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TagsHow does wrapped bitcoin compare to bitcoin in terms of functionality?
Mohamed HarchaouiDec 16, 2021 · 3 years ago1 answersCan you explain the differences in functionality between wrapped bitcoin and bitcoin?
1 answers
- Wrapped bitcoin (WBTC) and bitcoin (BTC) have different functionalities that cater to different needs. WBTC is an ERC-20 token that represents bitcoin on the Ethereum blockchain. It allows users to access the benefits of bitcoin, such as its value and security, while taking advantage of the Ethereum ecosystem. This opens up opportunities for decentralized finance (DeFi) applications and smart contracts. BTC, on the other hand, is the original cryptocurrency and operates on its own blockchain. It is widely accepted as a digital currency and can be used for transactions and investments. Both WBTC and BTC have their own unique features, so it's important to understand their functionalities before deciding which one to use for specific purposes.Dec 16, 2021 · 3 years ago
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