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Interesting! How are they wrapped? Do ppl trade bitcoin on ethereum without actually using the bitcoin blockchain?

• theocs 6y ago
  They trade a token, sometimes called a stablecoin, that represent BTC as its underlying value. Primarily two extremes for how this is done: Centralized, like WBTC (https://coinlist.co/help/what-is-wrapped-bitcoin-wbtc https://coinlist.co/help/what-is-wrapped-bitcoin-wbtc), and decentralized, like tBTC (https://defirate.com/tbtc/ https://defirate.com/tbtc/)
  • codehalo 6y ago
    Besides the extremes, there's the pragmatic in the middle - interoperability in general. RenVM supports Bitcoin and many other coins on multiple hosts, not just Ethereum (eg. Polkadot): https://renproject.io https://renproject.io https://mainnet.renproject.io https://mainnet.renproject.io
    • xur17 6y ago
      I'm not convinced RenVM is really in the middle in its current state. Currently the core team holds all of the keys for the over $300M in Bitcoin stored by their project [0]. I'd take wbtc, which is held by a consortium of well known custodians in the space over that any day. [0] https://www.theblockcrypto.com/daily/76787/ren-bitcoin-wallet-decentralization https://www.theblockcrypto.com/daily/76787/ren-bitcoin-walle...