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Buy Wrapped Bitcoin in the UK

Wrapped Bitcoin

WBTC
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WBTC

Overview

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2019Active since
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What is Wrapped Bitcoin?

Why do investors buy Wrapped Bitcoin? Wrapped BTC, often abbreviated as wBTC, is a fascinating concept that combines the advantages of both worlds: (BTC) and (ETH).

What Is Wrapped Bitcoin?

You’ve probably heard of Bitcoin (BTC) – the pioneer cryptocurrency that started it all. It’s decentralised, has a level of protection, and widely recognised as digital gold. However, Bitcoin primarily operates on its own blockchain, which limits its compatibility with other platforms.

Ethereum (ETH), on the other hand, is a versatile blockchain that supports smart contracts, decentralised applications (dApps), DeFi applications, and various tokens. It’s like a bustling city where developers can build all sorts of innovative projects.

Now, imagine if we could bring Bitcoin’s value and liquidity to the Ethereum ecosystem. That’s where comes in!

How does wrapped BTC (wBTC) work?

Wrapped Bitcoin is essentially tokenised Bitcoin created on the Ethereum blockchain using the ERC-20 standard. Here’s how it works:

Tokenisation

When someone wants to convert their BTC into wBTC, they deposit their Bitcoin with a custodian (a trusted entity). The custodian then mints an equivalent amount of wBTC tokens on Ethereum. Each wBTC token represents a specific amount of Bitcoin (usually 1:1).

Backed by real BTC

The beauty of wBTC lies in its backing. For every wBTC token in circulation, there’s an actual BTC held in reserve. So, if you hold 1 wBTC, it’s backed by 1 BTC locked away somewhere.

Wrapping and unwrapping

CoinJar removes the standard complexities in the process by allowing you to buy wBTC directly without going through the complex “wrapping” process.

While CoinJar doesn’t provide an “unwrapping” service, you can always convert your wBTC back to regular BTC using the CoinJar app when needed.

You can check the live Wrapped Bitcoin price at the top of this page.

Use cases for wBTC

Decentralised Finance (DeFi)

wBTC enables Bitcoin holders to participate in DeFi protocols. You can lend, borrow, or trade wBTC just like any other Ethereum token.

Liquidity pools

wBTC adds liquidity to decentralised exchanges (DEXs) like . Traders can swap wBTC for other tokens seamlessly.

Collateral

Some lending platforms accept wBTC as collateral for borrowing stablecoins or other assets.

Cross-chain interoperability

wBTC acts as a bridge between Bitcoin and Ethereum. You can move your BTC to Ethereum, use it in DeFi, and then convert it back to BTC when needed.

Why do investors buy wBTC?

Access to DeFi

If you’re a Bitcoin holder who wants to explore DeFi opportunities, wBTC allows you to do so without selling your BTC. You can earn interest, trade, and participate in yield farming.

Diversification: By holding wBTC, you diversify your crypto portfolio.

Instead of being limited to Bitcoin’s ecosystem, you gain exposure to Ethereum’s vibrant DeFi space.

Liquidity provision

Providing liquidity to DEXs by staking wBTC can earn you trading fees and rewards.

Wrapped BTC: Conclusion

Wrapped Bitcoin bridges the gap between Bitcoin and Ethereum, unlocking new possibilities for both communities. It’s like having a portal that connects two worlds – the solidity of Bitcoin and the dynamism of Ethereum.

Remember, each wBTC token represents real Bitcoin, making it a powerful tool for cross-chain interactions. Keep an eye on its price, as it fluctuates based on market demand and adoption.

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Buy Wrapped Bitcoin using Visa or Mastercard. Get cash in your account with Faster Payments Service (FPS). Convert crypto-to-crypto with a single click.

How to buy Wrapped Bitcoin with CoinJar

Start your cryptocurrency portfolio with CoinJar by following these steps.
Step oneDownload the appGet the CoinJar app on iOS or Android.
Step twoCreate an accountCreate an account with CoinJar and verify your ID.
Step threeMake a purchaseBuy more than 60 cryptos using Faster Payments, SEPA, bank transfer, or a debit card.
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Standard Risk Warning The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances;

Standard Credit Card warning  If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to i

UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour “cooling off” period, befo

Important Note for UK Residents: If you come across this article, remember that cryptocurrency investment is high-risk. Be prepared to lose your entire investment. No protection is guaranteed if things go wrong.  Remember, this article does not constitute

There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: Depegging events: Depegging events may occur with stableco

‘Meme coins’ (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid a

Specific risks associated with wrapped tokens  CoinJar offers certain Wrapped Tokens such as Wrapped BTC (WBTC) which stems from DeFi. Pegged to the same value as Bitcoin itself, WBTC is a way of representing Bitcoin ownership on the Ethereum network (i.e

Specific risks associated with DeFi tokens  Decentralised Finance (or ‘DeFi’) tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology.   DeFi tokens carry the following risks:

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