Wrapped Bitcoin 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Wrapped Bitcoin?
How to buy WBTC?
How it works?
How to get involved?
Everything you need to know about Wrapped Bitcoin for beginners, we delve into all the information you will need to get started.
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Music in this video:
Ymligan - Valante
Oorun - Valante
Ysii - Valante
Read our video script:
Wrapped Bitcoin is the first Bitcoin-backed token that makes Bitcoin compatible with the Ethereum chain. This token standardizes Bitcoin to the ERC20 format and the key advantage of using Wrapped Bitcoin is its integration with Ethereum wallets, dApps (decentralized apps), and smart contracts. Decentralized applications can now leverage Bitcoin payments in smart contracts for lending protocols, funds, prediction markets, and token sales. This Ethereum-based token is designed to bring increased liquidity to DeFi (decentralized finance) apps, and BTC holders can lend their Bitcoin in the form of Wrapped BTC to earn interest. It is completely transparent, 100% verifiable and led by the Bitcoin community.
The developers of the Wrapped Bitcoin protocol are BitGo Inc, Kyber Network, and Ren. Wrapped BTC launched on the Ethereum mainnet in January 2019 and the token was launched with eight merchants facilitating bitcoin-to-wBTC conversions. The project is now controlled by a Decentralized Autonomous Organization (DAO) called the WBTC DAO, consisting of more than 30 members. WBTC is managed by a group of organizations working under the DeFi banner to help provide more sophisticated financial services.
Wrapped bitcoin enables interoperability between Bitcoin and Ethereum, allowing bitcoin holders to participate in the Ethereum ecosystem. WBTC is an ERC20 token that can be traded on decentralized exchanges such as Kyber or Uniswap. Each WBTC ERC-20 token is pegged to a Bitcoin token, meaning that you can convert any Bitcoin over to wBTC using various exchanges. You can also convert your wBTC back into traditional BTC whenever you desire and this flexibility allows users to seamlessly shift between wBTC and BTC to suit their investment strategies.
To buy Wrapped Bitcoin, you will need to open an account with a crypto exchange that supports wBTC. Most major exchanges such as Binance, Coinbase and Gemini, facilitate the trading of WBTC. Alternatively, if you already own ETH or BTC tokens, you can use a decentralised exchange like Uniswap, Dharma or Kyber to convert them for wBTC.
For the security of your digital assets, you should consider transferring your wBTC tokens to a digital wallet, as keeping your tokens on the exchange you purchased them on means you don’t own the private keys. The best wallets to store Wrapped Bitcoin are the KeepKey hardware wallets, or Eidoo and Argent software wallets.
WBTC undergoes regular audits and publishes all on-chain transactions and verifications for the Bitcoin and Ethereum networks, which increases transparency and encourages trust. The Ethereum network gives you access to the largest ecosystem in the crypto market as well as exclusive wallets, dapps and games, and WBTC makes integration easy. Wrapped Bitcoin reduces volatility levels that cause price instability by introducing the liquidity of Bitcoin to the Ethereum ecosystem. Transactions are authorised faster than Bitcoin transactions, allowing you to efficiently move between wBTC, BTC and ETH wallets and exchanges. Without Wrapped Bitcoin, more time and money is needed to change Bitcoin into Ethereum and WBTC allows BTC holders to participate in DeFi (decentralized finance) projects.
Wrapped Bitcoin has opened the door for Bitcoin holders to engage in the Ethereum DeFi ecosystem, enabling a higher level of interoperability and participation in projects and markets. The token is now available at leading crypto exchanges, making it easier than ever to start trading Wrapped Bitcoin, or converting BTC and ETH into WBTC. It is now possible for Bitcoin holders to seamlessly engage with Ethereum’s DeFi ecosystem, making wBTC a great investment. You can benefit from Bitcoin’s liquidity and market value, while enjoying Ethereum’s dApps, projects and infrastructure.
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