How to buy Wrapped Bitcoin (WBTC) in Australia
A beginner's guide to buying and selling WBTC in Australia.
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How to buy Wrapped Bitcoin
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Wrapped Bitcoin.
- Open an account on an exchange that supports WBTC.
Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Wrapped Bitcoin.
- Buy Wrapped Bitcoin.
Complete your Wrapped Bitcoin purchase and then find the best wallet to store WBTC.
What is Wrapped Bitcoin?
Wrapped Bitcoin represents Bitcoin on the Ethereum blockchain. It is an ERC20 token that’s backed 1:1 by Bitcoin held in cold storage by a custodian, BitGo. This token enables quicker Bitcoin transactions on the Ethereum network thus facilitating a quicker implementation of Bitcoin on the Ethereum blockchain. It essentially acts as a bridge between the Ethereum and Bitcoin blockchain. WBTC is currently the most prominent wrapped token setting an example for why wrapping tokens is beneficial to the cryptocurrency community.
Wrapped Bitcoin (WBTC) is the 21st largest cryptocurrency in the world by market cap, valued at $7,376,259,197. The current price of Wrapped Bitcoin is $39009, which is 10.980% higher than yesterday. Prices have ranged between $39424 and $34872 over the past 24 hours. All prices are listed in US dollars and accurate as of June 14, 2021 01:06 UTC.
Where to buy Wrapped BitcoinFind an exchange to buy, sell and trade WBTC by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Wrapped Bitcoin at a glance
|Total WBTC supply||188,961|
|All time high||US$64,565.00|
|All time high date||April 14, 2021|
|Partnerships||Kyber Network, Ren, BitGo|
Wrapped Bitcoin price performance over time
How to sell Wrapped Bitcoin
You can cash out your WBTC with the same exchange you bought it through:
- Sign in to the exchange you have WBTC on.
If you store your Wrapped Bitcoin in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of WBTC you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Wrapped Bitcoin.
What to consider when buying Wrapped BitcoinBelow are the aspects you should consider before investing in WBTC:
- Competitors: This token is not the only tokenized version of wrapped Bitcoin. The other two most prominent alternatives are BTCB, the wrapped Bitcoin on the Binance Smart Chain, and RenBTC on the Ethereum blockchain using the RenVM protocol.
- Centralisation: The biggest flaw with the existence of WBTC is the high degree of centralisation that’s a part of the creation and distribution process. Whereas, the unique core proposition of cryptocurrencies is that they are decentralized without the flaws of the fiat currencies. The centralisation in WBTC is brought in with BitGo. BitGo is the only custodian of the token with whom the actual Bitcoin backing this token is saved in cold storage. Due to this, BitGo is the single point of failure for WBTC. Any vulnerability with BitGo, technical or otherwise, will be a vulnerability to the entire network and its coins. An alternative, RenBTC, instead of using a merchant, the users engage with a smart contract and RenVM, a combination of which allows users to mint RenBTC in a decentralised ecosystem.
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