What is Wrapped BTC (WBTC)?
Wrapped Bitcoin (WBTC) is an innovative concept that emerged in January 2019, created to bridge the gap between the Bitcoin and Ethereum blockchains. It essentially represents Bitcoin in the Ethereum ecosystem, maintaining the value of Bitcoin with the flexibility of an ERC-20 token. This innovation was developed to integrate the liquidity of Bitcoin with the expansive decentralized finance (DeFi) ecosystem on Ethereum. WBTC tokens are backed 1:1 with Bitcoin, held in custody by regulated custodians, ensuring transparency and security.
The key purpose of WBTC is to allow Bitcoin holders to participate in Ethereum-based decentralized applications (dApps) and smart contracts while maintaining exposure to Bitcoin. This cross-chain approach enhances the utility and interoperability of both Bitcoin and Ethereum, playing a pivotal role in the evolving landscape of blockchain finance. WBTC is widely used in various DeFi platforms for lending, yield farming, and trading, providing a bridge between the world's leading cryptocurrency and the rapidly growing DeFi space.
The key purpose of WBTC is to allow Bitcoin holders to participate in Ethereum-based decentralized applications (dApps) and smart contracts while maintaining exposure to Bitcoin. This cross-chain approach enhances the utility and interoperability of both Bitcoin and Ethereum, playing a pivotal role in the evolving landscape of blockchain finance. WBTC is widely used in various DeFi platforms for lending, yield farming, and trading, providing a bridge between the world's leading cryptocurrency and the rapidly growing DeFi space.
Why choose Rabbit Wallet for Wrapped BTC?
Whether you're a total crypto newbie or a seasoned pro, Rabbit Wallet's got your back for
handling your WBTC with ease. Check out some cool features that make Rabbit stand out:
Exchange Wrapped BTC (WBTC)
With the Rabbit's built-in coin swap feature, you can exchange your Wrapped BTC for
any other coin at the best rates without ever leaving the cozy confines of your
wallet.
Self-Custodial
With a self-custodial wallet, you control the keys to your Wrapped BTC, meaning that
nobody, not even Rabbit, can ever access your coins. This also leads to faster
transactions with no third-party fees except for miners and increased flexibility.
Optimal Fees
The unique fee calculation algorithms provide you with various options when
available, allowing you to choose the most optimal one to ensure your transaction is
confirmed both swiftly and cost-effectively.
User-Friendly
We've worked hard to make Rabbit Wallet user-friendly for everyone. Packed with
features, it suits users at all levels, and our developers respond directly when
help is needed.
How to use Rabbit Wallet?
Creating a new wallet takes just a few clicks, and requires no information from you.
Here is a short brief on how you can create your new wallet:
Here is a short brief on how you can create your new wallet:
Save your phrase
You will be given a phrase, which will act as a primary key to your wallet. Save it
securely.
Set your password
Password is required to both open your wallet, and to perform any transactions.
You are in!
Now you are all set to explore the crypto world! Welcome to freedom!
Friendly tip: Having your passphrase on a sticky note under a keyboard might not be the best way to
store it.