What is Wrapped Bitcoin (WBTC) Coin
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications.
WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner.
Wrapped Bitcoin was first announced on October 26, 2018, and officially launched on January 31, 2019.
- Wrapped Bitcoin (WBTC) is an ERC-20 digital asset backed by Bitcoin (BTC) in a 1:1 fashion.
- The digital asset functions with projects such as Kyber Network and REN being the Merchants who mint and burn WBTC tokens, and BitGo being the Custodian who holds BTC and the keys to mint WBTC tokens.
- When a user wishes to exchange BTC for WBTC, he/she will be required the send his/her BTC to a Merchant. The Merchant will initiate a WBTC mint request and send the BTC from the user to the Custodian. The Custodian will then mint the corresponding WBTC, which will be subsequently transferred to the user via the Merchant.
- When a user wishes to redeem his/her BTC with WBTC, the Merchant would communicate with the Custodian and transfer the user’s BTC back to him/her, while the WBTC token will be burnt.
- Contract changes and additions/removals of Custodians and Merchants are controlled by a multi-signature contract. Holders of the keys to the multi-sig contract are held by institutions as part of the WBTC DAO.
How To Buy Wrapped Bitcoin (WBTC) Coin
1.Step: Everyone who is planning to invest in or benefit from the advantages of cryptocurrencies wonders the answer to Where to buy Wrapped Bitcoin question. First, you need an online wallet to buy cryptocurrencies. You need to sign up to Binance exchange from here, which is preferred globally to buy coins and you can buy coins with fiat currencies. You can quickly access many assets and trade types such as altcoins, future markets, and margin by creating a Binance account.
2.Step: Complete your registration by typing an email to the email section or typing your phone number on the section available on the mobile tab. Click/tap on the “Buy Crypto with Your Credit Card” option after the registration and verify your identity.
3.Step: Continue the process by typing the amount you would like to invest and your preferred cryptocurrency. Keep in mind that for security reasons, your credit card/debit cardholder information must match with the name available on your account. If you would like to buy cryptocurrencies with a wire transfer, you need to follow the Buy Crypto > Third-Party Payment options to pick your preferred fiat currency to buy cryptocurrencies.
4.Step: If the cryptocurrency you are planning to buy is not available on the list, buy USDT “You can always redeem 1 USDT Coin for US $1.00”. You can buy any coin you want with USDT by following Buy-Sell > Classic steps. We have provided the answer to How to buy WBTC coin, now you can view the cryptocurrencies you bought by clicking on the wallet summary available on your Binance account. You can sell your assets when their value increases, or you can withdraw them to your bank account in desired fiat currency.
How Much is a Wrapped Bitcoin (WBTC) Coin
Wrapped Bitcoin (WBTC) coin prices are updated instantly in USD, Euro, Sterling currencies in the following table.
Wrapped Bitcoin (WBTC) Coin Review
You can learn more about Wrapped Bitcoin (WBTC) coin reviews and information on cryptocurrencies by visiting their official page available in the following.
Website https://wbtc.network/ Github https://github.com/smartcontractkit/chainlink Documentation https://wbtc.network/assets/wrapped-tokens-whitepaper.pdf