Binance Bitcoin Chart
What is Binance Bitcoin (BTCB) ?
BTCB, also known as Bitcoin BEP2, is a Binance Chain-issued Bitcoin-pegged cryptocurrency. Binance, a cryptocurrency exchange, maintains this peg by assuring that each BTCB coin price is 100 percent backed by a reserve of genuine Bitcoin. Binance made the reserve address public so that interested parties may audit the contents of the crypto exchange's Bitcoin pool and compare it to the amount of issued BTCB coin. Binance expanded the trading options for customers of its decentralized exchange (DEX), the principal service supported by Binance Chain, by providing a Bitcoin alternative.
It is comparable to the Ethereum blockchain's ERC20 token. To establish a coin on the Ethereum blockchain, a firm must follow the ERC20 standard. ERC20 tokens are all tokens that follow the rules of this protocol. OmiseGo, Golem, and aelf are well-known instances of this.
Stabilized currencies, such as BTCB, are fully backed by the reserves of the currency to which they are connected. BTCB, for example, is backed by Bitcoin. Addresses used as reserves are made public so that everyone may check them. Auditing crypto reserves is considerably easier with blockchain than it is with regular bank balances.
The Proof of Assets portal ensures transparency by allowing you to check the current supply for all locked and issued assets on the public blockchain. The quantity of locked BTC may differ from the amount of wrapped BTC since audit data is not updated in real-time but is processed weekly.
BTCB Coin Price
1 Bitcoin BEP2 (BTCB) price is worth about $ 27,350 as of 21.06.2021. The total supply of BTCB is estimated to be approximately 80,501. Many cryptocurrency exchanges list BTCB. Investors interested in purchasing BTCB coin may do so through a reputable and well-known crypto currency exchange platform.
BTCB token address (BSC): 0x7130d2a12b9bcbfae4f2634d864a1ee1ce3ead9c
What Are The Primary Benefits of BTCB?
The primary benefit of BTCB to normal users is the opportunity to keep BTC while utilizing the DeFi ecosystem via BTCB to maximize their earnings. Without BTCB, you'd have to sell your BTC, forego possible price gains, and buy DeFi assets in order to engage in the DeFi ecosystem and connect with dApps.
You can accomplish all of this with BTCB without selling your BTC and missing out on possible BTC price gains. Your BTC is still locked, however you may redeem your BTCB and claim the locked BTC at any moment.
How Does BTCB Work?
You may withdraw BTCB coin from your Binance.com wallet or using the Binance Bridge, a decentralized method for cross-chain transactions between the Bitcoin blockchain and the Binance Smart Chain, just like any other wrapped BToken (Binance Token).
The Binance Bridge allows you to peg-in and peg-out other native tokens, such as Bitcoin in the case of BTCB, in exchange for the equivalent number of pegged tokens on Binance Chain and Binance Smart Chain.
First, you must fund your Binance account with Bitcoin. Then you claim the BTCB, which you may then use with any dApp or DeFi platform that accepts wrapped BTokens.
BTCB and other BTokens are fully supported by some of the most popular wallets, including Binance Chain Wallet, Trust Wallet, BitKeep, SafePal, TokenPoket, and MathWallet, to make sure your BTCB value and price will be preserved. Some wallets, such as MathWallet and SafePal, also have specific landing pages for BTCB dApps.
What Does the Future Hold for Wrapped BTC?
The expansion and development of the existing Binance Smart Chain ecosystem, as well as DeFi acceptance, will determine the destiny of wrapped BTokens. There are already over 2,000 BTC in circulation on Binance Smart Chain, and the increasing demand suggests potential development.
Although the BTCB price prediction is hard to ensure, the future is clear for the token itself. BTCB aims to be the largest cross-chain wrapped token on Binance Bridge together with the community and to actively engage with the community to establish a decentralized society and give many safe and trusted cross-chain infrastructure options to enable cross liquidity for precious assets like BTC.
Is It Safe to Utilize BTC That Has Been Wrapped?
DeFi is a relatively recent addition to the bitcoin ecosystem, with a long way to go. DeFi customers, like everyone else in the financial sector, must deal with a variety of dangers on a daily basis. We already wrote an excellent essay about DeFi hazards and how to detect a DeFi scam.
The dangers associated with BTCB are the same as those associated with any other wrapped token. The ecosystem of wrapped tokens is not trustless, and therefore needs transparency and a reliable issuer. Binance guarantees that their Security Team will secure users' assets using the most up-to-date security standards and procedures, protecting any monies held in BTokens, and the Proof of Assets portal ensures transparency.
Why Should You Buy Binance Bitcoin?
The major advantage of selling crypto-pegged tokens is that it makes numerous currencies that have their own blockchains and aren't native to Binance Chain available to Binance DEX traders. With a rise in the number of tokens accessible on Binance DEX, trading volume and liquidity should improve, thus increasing the utility value of Binance DEX.
While this technique is more centralized than atomic swaps, we feel it is more user-friendly for most traders. And, in any case, most traders already trust Binance.com with their cash. In comparison to fiat tethering, crypto can give a great level of transparency, allowing anybody to examine the reserves publicly at any moment.
This centralized technique is not unique to cross-chain atomic swaps or other decentralized alternatives, which may also be deployed concurrently. A couple atomic swap solutions are already in the works, and more and more people join the developers team.
Find more about BTCB on ARKEN.
Binance Bitcoin Use Case
BTCB is an excellent asset for everyone who owns Bitcoin and wishes to do more with it. You may utilize BTCB and engage with DeFi through a simple and clear method. A rudimentary grasp of cryptocurrencies, wallets, and blockchain will expedite the process. Individual bitcoin holders and Bitcoin miners can use BTCB to leverage their BTC holdings and profit from price increases without selling while engaging in DeFi on BSC using the wrapped BTC tokens.
BTCB can be used by institutions or professional traders to maximize earnings and reduce operating expenses. BTCB is compatible with DeFi dApps such as:
QIAN and Venus are stablecoins (a model pioneered by MakerDAO on Ethereum)
CREAM Lending, ForTube Yield Beefy, Fry.world Farming
Bakery, Pancake, BurgerSwap, Spartan are all examples of liquidity mining.
BTCB is an appealing asset to all users due to features like cheap costs and high transaction speed, as well as an ecosystem of DeFi Legos such as Trader and Liquidity Provider (Market creating).
- Charles Cascarilla (CEO of Paxos)
- Changpeng Zhao (CEO of Binance)
- Avanti Financial Group
- Stake Technologies
- Injective Protocol
- Bundle Africa
- Numbers Protocol
- FTX Exchange
Historical Data for BTCB Coin Price
|Nov 27, 2021||$55,023.81||$55,079.11||$53,749.10||$54,120.37||$16,483,292||$0|
|Nov 26, 2021||$54,251.16||$55,348.88||$53,527.29||$55,062.45||$43,422,509||$0|
|Nov 25, 2021||$58,892.82||$59,289.49||$53,866.21||$54,383.93||$19,689,637||$0|
|Nov 24, 2021||$56,714.88||$59,338.01||$56,714.88||$59,308.92||$16,405,907||$0|
|Nov 23, 2021||$57,555.90||$57,717.47||$56,119.05||$56,807.04||$24,044,758||$0|
|Nov 22, 2021||$56,002.27||$57,491.55||$56,002.27||$57,491.55||$24,213,960||$0|
|Nov 21, 2021||$59,751.45||$60,039.67||$56,700.55||$56,700.55||$14,801,463||$0|