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What is Wrapped Bitcoin ?

Wrapped Bitcoin or WBTC is a new way of using Bitcoin on the Ethereum Blockchain.It is the new and popular version of the famous cryptocurrency Bitcoin tokenized for the use of the popular blockchain network, Ethereum.

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What is Wrapped Bitcoin ?

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  1. What is Wrapped Bitcoin? www.bitdeal.net

  2. What is Wrapped Bitcoin? Wrapped Bitcoin or WBTC is a new way of using Bitcoin on the Ethereum Blockchain.It is the new and popular version of the famous cryptocurrency Bitcoin tokenized for the use of the popular blockchain network, Ethereum. In simple terms, Wrapped Bitcoin is nothing but the tokenized version of the famous cryptocurrency Bitcoin which runs on the Ethereum Blockchain network. Through this WBTC, we can bring the liquidity of Bitcoin to the Ethereum network. The major use cases of WBTC lies in decentralized finance, shortly termed as DeFi.

  3. What is WBTC Coin? According to Market Cap, the WBTC coin is Ethereum's 6th largest token and as of now, there is 116,885 WBTC recorded and which accounts for $1.58 billion. Thus WBTC coin is an ERC 20 token that is backed up with 1:1 BTC and held at Bitgo Trust and users can wrap and unwrap BTC through their CoinList wallet. WBTC coin standardizes the Bitcoin to the ERC 20 format, creating smart contracts for Bitcoin on Ethereum Blockchain. Now users can wrap and unwrap BTC on the DeFi based DEX platforms which supports swapping of WBTC.

  4. Benefits of WBTC Coin • The wrapped BTC or wrapped token gives the owner the complete freedom to access or explore other blockchain networks. • WBTC is made to use BTC on Ethereum blockchain, and as there are many DeFi protocols and dapps on Ethereum Blockchain network rather than the Bitcoin network. • Many DeFi protocols allow for the borrow and lend of WBTC as collateral. • Can be locked up in smart contracts and crypto loans that can be paid with DAI stablecoins. • The wrapped Bitcoin projects are overseen by WBTC DAO and many DeFi protocols are supported for WBTC.

  5. How can one get the WBTC Coin? Step 1 : Create an account on the CoinList. Step 2 : Provide all the ID information and this platform involves 2FA for security purposes. Step 3 : Deposit/Store Bitcoin on CoinList which is completely free. Step 4 : After depositing bitcoin in CoinList wallet, you can wrap it to create WBTC. Step 5 : Wrapping, just take one step, clicking the button "Wrap" on your BTC wallet.

  6. How do Wrapped Bitcoins Work? Bitcoin is the most familiar and widely used cryptocurrency. Now the crypto world is moving fast in the adaptation of DeFi, the decentralized finance. Most of the DeFi protocols or dapps are built on the Ethereum blockchain network. Since there is no bridge that connects Bitcoin and Ethereum. Thus, people who use Bitcoin suffer using DeFi platforms. To eliminate this issue, the concept of wrapped Bitcoin arises and which increases the liquidity of the DeFi protocols. WBTC is thus a way of using Bitcoins in the Ethereum blockchain and DeFi products.

  7. How long does it take to wrap & unwrap BTC? A CoinList manages its own pool of Bitcoins and Wrapped Bitcoins, which makes the process of wrapping and unwrapping of BTC immediate. When the demand is high, CoinList affiliates can run out temporarily and the wrapping services will be paused until the pool is replenished. When there is demand, you may choose to hold your funds to convert automatically. This situation can be addressed within 6 or 24 hours.

  8. Wrapped Bitcoin Price Prediction Wrapped Bitcoin has a greater future and this WBTC can be a profitable investment in recent days. If you are planning to invest in any cryptos in the nearer or future, then Investing in WBTC would be the best choice, as this WBTC coin is being the 6th largest Ethereum Coin in the crypto space. There are a lot more predictions on the price of WBTC in 2020- 2025. The current price of WBTC is 17094.30 USD, and the predicted price of WBTC is $45355.041714(114,341%).

  9. Know More Here !! What is Wrapped Bitcoin (WBTC) ?

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