Wrapped Bitcoin (WBTC) is a blockchain solution that enables students and educational institutions to create and customize their own tokens and NFTs. In this article, we will answer the question of what Wrapped Bitcoin (WBTC) is on Kriptohaber.com.tr. We will also delve into the establishment, purpose, and price of Wrapped Bitcoin (WBTC). Enjoy your reading.
What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is an interesting product in the cryptocurrency world that acts as a bridge between Bitcoin (BTC) and Ethereum (ETH). WBTC wraps Bitcoin onto the Ethereum blockchain, turning it into an ERC-20 token. This allows Bitcoin holders to integrate their Bitcoin into the Ethereum ecosystem.
WBTC stands for “Wrapped Bitcoin.” Each WBTC is equivalent to one Bitcoin, meaning 1 WBTC = 1 BTC. This implies that WBTC holders can always convert a WBTC into a real Bitcoin or vice versa.
This concept facilitates Bitcoin holders’ participation in decentralized finance (DeFi) applications on Ethereum. DeFi is a rapidly growing sector in the crypto world, involving activities like lending, borrowing, providing liquidity, and more. WBTC provides Bitcoin holders access to these DeFi applications because Bitcoin cannot directly interact with Ethereum.
The project behind WBTC was created through a collaboration of major companies like BitGo, Kyber Network, Compound, and MakerDAO. The project’s goal is to bring Bitcoin into Ethereum and integrate it into a broader crypto ecosystem. WBTC is currently managed by a group called WBTC DAO, ensuring the security and governance of WBTC.
In conclusion, Wrapped Bitcoin (WBTC) is a significant crypto asset that bridges Bitcoin with Ethereum, providing Bitcoin holders with the opportunity to engage with DeFi applications. This is a growing trend in the crypto world, offering Bitcoin holders greater flexibility and utility.
What Is the Total Supply and Current Price of Wrapped Bitcoin (WBTC)?
The total supply of Wrapped Bitcoin (WBTC) for the project is 277,178 WBTC. This represents the total WBTC created and issued in the market. However, the total supply of WBTC is not fixed and can change through the process of minting and burning WBTC.
The currently circulating supply reflects the current market status of the project. This number represents the amount of WBTC actively circulating and being traded in the market. The circulating supply can change over time based on the project’s usage and demand.
Additionally, WBTC has a significant 24-hour trading volume, indicating that it is actively bought and sold on cryptocurrency exchanges. High trading volume reflects WBTC’s liquidity and popularity.
WBTC has a substantial market capitalization of $11,438,737,241, indicating that it is a large cryptocurrency asset and holds an important place in the crypto community.
The current trading price of WBTC is $40,956.82, but this price can change over time as cryptocurrency markets are highly volatile. WBTC reached its all-time high price of $70,643.40 in November 2021, indicating its price can vary based on developments, demand, and supply in the crypto market.
In conclusion, the total supply, current price, and market capitalization of Wrapped Bitcoin (WBTC) are significant data points that provide insights into the success and popularity of the project. These data points are important for investors and the crypto community as they influence the value and utility of WBTC.
Where Can You Buy Wrapped Bitcoin (WBTC)?
WBTC is traded on many cryptocurrency exchanges, including popular ones like Binance, Coinbase, Kraken, Bitfinex, and KuCoin.
Decentralized finance (DeFi) platforms are another option to trade WBTC with other cryptocurrencies or provide liquidity. You can find WBTC on platforms like Uniswap, SushiSwap, and Curve.
Decentralized cryptocurrency exchanges also offer WBTC. You can acquire WBTC through these platforms. Using decentralized exchanges like Uniswap allows you to obtain WBTC.
Some services assist in converting real Bitcoin into WBTC. You can swap actual Bitcoin for WBTC using these services.
Before buying WBTC, it’s essential to choose a reliable exchange or platform and complete the necessary account verification processes. Each platform may have different transaction fees and conditions, so careful research is important.
Wrapped Bitcoin (WBTC) Price
Wrapped Bitcoin (WBTC) is currently trading in the market at 1,004,152.32 Turkish Liras (TRY). There has been a 0.96% decrease in the last 24 hours. Simultaneously, the price of WBTC against the US dollar is 35,334.36 $, and the price against the Euro is 32,915.38 €.
WBTC operates as an ERC-20 token on the Ethereum blockchain. This allows the token to be easily stored in Ethereum-based wallets and interact with the Ethereum ecosystem. The total supply of WBTC in the market is unlimited, but the current circulating supply is recorded at 230,261 WBTC.
The price of WBTC can change due to market fluctuations and the price of Bitcoin. Investors and traders monitor WBTC price movements to form their trading strategies. The all-time high price of WBTC was 66,400 $, but as cryptocurrencies are highly volatile, prices can change rapidly.
Wrapped Bitcoin (WBTC) How Does It Work?
Wrapped Bitcoin (WBTC) is an ERC-20 token used on the Ethereum (ETH) network. ERC-20 is a protocol that defines the technical standards for tokens running on the Ethereum blockchain. WBTC is a cryptocurrency that represents Bitcoin and can be used on the Ethereum network. It is an ERC-20 token that operates in a compatible manner on the Ethereum blockchain.
The working principle of WBTC is relatively simple. WBTC facilitates the availability of Bitcoin on the Ethereum network. WBTC allows Bitcoin holders to bring their Bitcoin to the Ethereum network and convert it into WBTC. During this process, WBTC tokens are backed by a custodial system with multi-signatures. The custodian securely holds the users’ Bitcoin, and users receive WBTC in exchange, allowing them to use Bitcoin on the Ethereum network.
WBTC operates in this way, enabling Bitcoin holders to participate in decentralized financial (DeFi) applications, decentralized exchanges, and other Ethereum-based platforms. Additionally, Bitcoin can interact with smart contracts on the Ethereum network, make payments, and perform other transactions. This allows Bitcoin to find more utility within the Ethereum ecosystem, offering users more flexibility and advantages of transferring assets between different blockchains.
In conclusion, Wrapped Bitcoin (WBTC) is an ERC-20 token representing Bitcoin on the Ethereum network, offering Bitcoin holders increased utility within the Ethereum ecosystem. WBTC provides access to DeFi applications, interaction with Ethereum-based smart contracts, and other Ethereum-based transactions. This simplifies the process of moving crypto assets across different blockchains and provides users with greater flexibility.
