Wrapped Bitcoin, an Ethereum based token, backed by bitcoin launches
Wrapped bitcoin (WBTC) is an Ethereum (ETH) based crypto token backed by the bitcoin (BTC). It has launched on January 30th, 2019 on the crypto network’s website officially. The currency is an initiative by the BitGo, Kyber network liquidity and others, which is a blockchain security company.
BitGo security firm officially announced that the development of the coin backed 1:1 with the bitcoins. It also said that the Wrapped Bitcoin will offer the users with huge different tokens of the new decentralized exchanges (DEX) as secured for the stable coins or lending for the payments and flexible digital contracts with the Ethereum blockchain bitcoins (WBTC) are Ethereum 20 tokens. They are the tokens which are designed by the developers and to get used on the Ethereum platform. This Ethereum (ETH) platform makes the well-organized tokens design of the new. They also offer the sort of templates by the developers who can build the tokens. They are sparing them from coding the new crypto tokens.
Wrapped bitcoins (WBTC) allows the new applications and also some of the new cases for the bitcoins on the Ethereum (ETH) network. Wrapped bitcoins reported that the liquidity of the bitcoin’s to the Ethereum token can be possible by bringing up the tokens for the users or the traders to use the bitcoins valued on decentralized exchanges.
According to Bitcoin chart, the Bitcoin exchange rate went up to more than $1,100 last December. That was when more people became aware about the digital currency, then the incident with Mt. Gox happened and it dropped to around $530. In 2014, We expect exponential growth in the popularity of bitcoin around the world with both merchants and consumers, Stephen Pair, BitPay’s co-founder and CTO, âand anticipate seeing the biggest growth in China, India, Russia and South America.
India has already been cited as the next likely popular market that Bitcoin could move into. Africa could also benefit hugely from using BTC as a currency-of-exchange to get around not having a functioning central bank system or any other country that relies heavily on mobile payments. Bitcoin’s expansion in 2014 will be led by Bitcoin ATMs, mobile apps and tools.
World Experiences Bitcoin: More people have accepted the use of Bitcoin and supporters hope that one day, the digital currency will be used by consumers for their online shopping and other electronic deals. Major companies have already accepted payments using the virtual currency. Some of the large firms include Fiverr, TigerDirect and Zynga, among others.
Bitcoin works, but critics have said that the digital currency is not ready to be used by the mainstream because of its volatility. They also point to the hacking of the Bitcoin exchange in the past that has resulted in the loss of several millions of dollars.
Wrapped bitcoins are smart contracts which have been audited by the third party agency firms. There will be a proof of reserve by showing an exact 1:1 ratio of minted wrapped bitcoins to bitcoins is observable on blockchain system.
Pricing data for the wrapped bitcoins are available on the website of CoinMarketCap. The coin is trading at 3504.98 dollars. It is higher than the value of a bitcoin. The bitcoin value is trading at 3501.28 dollars.
BitGo, a security company has become a certified cryptocurrency custodian company. It is done through the acquisition of the trust company charter which is in the American state of South Dakota. The company became subject to the regulatory oversight in the compliance with the KYC policy and the anti-money laundering policy.