hi guys welcome back in today's video we will be talking about the wrapped bitcoin
this video is not a financial advice it is just for educational
and entertainment purpose only so please do your own research without further ado let's get into it
all right so this is the website of wrapped bitcoin you can access it by going to wbtc.network
it essentially delivers the power of the bitcoin with also the flexibility of an erc20 token
it is the first erc20 token which is packed on one is to one basis with bitcoin it is
completely transparent is verifiable and it is led by community so wrapped bitcoin provides a really
good liquidity to the ethereum ecosystem including the decks and the financial applications are there
so the majority of trading volume kind of takes place on bitcoin which is a centralized exchange
so wbtc changes that and it brings the bitcoins liquidity to tax and it kind of makes it possible
for you to use bitcoin for trading tokens so wrapped bitcoin standardized bitcoin to an erc
20 format it created smart contract for bitcoin as well which makes it easier to write various smart
contracts that would ensure bitcoin transfers they have been maintaining various nodes managing
various transaction types so that they can support multiple currencies so now exchanges wallets
and payments app only need to be handled on the ethereum node when it comes to partners they have
wrapped token dow so any additional or removal of merchants or custodians for the wrapped bitcoin
on the ethereum will be an open process which will be controlled by multiple signature contracts out
there you will be the keys to multiple signature contract which will be held by the institution
as a part of the dao so merchants out there can perform various important roles for the
wbtc community as their administrators who would kind of start the process of minting newly wrapped
tokens out there and burning the rap tokens which is usually performed by the custodians custodian
would provide a reliable secure way for the wbtc and all of these wbtc coin will be fully backed
and they will be verified through their on-chain proof of reserves so in order to get this token
a user would request that token from a merchant the merchant would perform the kyc to verify the
identity once that is completed the user and the merchant would continue the swap with bitcoin
from the user would transfer to the merchant and wbdc would transfer from the merchant to the user
when it comes to minting it refers to a process of creating the new wptc token and minting in this
framework is usually initiated by the merchant and it will be performed by a custodian burning is the
action where they try to read in bitcoin for wbtc token and only the merchant addresses are allowed
to do this the amount that will be burned is deducted from the merchant's wbdc balance
and the supply of wbtc is then eventually reduced wbdc was developed for traders institutions and
the apps so decentralized applications out there can also leverage using bitcoin payments in smart
contracts for lending protocols funds you know prediction market and token sales so with wrapped
bitcoin the traders out there get a really good user experience which increases the
liquidity and the participation the ethereum network processes transaction faster than the
bitcoin network but the bitcoin holders don't really have to wait anymore with this new token
moving the bitcoin from different exchanges will become a lot more faster wbdc also would combine
the benefits of ethereum and bitcoin making it very very simple to handle disrupt currency
with the only ethereum node out there they also have collaborated with so many different members
which are part of the community we have kyber swap bitco set compound maker hydro im token and so
much more when you click get wbtc you will come to this page where you have your dashboard over here
which is where you can see your order book you can see all the records of any minting or burning
that took place on ethereum and when you scroll through it you can also see the action the burn
that took place the date and time the merchant name the value and all of that when you click wbtc
on tron or maybe like ethereum you will come to this page where you're going to see all of those
information with context to a tron network or ethereum network when you click partners you can
also see the partners they have collaborated with so we have coin list for example who is a merchant
so you can click get wbtc and then you will be linked to a different website where you have to
just follow the prompts create an account so in this case you have to create a coin list account
you have to click get started and mint it so yeah that's one way to get it if you want to get it on
ethereum you can click partners over here you can go down and then we have different partners
mentioned on this section so let's say we have kyber over here it's also an exchange so i'm gonna
click get wbtc i will be linked to this website and over here i can process the transaction
this is the twitter page of the coin currently they have falling of 10.2 k followers i do feel
that this project does have a lot of potential to grow and scale in future so definitely check it
out all the links are mentioned in the description box below please don't forget to hit the like
comment and subscribe button and i shall see you guys in my next one till then take care bye