Liquid is a Bitcoin sidechain that enables additional functionality for Bitcoin users, including enhanced privacy, faster block times, and new smart contracts. One of the most popular use cases of Liquid is tokenization, which allows alternative assets to be transferred between users in a bitcoin-like manner. An example of such a Liquid-based asset is Tether USD (USDT), which is a stablecoin pegged to the U.S. dollar.
Note: L-BTC is the bitcoin-pegged base currency on Liquid. You will need L-BTC to pay transaction fees when sending an asset via Liquid. There are a variety of ways to obtain L-BTC in a manner similar to obtaining bitcoin.
Receiving Liquid assets
1. To receive a Liquid asset from someone else, first navigate to the Transact tab and click Receive.
2. On the next screen, a Bitcoin address is presented by default. The type of receiving address can be changed in the Asset section near the top of the screen. Tap where it already says Bitcoin to bring up the Select Asset page. It is on this page you can pick a specific Liquid asset to receive, such as Tether USD, or simply select Receive any Liquid Asset.
3. Once you've selected the type of asset you'd like to receive, you can display the resulting QR code to the sender or copy the address to share it with the sender. A QR code image can also be shared with the sender after clicking the Share button at the bottom of the screen.
Sending Liquid assets
1. To send a Liquid asset, first navigate to the Transact tab. Then, tap the Send button.
2. Next, enter the Liquid address where you are attempting to send the Liquid asset. Alternatively, you can tap Scan QR Code to scan a QR code displayed by the recipient's wallet. Tap Next once the address has been entered.
3. On the next screen, select the specific Liquid asset you would like to send. Then, select the amount of the token you would like to send.
4. Finally, slide the arrow near the bottom of the screen on the next page to send the selected asset. Once the transaction is sent, you will be presented with a message indicating the transaction was successful.