Burning tFIAT Tokens
Last updated
Last updated
Burning tFIAT tokens is a way of transferring value outside of the blockchain into the FIAT system. The process consists in you burning some tFIAT tokens and getting the amount burnt (minus the burning fee) sent to your account with the payment processor of your Ramp which you would have to link to the ramp before being able to burn your tFIATs. You can also burnt tokens directly to a virtual debit card which you can use to make purchases online or in person just like any other virtual debit card.
Here is a step-by-step guide.
Click on the Product tags tab in the page's Header and select the currency you wish to transfer to only list ramps that process your currency
Select the Automatic tab to only list automatic ramps
Find the Ramp you want to use for the operation in the list of available ramps and go to its control panel by clicking on its Control Panel button available in its details panel
Find and click on the Burn button present in your ramp's control panel
Inside the form that shows, click the link button and confirm the operation on the blockchain
This will direct you to the page of your ramp's payment processor so you can link your account. Once that's done, you will be redirected back to the dRamps' page on Payswap. Trying to burn tokens onto your Stripe account without first linking it will result in a loss of funds which PaySwap will not be able to help you recover.
Go back to the control panel and click on the Burn button. This time, your burn form will be different. Enter the amount of tFIATs to burn and validate the form. Make sure to read all other information available on the form as well as the description of each parameter available when you hover over the help icon next to each parameter. You cannot burn less than 2 tFIAT tokens.
Click the Toggle Sessions button under the Control Panel button to reveal your ramp's ongoing burn/mint operations. Make sure only the Mine Only button is active from within the sessions' panel. If you cannot see your ongoing burn operation, reload the page and come back to the sessions' panel by clicking the Toggle Sessions button under the Control Panel button
Once you've spotted your ongoing burn session, click on its Process Burn button and confirm the operation
Congratulations! Your funds have been transferred to your Stripe account.
If you were transferring the PPC tokens of your ramp (check out your ramp's PPC symbol to know if that's the case), the exact amount of tokens you've burnt would have been transferred to your Stripe account.
If you were transferring extra tokens or a token other than the PPC token of your ramp, then the equivalent in USD of the number of tokens burnt would have been transferred to your Stripe.
If you do not wish to use our exchange rate to compute the amount of USD to send to your Stripe account, you should only transfer USD tokens or the PPC tokens of your ramp.
You can use the exchange to swap your current tokens for those before proceeding with the burn.
To enable users to be able to burn tokens onto their virtual cards, you will need to create a virtual card holder by going into your ramp's control panel and selecting the Create VC Holder option
Fill in the information and validate the form. If the operation is successful, you should see a notification at the top right of your screen
To burn tokens to a virtual card, go to your favorite ramp, and select the token to burn from its panel like in the image below. Make sure the token's symbol is the same as that of your ramp's PPC symbol displayed on the left section of the ramp.
In the image below, our ramp's PPC (Payment Processor Country) is FR (which stands for France) and its PPC symbol is eur (the symbol of the Euro which is the currency of France). We've also picked the EUR token for our burn operation.
If your ramp does not allow burning tokens to virtual cards, its PPC and PPC symbol will be N/A, and trying to burn tokens to virtual cards through that ramp will result in a loss of funds.
If the tokens you are trying to burn are not that of the PPC currency/symbol of your ramp, you can either try and find a ramp that has a PPC symbol/currency which is the currency you are trying to burn, or use the exchange to swap your tokens for the PPC currency of your ramp.
Once you've selected your token, click on the Control Panel button and then on the Burn button
Select the Yes option for the Burn To Virtual Card option, enter the amount of tokens to burn (must be at least 2), and validate the transaction. This will remove and burn the entered amount of tokens from your wallet.
The next is to click on the Toggle Sessions' button from your ramp's panel to reveal your burn operation like in the image below. You can use either the Mine Only or Burn Only buttons to find your burn operation faster. If you still can't find it, reload the page, click on the Toggle Sessions' button, and use the filters again.
Once you've found your burn operation, click on the Burn To Card button to reveal the pop-up in the image below with information on the amount of tokens to burn as well the token's symbol. This information cannot be changed from this form and can only be validated. If all is well, validate the transaction.
From your ramp's control panel, at the bottom of the parameters' section, you should see the option to reveal your card's information. To do so, click on the Yes option. This will reveal your virtual card's information as well as the total amount of tokens that have been burnt to it so far.
A new virtual card is only created for you when you are burning tokens through your current ramp for the first time, otherwise, a virtual card that has been created previously for this ramp will be used.
Note that you only have information on the total amount of tokens transferred to your virtual card, not the amount currently available on the card meaning if a card has 10 tokens total transferred to it but you already spent 5 tokens on that card, you will still see 10 tokens from the information revealed on the ramp but can only spend up to 5 tokens using that card unless you burn more tokens onto it which will add the x amount newly burnt to the previous 10 tokens.
Your virtual card is just like any other virtual card and can be used to make purchases online by anyone who has its card number CVV and expiration date information.
