Wrapped Bitcoin Price Today - WBTC Live Charts
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MarketCap$ 12,464,870,454
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Volume$ 183,313,516
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Change0.44%
Wrapped Bitcoin
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Overview: What Is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is an Ethereum ERC-20 token that, put simply, represents Bitcoin (BTC) on the Ethereum smart contract blockchain so it can be used within Ethereum’s decentralized finance (DeFi) ecosystems.
WBTC can be exchanged on a 1:1 basis with Bitcoin, so Wrapped Bitcoin price matches the price of Bitcoin (BTC). Bitcoin holders can give their Bitcoin (BTC) to merchants who verify the holdings, then custodians hold the Bitcoin being wrapped, and they mint and burn the Wrapped Bitcoin (BTC) tokens in exchange. The coin holders can then use WBTC in DeFi platforms.
What Makes Wrapped Bitcoin Unique?
Wrapped tokens are relatively new innovations in crypto, but there are a few projects. Wrapped Bitcoin (WBTC) brings Bitcoin’s value and liquidity across to the smart contract functionality and DeFi capabilities of Ethereum, contributing to the growth of the ecosystem. Wrapped Bitcoin (WBTC) doesn’t have the same level of security and decentralization as Bitcoin because it is managed by the creators and doesn’t rely purely on code like Bitcoin.
Wrapped Bitcoin is a collaborative project initially developed by BitGo Inc., Kyber Network, and Ren. This consortium released its whitepaper in 2019, and WBTC was launched shortly afterward. The protocol started with eight merchants facilitating the WBTC wrapping and minting process, with more added later. The WBTC blockchain protocol is controlled by a decentralized autonomous organization (DAO) with over 40 members representing stakeholders.
How Are Wrapped Bitcoin (WBTC) Created?
Bitcoin (BTC) holders can request Wrapped Bitcoin tokens from a merchant. The merchant verifies the BTC holder’s identity following Know Your Customer (KYC) and Anti-Money Laundering (AML) processes and then passes the transaction to a custodian in the protocol. BitGo is currently the custodian and is responsible for storing the given Bitcoin (BTC) and minting and burning the new WBTC.
How Does WBTC Work?
Once the Wrapped Bitcoin (WBTC) custodian, BitGo, mints the WBTC, the coins are sent to the merchant who performs the exchange of BTC for WBTC either via a centralized exchange (CEX) or an atomic swap on a decentralized exchange. The WBTC can then be used in compatible DeFi projects.
WBTC can be exchanged back for your Bitcoin (BTC) at any point through the merchant, who then destroys the WBTC. If you are looking to find out, “Can I send Wrapped Bitcoin to a Bitcoin wallet,” the answer is no because WBTC is an Ethereum token.
Wrapped WBTC Bitcoin price prediction for 2025
As Wrapped Bitcoin (BTC) is exchanged for Bitcoin (BTC) on a 1:1 basis, and all WBTC has the same value in BTC with the custodian, Wrapped Bitcoin price will always follow Bitcoin price exactly. A Wrapped Bitcoin price prediction will be the same as a Bitcoin (BTC) price prediction. If you want to know “Is Wrapped Bitcoin a good investment?” then you should follow both Bitcoin (BTC) price predictions and use cases as well as Wrapped Bitcoin (BTC) developments.
Wrapped Bitcoin vs. Bitcoin
If you’re wondering, is Wrapped Bitcoin the same as Bitcoin? The answer is no, although they maintain the same price as one is exchanged for the other. Wrapped Bitcoin (WBTC) is a way to own Bitcoin on the Ethereum blockchain and use it in DeFi projects. Bitcoin itself doesn’t have smart contract functionality; instead, it’s a store of value or an asset like gold, although it can be used to make payments. Wrapped Bitcoin (WBTC) and other Ethereum ERC-20 tokens have much more functionality.
Where Can You Buy Wrapped Bitcoin (WBTC)?
Where to buy wrapped Bitcoin is simple: WBTC is offered by many major exchanges, and if you’re already using a well-known exchange, there’s a good chance they offer trading of the coin. If you are looking to exchange BTC for WBTC, then you’ll need a WBTC merchant.
Most frequently asked questions about Wrapped Bitcoin
What Is Wrapped Bitcoin Used For?
Wrapped Bitcoin (WBTC) is used for Ethereum-based and DeFi projects as well as for trading. Wrapped Bitcoin (WBTC) is exchanged for Bitcoin (BTC) and has the same value but far more functionality in the blockchain ecosystem.
Is Wrapped Bitcoin safe?
You might ask, is Wrapped Bitcoin safe? Or is Wrapped Bitcoin better than Bitcoin? Compared to Bitcoin (BTC), some might say Wrapped Bitcoin (WBTC) is less safe as its protocol is deemed less secure than Bitcoin’s, which is operated by code. All cryptocurrencies are at risk of market volatility, regulatory changes, technical issues, and hacks at varying degrees.
What are the disadvantages of Wrapped Bitcoin?
One of the disadvantages of Wrapped Bitcoin is that the blockchain protocol is seen as somewhat less secure than Bitcoin’s blockchain and that there are merchants and a single custodian involved in holding Bitcoin reserves.
What is the benefit of Wrapped Bitcoin?
The key benefit of Wrapped Bitcoin vs. Bitcoin is that Wrapped Bitcoin can be used in Ethereum and DeFi projects.
Is Wrapped Bitcoin better than Bitcoin?
When comparing Wrapped Bitcoin vs. Bitcoin, you need to consider your plans for your cryptocurrency holdings. If you want to get involved in DeFi platforms and projects, then Wrapped Bitcoin (BTC) might work for you. If you want to keep your Bitcoin (BTC) purely as an investment, then Bitcoin might be a better choice. Thorough research and keeping up to date with the cryptocurrency sector and its risks are always important.
Author : Marcel Deer
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