What is Wrapped Bitcoin? - Crypto in Plain English - Episode 133 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it31 Mar 2022

What is Wrapped Bitcoin? - Crypto in Plain English - Episode 133 - by cryptohunt.it

What is Wrapped Bitcoin?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let’s take a look at a really interesting crossover of the two most popular blockchains: Wrapped Bitcoin.

Also found under its ticker WBTC, this token isn’t really it’s own currency, but in fact Bitcoin, but traded on Ethereum.

Sounds confusing? We are here to help. Each wrapped Bitcoin represents the value of one actual Bitcoin, but is tradeable on the Ethereum blockchain. You see, while Bitcoin is really just a currency, Ethereum is like a bank and you can transact any financial instrument there, thanks for its smart contracts.

But why would you want to do that in the first place? To get the best of both worlds. Bitcoin is the largest crypto currency by far, and people want to hold it as a store of value, similar to gold. But Bitcoin’s blockchain technology is very outdated at this point: It’s slow, and very expensive to operate. And we haven’t even talked about the climate impact yet!

That’s why the investors of Wrapped Bitcoin thought: What if we can trade Bitcoin on Ethereum, allowing us to own Bitcoin without dealing with its old technology. And it seems like that was a good idea - about 1.5% of Bitcoin are wrapped, a current total of $13bn dollars.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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