Bitcoin BEP2 (BTCB) is a token on Binance Chain. Each BTCB is 100% backed by a BTC reserve, while the price is pegged to Bitcoin at the rate of 1 BTCB = 1 BTC. The backup address for verification is available to everyone at any time.
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Description of Bitcoin BEP2 (BTCB)
The project is part of Binance's commitment to providing affordable trading opportunities to users of its Decentralized Exchange (DEX), one of the core services, supported by Binance Chain. Since its launch on April 18, 2019, Binance Chain has been able to achieve good decentralization and interoperability results in a fairly short time. The project runs on Binance Chain, which uses a combination of delegated proof of stake (DPoS) and pBFT. In addition, the Binance blockchain is also secured by the Tendermint consensus mechanism, failsafe (BFT).
Project features
Since Bitcoin is not strong when it comes to DeFi, developers are constantly looking for workarounds and battling obstacles that include high fees and cumbersome smart contract creation process. Bitcoin BEP2 - a Bitcoin clone, issued on Binance Chain. Its price is always as close as possible to the price of the underlying asset - bitcoin - and each BTCB is backed by an actual BTC.
The benefits of using BTCB include:
| Bargaining | Since the release of BTCB, traders on Binance DEX have been able to trade BTC even if BTC is hosted on a completely different blockchain. In this way, BTCB provides Binance DEX traders with access to even more trading pairs, resulting in increased trading volumes. |
| Growth | As the range of available assets grows, so does liquidity, which is an advantage for users of the exchange. |
| Storage | Binance has earned the trust of its users, which is why many users are willing to store their BTC on the platform in order to access BTCB. |
| Transparency | On Binance Chain, anyone can check BTC reserves at any convenient time, which indicates a high degree of transparency of the project. |
Moreover, if developers want to transfer their assets to Binance Chain, the platform actively promotes this and streamlines the process.
Buying a token
Bitcoin BEP2 - a token that uses the BEP-2 technical standard, which helps to issue and sell tokens on Binance Chain. As you know, the project has its own token to pay fees, Binance Coin. Therefore, in order to transfer BEP2 tokens, you will have to store BNB tokens in your wallet. In order to purchase BTCB, you will need to purchase it through crypto exchanges. These include:
- Binance DEX;
- PancakeSwap (V2);
- MDEX;
- DODO BSC;
- Demex;
- SwipeSwap;
- JulSwap;
- HitBTC;
- Venus;
- BEPSwap;
- OpenOcean;
- BakerySwap;
- THORChain.
With the increase in the selection of tokens, available on Binance DEX, increase should be in trading volume and liquidity, further increasing the usefulness of Binance DEX.