Everything you need to know about $WBTC

Current price: $ fetching data...

Contract Address: 3NZ9JMVBmGAqocybic2c7LQCJScmgsAZ6vQqTDzcqmJh

Ticker: $WBTC

Blockchain Network: Solana

Apr 11, 2024

What is $WBTC?

Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) designed to function on various blockchain networks, including Ethereum and Solana. By converting Bitcoin into WBTC, holders can leverage their assets in decentralized applications (dApps) and decentralized finance (DeFi) platforms without needing to sell or directly exchange their Bitcoin. Each WBTC token maintains a 1:1 value relationship with BTC, meaning every WBTC is backed by an equivalent amount of Bitcoin held in reserve by trusted custodians. This system ensures that WBTC retains the same value as BTC, providing users with a seamless way to use their Bitcoin in more versatile ways across different blockchain ecosystems.

One of the key benefits of WBTC is its ability to enhance the interoperability of Bitcoin. Bitcoin, while being the most valuable and widely recognized cryptocurrency, is limited by its relatively basic blockchain capabilities. By wrapping Bitcoin into WBTC, users can take advantage of the advanced features offered by other blockchains, such as Ethereum's smart contracts and Solana's high-speed, low-cost transactions. This interoperability allows Bitcoin holders to participate in a wide range of financial activities, from lending and borrowing to trading and staking, thus significantly expanding the utility of their assets.

Moreover, the issuance and redemption of WBTC are managed through a decentralized network of merchants and custodians. When a user wants to convert their Bitcoin into WBTC, they send their BTC to a custodian, who then mints an equivalent amount of WBTC. Conversely, when a user wishes to convert WBTC back into BTC, the WBTC is burned, and the equivalent amount of Bitcoin is released from the custodian's reserves. This process is transparent and verifiable on the blockchain, ensuring that WBTC remains fully backed and its value pegged to Bitcoin at all times. This system not only enhances liquidity but also allows Bitcoin to be used in more dynamic and interactive financial ecosystems without compromising its underlying value.

This chart visualizes the current price of $WBTC to the US dollar.

Here's a step by step guide on how you can buy $WBTC.

Option 1: Download Tori Wallet.

Tori is the simplest self custodial mobile wallet that allows you to access crypto opportunities. Instead of buying crypto on a centralized crypto exchange (like Kraken, Coinbase, or Crypto.com), setting up a self custody wallet (like Phantom, Metamask, or Coinbase Wallet), and the 5+ other steps with accessing the world of crypto, Tori simplifies the entire experience into one simple app.

Step 1: Setup Your Account

With Tori, you'll have to do the following:

  1. Create your account with passkeys.

  2. Upload your ID to authenticate your account.

  3. Connect your bank account.

Tori Wallet is currently available on IOS and Google Play Store, but only limited to U.S residents at the moment.

Step 2: Deposit money into your trading wallet.

Once you've connected your bank account, you're able to deposit up to $50,000 USD with no fees.

It takes approximately 1-3 days for your money to settle. From there you can start accessing the world of crypto!

Step 3: Select $WBTC to trade.

Once you have money in your trade balance, you can click trade.

Select $WBTC.

*Token prices in the screenshots below are outdated*

Step 4: Buy $WBTC.

Once you select $WBTC, you can now swipe to confirm your purchase.

*Token prices in the screenshots below are outdated*

Step 5 (Optional): Sell $WBTC whenever you want.

Whenever you're ready to sell, you can sell $WBTC and get USDC, which you can withdraw right into your bank account.

*Token prices in the screenshots below are outdated*

Option 2: Use a centralized exchange, self-custody wallet, and DEX's.

To buy $WBTC as a crypto beginner, you can follow these steps:

1. Get a Crypto Wallet: You'll need a digital wallet to store your $WBTC tokens. Popular options include Phantom, Solflare Wallet, or Coinbase Wallet. Download and set up your chosen wallet.

2. Purchase Solana (SOL): $WBTC is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $WBTC. Use a reputable exchange like Coinbase, Binance, or Kraken to purchase SOL with your local currency.

3. Transfer SOL to Your Wallet: Withdraw your SOL from the exchange to your wallet. Make sure to double-check the wallet address before confirming the transfer.

4. Choose a Decentralized Exchange (DEX): You can use a DEX like Raydium, Orca, or Serum to swap your SOL for $WBTC. These platforms are like marketplaces where you can trade cryptocurrencies directly with other users.

5. Connect Your Wallet to the DEX: Follow the DEX's instructions to connect your wallet. This usually involves clicking a "Connect Wallet" button and selecting your wallet type.

6. Swap SOL for $WBTC: Once your wallet is connected, you can swap your SOL for $WBTC. Enter the amount of SOL you want to trade, and the DEX will calculate how much $WBTC you'll receive. Review the details and confirm the transaction.

7. Wait for the Transaction to Complete: The swap might take a few seconds to a few minutes to complete. Once it's done, you should see the $WBTC tokens in your wallet.

Remember to be cautious when dealing with cryptocurrencies. Always double-check addresses, transaction details, and use secure, reputable platforms.

Certain content has been prepared by third parties not affiliated with Utopia Labs Corp. or any of its affiliates and Utopia Labs Corp. is not responsible for such content. Utopia Labs Corp. is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information on content could be out-dated. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Utopia Labs Corp. makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary.

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