Wrapped Bitcoin is an ERC-20 token backed by Bitcoin at a 1-1 ratio. This means WBTC is always worth the same amount as one Bitcoin, and for every WBTC minted, a custodian holds one Bitcoin. Because WBTC works on the Ethereum blockchain, it allows Bitcoin to interact with smart contracts and decentralized exchanges. All WBTC reserves are backed by trusted custodians, and minting of WBTC is facilitated by specific merchants. WBTC is operated by WBTC DAO, a decentralized autonomous organization.
You can use a Zengo wallet to easily buy, trade, and hold WBTC. With Zengo’s non-custodial wallet, your Wrapped Bitcoin will be easy to access, and you can relax knowing they are always recoverable. Zengo is the safest and most secure option for beginners without sacrificing the powerful functionality crypto veterans rely on.
Zengo has all the best features a crypto wallet needs. Imagine 24/7 access to your tokens, lightning-fast trades, guaranteed recovery, and state-of-the-art security keeping you safe from hackers. Find out why so many crypto users choose Zengo:
A Zengo wallet makes tracking your WBTC effortless. Zengo easily replaces overly-complex crypto management apps or constantly switching between multiple exchanges. Zengo keeps all the essentials in one place, so you never miss a move in the crypto market.
Sending and receiving your WBTC has never been so simple and secure! With Zengo, a couple of quick swipes sends WBTC wherever you need it. To receive, share your wallet address with a sender, and the Zengo app will send a push notification and email when the tokens arrive.
Zengo provides a secure fiat to WBTC payment gateway that allows convenient payment methods such as Mastercard, VISA, SWIFT, mobile payment apps, SEPA, and Bank Transfer (available only in the EU or UK, with minimum amounts required).
With Zengo, you can safely hold WBTC tokens for as long as you like. Even if you lose or change your device, Zengo’s state-of-the-art security protocols and recovery methods will ensure that you always have access to your coins.
With the Zengo savings service, interest rates higher than many fiat banks are at your fingertips. However, be aware that interest rates only apply to certain coins. Keep an eye open for deals because different offers are always coming online.
Thinking about stocking up on WBTC? Here is a high-level view of the project:
WBTC is a “wrapped” version of Bitcoin that can be used across blockchains, traded on decentralized exchanges, or used with smart contracts that Bitcoin normally isn’t compatible with.
WBTC was created so Bitcoin could be used on the Ethereum blockchain and be able to interact with decentralized finance applications. The introduction of WBTC brings billions of dollars of liquidity onto Ethereum.
He then developed the concept of community-run technology powering cryptocurrency, which eventually led to the development of the Ethereum blockchain.
WBTC can be used by Defi protocols allowing lending, participation in prediction markets, yield farming, and trades on decentralized exchanges. WBTC is also regarded as a store of value.
WBTC was announced in October 2018, and in 2019, it published its whitepaper when launching in January 2019 on several different platforms within Ethereum.
WBTC is minted, not mined. Designated trusted merchants and custodians complete the process of minting, burning, or wrapping Bitcoin. Smart contracts of WBTC DAO track the process.
The total supply of WBTC is always changing because it depends on how many tokens are minted and burned. The wrapped tokens are burned when changed back into Bitcoin. The total supply can be observed on Etherscan here.
WBTC is an ERC-20 token that runs on the Ethereum blockchain. Bitcoin and Ethereum are two different blockchains and Wrapped Bitcoin tokens are not the same as “real” Bitcoins. A WBTC token represents the same value as Bitcoin on the Ethereum blockchain.
The value of WBTC always stays at 1 BTC because each WBTC is backed by 1 Bitcoin. When the price of Bitcoin changes, the price of WBTC is updated by the WBTC DAO.
WBTC is an ERC-20 token operating on the Ethereum blockchain.
WBTC was created by a collaboration between many trusted organizations in the crypto industry.
WBTC is pegged to Bitcoin, meaning the price is always the same as Bitcoin.
Changes in merchants and custodians managing BTC are managed by a multi-sig contract.
Every Wrapped Bitcoin is backed by one Bitcoin held by trusted custodians.
All reserves of WBTC can be verified by anyone on-chain.
WBTC allows Bitcoin to be used in Ethereum smart contracts and DeFi.
WBTC DAO is a decentralized autonomous organization.
WBTC has opened the doors for many developers to use BTC, which was previously unavailable.
Wrapped bitcoin adds needed liquidity to decentralized exchanges.
BitGo, a founding partner of WBTC, has received funding from Goldman Sachs and Mike Novogratz.
The creation of WBTC has greatly increased the use cases of BTC.
WBTC has been criticized for not being very decentralized.
WBTC uses a DAO structure to reduce the number of middlemen.
Zengo is a one-stop-shop for all your cryptocurrency needs. The wallet has several unique features that make trading a breeze, whether you are highly experienced or a complete beginner.
With Zengo, you can access your crypto portfolio at any time. Buy, trade, view, or send Ethereum to friends and family on the go, whenever you need to. Unlike other wallets, there are no minimums, no maximums, and no expensive transaction fees. Just safe and simple transacting.
Zengo ensures the security of your assets with a combination of 3-factor authentication, sophisticated facial recognition technology, and threshold key signature (TSS). Using Zengo, you can rest assured that your funds are safe and secure from hackers at all times.
With a few simple swipes, tokens in a Zengo wallet WBTC can be received, sent, bought, and sold. Zengo is quick and easy to understand, so you always have complete control over your crypto assets. There are no minimums or maximums with the Zengo wallet, just essential tools to manage your crypto in whatever way you need.
Zengo will be able to restore access to your wallet and your coins through its authentication methods. If you lose your device at any time, our helpful agents will help you recover access in no time.
At Zengo, we love automation and technology but not for our helpdesk. Find live support agents directly in the app, whenever you need them. We’re available 24/7. Zengo will help new crypto investors every step of the way.
Buying WBTC isn’t difficult. Search for the Zengo app in Google Play or the App Store. After you download and install the app, follow the steps to verify your identity. Once you have completed the setup, navigate to the home screen and start buying crypto.
Zengo is the perfect wallet to hold WBTC for the long term. Zengo’s advanced biometrics and security keep your WBTC away from hackers. Even if something happens to your device, you can trust Zengo to always recover your assets.
In order to be able to hold your WBTC tokens, you need a secure wallet such as Zengo, which acts as proof of ownership for your tokens. Zengo’s WBTC wallet is very popular because it allows you to send, receive, trade, or hold your tokens effortlessly without compromising security.
Zengo makes it easy for you – just follow these five steps:
Welcome to the world of crypto and Web 3!
The moment you create your Zengo account, a unique wallet address is generated. To find your address, select WBTC on the home screen and swipe to the right. The screen will show a string of numbers and letters – this is the WBTC wallet address. To receive WBTC, share this address with the sender. The most direct way to share the address is to have someone scan the QR code shown.
To gift Wrapped Bitcoins, first ensure the person’s wallet supports WBTC. If they can’t receive WBTC, shoot them an invite to join Zengo! To send WBTC, select the token on the home screen, and swipe left. Enter your friend’s wallet address into the prompts. Choose send, and then the person can check for a notification saying the WBTC has arrived in their wallet.
You can send WBTC with a couple of quick taps! Find WBTC on the Zengo home screen and then swipe left. Have the receiver share their wallet address, enter it into the prompts, and hit send. When the funds arrive in the receiver’s wallet, his wallet should notify him. In case he does not have a crypto wallet, you can invite him to try Zengo.
To receive WBTC, share your wallet address with the person sending you coins. Find your WBTC on the home screen. Select it, and swipe to the right. The string of numbers and letters shown is your WBTC wallet address. It’s also possible to have the sender scan the QR code if you are in person. Zengo will send a notification when the funds arrive.
Disclaimer: The information provided herein is for educational purposes only. Zengo does not provide any investment or financial advice whatsoever. As with any financial or investment decision, conduct your own research and due diligence to properly evaluate the benefits and risks of any investment or financial transaction and seek the advice and guidance of qualified financial professionals, in connection with any investment or financial transaction.