Metaverse Coins | Wrapped Bitcoin | What Is WBTC
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Welcome to Our Metaverse Coins Video!
DO MORE WITH YOUR BITCOIN
Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token.
WHY DO YOU NEED WBTC?
WBTC brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) and financial applications. Today, the majority of trading volume takes place on centralized exchanges with Bitcoin. WBTC changes that, bringing Bitcoin’s liquidity to DEXs and making it possible to use Bitcoin for token trades.
WBTC standardizes Bitcoin to the ERC20 format, creating smart contracts for Bitcoin. This makes iteasier to write smart contracts that integrate Bitcoin transfers.
Maintaining various nodes and managing transaction types in order to support multiple currencies can be onerous. Now exchanges, wallets, and payment apps only need to handle an Ethereum node.
How it Works
To receive WBTC, a user requests tokens from a merchant. The merchant then performs the required KYC / AML procedures and verifies the user’s identity. Once this is completed, the user and merchant execute their swap, with Bitcoin from the user transferring to the merchant, and WBTC from the merchant transferring to the user.
Minting refers to the process of creating new wrapped tokens. Minting in the wrapped framework is initiated by a merchant and performed by a custodian.
Burning is the action of redeeming Bitcoin for WBTC tokens, and only merchant addresses can do this. The amount to be ‘burnt’ is deducted from the merchant’s WBTC balance (on chain) and the supply of WBTC is then reduced.
DEVELOPED FOR TRADERS, INSTITUTIONS, AND DAPPS
Limited to ERC20 tokens, decentralized exchanges suffer from low trading volume and liquidity. With Wrapped BTC, users experience increased liquidity and participation. The Ethereum network processes transactions faster than the Bitcoin network, but Bitcoin holders don’t have to wait anymore. With WBTC, moving Bitcoin between exchanges is much faster.
Handling multiple cryptocurrencies across different nodes and transaction formats is no longer a concern for decentralized application users like exchanges, wallets, and payment services. WBTC combines the benefits of Ethereum and Bitcoin, making it simple to handle the wrapped currency with only the Ethereum node.
Decentralized applications can now leverage Bitcoin payments in smart contracts for lending protocols, funds, prediction markets, and token sales.
The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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0:19 wbtc introduction