The Wrapped Bitcoin Cryptocurrency, also known as WBTC, is a digital currency that is backed by Bitcoin. Simply put, WBTC is a tokenized version of Bitcoin that can be used on different blockchain networks to take advantage of the functionality of those systems.
Wrapped Bitcoin was launched in January 2019, as a collaboration between BitGo, Kyber Network, and Republic Protocol. The goal of WBTC is to allow users to take advantage of the capabilities of Ethereum, the blockchain network on which it is issued, while maintaining the stability and value of Bitcoin.
To create WBTC, a process is followed in which Bitcoin is deposited at a specific address. An equivalent amount of WBTC is then issued on the Ethereum network. This process is controlled by a group of custodians, who are responsible for storing the deposited Bitcoin and issuing the corresponding amount of WBTC.
At Ccoins you can choose any Cryptocurrency from an extensive catalog, either through the P2P market or through Ccoins Flip. Being a user of Ccoins You can buy Algorand (WBTC) at any time from Flip at the best price and almost instantly. Register and verify your account and you will be able to acquire your first Wrapped Bitcoin’s quickly and safely.
Backup in Bitcoin: As mentioned, WBTC is a Bitcoin backed digital currency, which means that there will always be a reserve of Bitcoin for every WBTC issued. This is because every time a WBTC token is issued, an equivalent amount of Bitcoin is required to be stored in a vault guarded by a trusted organization.
Operations on the Ethereum network: WBTC uses Ethereum’s ERC-20 technology for its operation, which means that it can be stored in any wallet that supports ERC-20 tokens. Additionally, because it is based on the Ethereum network, users can take advantage of network functionality such as smart contracts to perform a variety of financial and trading operations.
Other investment options: Another benefit of WBTC is that it allows investors to diversify their investment portfolios. For example, an investor holding a large amount of Bitcoin can convert part of their investment into WBTC and use it in Ethereum applications, while still maintaining exposure to the value of Bitcoin.
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Ccoins is the fastest and safest platform to trade crypto assets
No, at Ccoins we have created a very intuitive and simple system so that all people, whether they are experts or apprentices, can easily acquire Cryptocurrencies such as Wripped Bitcoin through Ccoins Flip.
Yes, with Ccoins you can send any Cryptocurrency including WBTC, and the best thing is that you can send it to whoever you want and to the country you want at a low cost.
It is very important since WBTC allows us to compare the advantages of Bitcoin in the broad ecosystem of Ethereum, which by means of this gives us a wider margin of action when investing.