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About Wrapped Bitcoin(WBTC)
What Is Wrapped Bitcoin?
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin on Ethereum. It represents Bitcoin in a 1:1 ratio, where each WBTC token is backed by an equal amount of Bitcoin held in reserve by custodians. These custodians are reputable entities responsible for safeguarding the underlying Bitcoin and minting new WBTC tokens when users deposit Bitcoin, and more.
The primary purpose of WBTC is to enable Bitcoin holders to access the world of DeFi. Since Ethereum has become more popular in decentralized finance, a significant portion of DeFi applications, protocols, and services are built on its blockchain. By wrapping Bitcoin in an ERC-20 token format, it becomes compatible with the Ethereum network, opening up a multitude of possibilities for the holders.
Resources
Whitepaper: https://www.wbtc.network/assets/wrapped-tokens-whitepaper.pdf
Official website: https://wbtc.network
How does Wrapped Bitcoin work?
The process of obtaining Wrapped Bitcoin is relatively straightforward. Users who wish to access DeFi services using their Bitcoin start by depositing their BTC into a designated custodial address. These custodians are reputable and audited entities responsible for holding the Bitcoin reserves in a secure and transparent manner.
Once the Bitcoin is verified and confirmed, an equivalent amount of WBTC is minted and issued to the user's Ethereum address. This WBTC is now fungible and can be seamlessly traded, lent, borrowed, and utilized within various DeFi protocols. It retains its one-to-one peg with the original Bitcoin, which ensures that WBTC holders can always redeem it for the same amount of Bitcoin as the reserve.
The interoperability of WBTC with Ethereum's smart contracts empowers users to access a diverse range of decentralized financial products, including decentralized exchanges, lending platforms, yield farming, and more, while still benefiting from Bitcoin's underlying value and security.
What Determines Wrapped Bitcoin's Price?
The wrapped Bitcoin price (WBTC price today) is influenced by various factors, primarily dictated by its peg to Bitcoin (BTC). WBTC is an ERC-20 token on the Ethereum blockchain, backed one-to-one with Bitcoin. Consequently, the current WBTC price often mirrors its underlying asset, Bitcoin. In other words, the real-time wrapped Bitcoin price and the BTC/USD exchange rate are closely tied. The WBTC/USD exchange rate is highly dependent on the BTC/USD exchange rate. Additionally, the WBTC market cap—a reflection of the total value of all WBTC tokens in circulation—plays a crucial role in determining WBTC price stability.
You can explore the WBTC price history through the Wrapped Bitcoin price chart, which usually shows a strong correlation with Bitcoin's price movements. However, the WBTC trading price isn't solely influenced by the Bitcoin to USD rate. Other factors like liquidity, demand in decentralized finance (DeFi) platforms, and overall market sentiment in the cryptocurrency sphere also play a role. WBTC price analysis often includes considerations like its utility in DeFi lending platforms, derivatives platforms, and decentralized exchanges (DEXs). Live WBTC price updates and WBTC price forecast models are also shaped by the regulatory landscape and any significant crypto market news.
The creation (minting) and destruction (burning) of WBTC tokens are managed by a decentralized autonomous organization (DAO). This organization involves various merchants and custodians, ensuring that WBTC price live updates reflect the actual BTC reserves, thereby adding another layer of trust and stability to the WBTC exchange rate.
So, if you find yourself asking, "How much is wrapped Bitcoin?", the answer usually lies in its peg to Bitcoin, its utility in Ethereum-based DeFi ecosystems, and broader market conditions. Whether you're looking at the WBTC price in EUR, GBP, or any other currency, these key factors will guide you in understanding the price of wrapped Bitcoin.
Conclusion
In conclusion, Wrapped Bitcoin has revolutionized the cryptocurrency landscape by enabling Bitcoin holders to tap into the vast potential of DeFi without relinquishing ownership of their valuable BTC. Its seamless integration with the Ethereum ecosystem has brought new opportunities for both Bitcoin and DeFi enthusiasts, fostering further collaboration between the two worlds.
It's important to note that like any other cryptocurrencies, Wrapped Bitcoin carries its own risks and it's always wise to do your own research and exercise caution while investing.
WBTC to local currency
Crypto calculator- 1 WBTC to USD$61,554.61
- 1 WBTC to JPY61554.605
- 1 WBTC to VND61554.605
- 1 WBTC to RUB61554.605
- 1 WBTC to EUR (Español)61554.605
- 1 WBTC to TRY61554.605
- 1 WBTC to EUR (Italiano)61554.605
- 1 WBTC to EUR (Français)61554.605
- 1 WBTC to EUR (Deutsch)61554.605
- 1 WBTC to CNY61554.605
- 1 WBTC to TWD61554.605
- 1 WBTC to EUR (Português)61554.605
- 1 WBTC to IDR61554.605
- 1 WBTC to THB61554.605
- 1 WBTC to PLN61554.605
- 1 WBTC to UAH61554.605
- 1 WBTC to UZS61554.605
- 1 WBTC to SAR61554.605
- 1 WBTC to PHP61554.605
How to buy Wrapped Bitcoin (WBTC)
Trade WBTC perpetual futures
After having successfully signed up on Bitget and purchased USDT or WBTC tokens, you can start trading derivatives, including WBTC futures and margin trading to increase your income.
The current price of WBTC is $61,554.61, with a 24h price change of -1.77%. Traders can profit by either going long or short onWBTC futures.
Join WBTC copy trading by following elite traders.
Wrapped Bitcoin news
See moreBlackRock Revises Spot Bitcoin ETF Proposal Ahead of Rumored SEC Approvals
Black Rock's ETF proposal now includes cash redemptions, a concession to the SEC that may improve the fund's approval odds.
Bitcoin Is Coming to Sushi as DeFi Platform Expands to ZetaChain
The move allows users to access the liquidity of bitcoin on decentralized finance (DeFi) without going through intermediaries like wrappers.
Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally
“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE.”
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Wrapped Bitcoin Social Data
In the last 24 hours, the social media sentiment score for Wrapped Bitcoin was 3, and the social media sentiment towards Wrapped Bitcoin price trend was Bullish. The overall Wrapped Bitcoin social media score was 0, which ranks 663 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Wrapped Bitcoin being mentioned with a frequency ratio of 0.01%, ranking 451 among all cryptocurrencies.
In the last 24 hours, there were a total of 285 unique users discussing Wrapped Bitcoin, with a total of Wrapped Bitcoin mentions of 53. However, compared to the previous 24-hour period, the number of unique users increase by 8%, and the total number of mentions has decrease by 40%.
On Twitter, there were a total of 1 tweets mentioning Wrapped Bitcoin in the last 24 hours. Among them, 0% are bullish on Wrapped Bitcoin, 0% are bearish on Wrapped Bitcoin, and 100% are neutral on Wrapped Bitcoin.
On Reddit, there were 7 posts mentioning Wrapped Bitcoin in the last 24 hours. Compared to the previous 24-hour period, the number of mentions increase by 17% . Additionally, there were 0 comments mentioning Wrapped Bitcoin. Compared to the previous 24-hour period, the number of mentions decrease by 0%.
Visão geral das redes sociais
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