What is Wrapped Bitcoin ? Outstanding features, How to own and trade

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In order to overcome the inconveniences of Bitcoin transactions, the blockchain ecosystem has continuously come up with new superior solutions in the DeFi world and one of them is Wrapped Bitcoin. So Wrapped Bitcoin what? What are the salient features? How to own and trade this cryptocurrency? Find out below!

Find out what Wrapped Bitcoin is

What is Wrapped Bitcoin?

Not everyone knows What is Wrapped Bitcoin?, even, there are people who have never heard of this virtual currency. Wrapped Bitcoin or WBTC is known as an ERC-20 token on the Ethereum blockchain. And Bitcoin and Ethereum are two completely different blockchains.

WBTC has many outstanding advantages

To create WBTC, the developers used the standard protocol (decentralized governance stablecoin development platform) of the ERC-20 token. Besides, WBTC can also represent BTC in 1:1 ratio. This means that the value of one WBTC is equivalent to the value of one BTC. Or it can be understood that, you can “wrap” BTC into WBTC (ERC-20 token) for use on the Ethereum blockchain.

Similar to wrapped tokens on Ethereum, you can wrap BTC and other cryptos for use on BSC as BEP-20 tokens.

Wrapped Bitcoin Highlights

Mention Wrapped Bitcoin many highlights can be mentioned. This is a more liquid token that operates within the Ethereum ecosystem. It includes many decentralized exchanges (DEXs) and financial applications as well. On centralized exchanges, a large number of Bitcoin transactions are processed every day. However, the introduction of WBTC will change this because it can bring BTC liquidity to DEXs and use BTC for token transactions.

Besides, WBTC can standardize BTC to ERC-20 form and create smart contracts. As a result, smart contracts that integrate BTC transfers are also simpler and easier to write.

Another highlight of WBTC is being able to maintain different nodes, manage transaction types to support multiple currencies.

Wrapped Bitcoin coin details

Name, supply, contract

Tokens Wrapped Bitcoin has the abbreviation WBTC and its value corresponds to 1 Bitcoin. In January 2019, WBTC was officially launched with many DeFi protocols accepting WBTC as collateral, such as Kyber Network, Dharma, MakerDAO or Compound.

Basic information:

Token Name: Wrapped Bitcoin TokenTicker: WBTCBlockchain: EthereumCirculating Supply: 256,789.73Total Supply: unlimitedMarket Cap – Market Cap: $288,182,391,591,242

There have been many smart contracts created with loan terms using WBTC for payments with the aim of providing greater liquidity. And yet, WBTC also standardizes BTC to ERC-20 form and creates smart contracts for BTC as we shared above.

Current rate

Rate of Wrapped Bitcoin always changes according to market fluctuations. And below is the current WBTC rate on Coinmarketcap that you can refer to:

Current rate of virtual currency WBTC

How to own and trade Wrapped Bitcoin

If you want to own the WBTC cryptocurrency, you can buy it on cryptocurrency exchanges. Some reputable electronic exchanges that have listed this virtual currency include: Binance, FTX.US, FTX, Uniswap, HitBTC, Balancer (Polygon), Huobi Global, KuCoin, OKEx, Quickswap, Bitstamp, XT.COM, Gate.io, Sushiswap, Kraken, WOO Network, CoinList,…

WBTC can also be traded on some decentralized exchanges since it is an ERC-20 token, e.g. Kyber, Uniswap.

Roadmap and team of developers

Wrapped Bitcoin Roadmap

According to the roadmap shared by the publisher of Wrapped Bitcoin, in the near future, WBTC will continue to be perfected so that this virtual currency can possess more superior features. Thereby helping WBTC become more popular with users.

Wrapped Bitcoin developer/backer(if) team

The originators of the idea of creating the WBTC virtual currency are Kyber, Ren and BitGo. Currently, this virtual currency is controlled by the WBTC DAO, also known as the Decentralized Autonomous Organization (DAO).

Participating in the development of WBTC, there are many other units and organizations such as: Dharma, Set Protocol, MakerDAO and even Compound.

List of prominent partners of WBTC

The development community of WBTC is now very large and participating in this community are mostly famous names in Defi.

Note, WBTC is not the only unit that brings BTC to the Ethereum network, but there are many other units, such as imBTC.

Here is a list of prominent WBTC partners that you can refer to:

Closing and Disclaimer

With the above sharing, you must have understood What is Wrapped Bitcoin? And what are the outstanding characteristics to create success like today. There are many ways to own this virtual currency and we have also shared it specifically in the content of the article.

Disclaimer: All information we provide is for the purpose of sharing information about Wrapped Bitcoin only and not as investment advice or encouragement. Therefore, we refuse to be responsible for any risks that you may face when investing in WBTC. Whether investing in WBTC or any virtual currency, you need to carefully consider and prepare to take risks because virtual currencies are not regulated by any government.

Currently, the Vietnamese state does not provide legal support for any electronic currency, you still have the right to mine and use it, however, when there is a dispute or conflict, the state has no obligation to assist in resolving these issues. this problem.