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Wrapped Bitcoin (WBTC) Coins: Is it a Good Investment?

Have you heard about Wrapped Bitcoin or its coin WBTC? Though it shares its name with the largest cryptocurrency (in terms of market capitalization), Bitcoin (BTC), Wrapped Bitcoin is a different altcoin. It is one of the top 20 cryptocurrencies in terms of market cap. What’s so exciting about it? Should you invest in it? What could be its price 5 years from now? Let me walk you through some of the most important aspects of Wrapped Bitcoin (WBTC) so that you can decide whether you should invest in it. 

What Is Wrapped Bitcoin (WBTC)?

Wrapped Bitcoin is Bitcoin’s (BTC) tokenized version. However, the most interesting thing about it is that it runs on the Ethereum blockchain. The native token of Wrapped Bitcoin is called WBTC, which is ERC-20 compliant. This means it is compatible with the Ethereum blockchain’s standard. It allows full integration into Ethereum’s ecosystem of:

  • Decentralized exchanges
  • Crypto lending services
  • Prediction markets
  • Other ERC-20-enabled DApps (decentralized finance applications or DeFi apps)

Wrapped Bitcoin token is backed by Bitcoin at a 1:1 ratio through a network of merchants and custodians that are automatically monitored. It ensures that the Bitcoin price is pegged to BTC all the time. It also ensures that users are allowed to autonomously transfer liquidity between the networks of Bitcoin and Ethereum in a decentralized manner. 

No particular individual has founded the Wrapped Bitcoin network. In fact, 3 organizations including Kyber Network, BitGo, and Ren have jointly launched it. Though the project was announced on October 26, 2018, the actual launch took place on January 31, 2019. 

Wrapped Bitcoin (WBTC): Facts & Figures

All these facts and figures will help you to make a decision on investing in Wrapped Bitcoin:

  • WBTC Price: US$54,834.59 (as of Oct 9, 2021)
  • Trading Volume (24h volume): US$277,683,593 (as of Oct 9, 2021)
  • All-Time High (ATH) Price: US$64,796.44 (reached on Apr 14, 2021)
  • All Time Low (ATL) Price: US$3,330.12 (reached on Feb 06, 2019)
  • 24h Low: US$53,787.75 (as of Oct 9, 2021)
  • 7d Low: US$47,072.47 (as of Oct 9, 2021)
  • YTD (Year-To-Date) Return: 87.07% (Jan 1, 2021 to Oct 9, 2021)
  • Market Cap: US$11,458,706,813
  • Crypto Rank (in terms of market cap): 18
  • Fully Diluted Market Cap: US$11,468,507,684
  • Max Supply: ---
  • Total Supply: 208,969
  • Circulating Supply: 208,968.57 WBTC

What’s so Special about Wrapped Bitcoin (WBTC)?

  1. Wrapped Bitcoin is tokenized BTC in the ERC-20 standard. As WBTC is based on the Ethereum network, advanced features such as smart contracts can also be included in Wrapped Bitcoin. Bitcoin is based on a proof of work algorithm, which doesn’t allow the inclusion of advanced features such as smart contracts and others. However, Wrapped Bitcoin helps to fully integrate Bitcoin-like assets into the advanced environment of DApps or decentralized finance applications. This brings the advanced features associated with the Ethereum network with immense liquidity associated with the Bitcoin BTC market. 
  1. Wrapped Bitcoin makes the work easier for both payment services, wallets, and exchanges because they don’t have to run two separate nodes for Ethereum and Bitcoin networks. With the help of the ETH node, you can support the operations of WBTC. 
  1. WBTC coins can be transferred much faster than Bitcoin, which usually takes 10 minutes time on average. This is mainly because of the fact that Wrapped Bitcoin is based on the ETH network, where the average block time is just 15 seconds in contrast to Bitcoin’s 10 minutes. 

How Is the Wrapped Bitcoin Network Secured?

The Ethash proof-of-work function (Keccak family of hash function’s representative) protects Ethereum and the WBTC tokens, in turn, are secured by the parent blockchain. 

Where can you Buy The Graph Coin (GRT)?

You can buy GRT coins in almost all reputed cryptocurrency exchanges including:

  1. Kyber Network
  2. Binance
  3. OKEx
  4. Uniswap
  5. Huobi Global and others.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of GRT are:

  • WBTC/BTC
  • WBTC/WETH
  • WBTC/ETH
  • WBTC/BNT and many more.

Before investing, check out historical data of token WBTC, crypto news, Wrapped Bitcoin price charts, WBTC to BTC exchange rate, and others.

What are the Best Crypto Wallets to Store Wrapped Bitcoin (WBTC)?

The best Wrapped Bitcoin wallets to store WBTC coins are:

  1. KeepKey (Hardware Wallet)
  2. Eidoo (Mobile Wallet)
  3. Green Address (Mobile and Online Wallet)
  4. Coinbank (Mobile Wallet)
  5. Coin Corner (Online Wallet)
  6. Coinbase Wallet (Online Wallet)
  7. Paper Wallets
  8. Argent (Software Wallet)

Invest in Wrapped Bitcoin WBTC and Other Cryptocurrencies

You can buy and sell Wrapped Bitcoin (WBTC) and other cryptocurrencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs, and bitcoin cash markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other cryptocurrencies such as WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return.

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NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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Get started with crypto-asset investing by investing through napbots.com, a dynamic crypto index for expanding diversified exposure to bitcoin and leading crypto-assets at reduced financial barriers and no human error.