What is Wrapped Bitcoin?
Wrapped Bitcoin (WBTC) is a token that runs on the Ethereum blockchain (ERC-20), and this token is pegged to Bitcoin on a 1:1 basis, so the price of WBTC will always be the same as Bitcoin. The amount of Bitcoin that is pledged for the creation of Wrapped Bitcoin is kept in reserve on the BitGo Trust. So that it will be transparent according to the amount of WBTC in circulation, as evidence is that a number of Bitcoins as the basis for creating WBTC have been held in custody.
About Wrapped Bitcoin
Currently Wrapped Bitcoin price is $53,397.21, WBTC is 16th on Coinmarketcap, Total Supply 249,178 WBTC, Market Cap $13,309,121,708.
Where Can I Buy WBTC?
There are many official crypto brokers that support Wrapped Bitcoin such as: Coinbase, Binance, FTX, Uniswap, Kucoin, Huobi, Gate.io, Bittrex etc.
Currently, there are many wallets for receiving, storing and sending Wrapped Bitcoins including: Coinomi, Trust wallet, MetaMask, Atomic wallet, SafePal, Coinbase and Ledger.
Do you know who created wrapped Bitcoin? Why was there need for wrapped Bitcoin? Why do we need Bitcoin on Ethereum network? What's the point of having Bitcoin in Ethereum Network. Does it also have 21 million maximum supply?
@tanya Wow, your questions are so many, but okay I'll try to answer them.
Wrapped Bitcoin created by The Wrapped Tokens project. Wrapped Bitcoin is needed as a bridge between Bitcoin and Ethereum, What's the point of having Bitcoin in Ethereum Network. Of course giving Wrapped Bitcoin holders the freedom to use other blockchains, it is also very useful in DeFi protocols, such as Compound, Kyber network and MakerDAO, allowing borrowers, to use Wrapped Bitcoin as collateral locked in smart contracts. If the maximum supply of Wrapped Bitcoin is 21 million, the amount of Bitcoin in circulation will be exhausted, As I explained in the thread Total Supply is 249,178 WBTC, while the max supply is unknown, because every 1 WBTC collateral 1 BTC. so it's impossible for the max supply amount to be the same as Bitcoin.
@suba - The topic you initiated and the additional information you provided as a response, gave me great clarity on this coin. I checked to be sure and it is available in the USA and it can be paired with USD. It is worth considering for investment purposes.
@suba Thank you very much for taking time to answer the questions. While I might not invest on this coin due to its high price, it feels good to enrich my knowledge on crypto currencies. When investing, I am mainly looking for low valued coins that might grow exponentially some day, for example ADA, Mattic, etc.