. A server can quickly check the validity (without expending any ethers) before reserving the ticket. Servers will monitor the Bitcoin blockchain, as well as the ether tickets that are claimable, and automatically claim tickets. The incentive for servers to provide this service is automated collection of ether fees from buyers, and servers do not need to post any collateral.

EthereumBitcoinSwap can be extended to list such servers, and a buyer could choose which server to use. EthereumBitcoinSwap could also make it easier for buyers and choose servers automatically, as well as notify all servers about all tickets, so that any unclaimed tickets, can be claimed by any server when the initial 2 hour period elapses. This will eliminate the coordination a buyer would have to do if the 3rd party were a human. With servers: a buyer submits a request to reserve a ticket; server reserves immediately; buyer broadcasts Bitcoin transaction; server immediately claims ticket when Bitcoin transaction has 6 confirmations.

Notes

EthereumBitcoinSwap is at http://TODO

Additional instructions:

• To recover the private key of your BTC intermediate address, use python btcToEther.py getbtcprivkey
• To show your BTC intermediate address, use python btcToEther.py getbtcaddress
• To recover your ETH privkey, use python btcToEther.py getethprivkey
• To show your ETH address, use python btcToEther.py getethaddress
• Use -w /path/to/wallet.json if you want to point to a specific wallet file or save your wallet at a specific location