Have you heard about TBTC? – Probably not yet. Because the tokenized Bitcoin is live and tradable only since the middle of this week. In this article, you can find out exactly what the Bitcoin-Ethereum Token is, what TBTC actually stands for and what purpose it serves.
TBTC: Tokenized Bitcoin on Ethereum
TBTC stands for Tokenized Bitcoin. This means that it is a tokenized version of the most popular and oldest crypto currency.
More precisely, TBTC is an ERC-20 token that enables Bitcoin owners to “move” their BTCs to Ethereum in a secure way. For this reason, TBTC is already known as a Bitcoin-Ethereum token.
Why do you need such a token?
The answer is simple. With the tokenized Bitcoin version you now have the possibility to use DeFi via BTC. In other words: Yield farming is also possible with Bitcoin thanks to TBTC.
Who is behind TBTC?
The official announcement was made on September 22nd on the media page of Keep Network. The project announced that TBTC is now officially live and all information can be found at https://tbtc.network/.
What are the features of tokenized Bitcoin?
According to statements on the website, TBTC is a tokenized Bitcoin version that is covered 1:1 with Bitcoin. So for every TBTC issued, there is a physical Bitcoin in reserve. With regard to security, the following can be said: A variant of the familiar DSA is used for encryption. More precisely, the team relies on an ECDSA that is audited and also used by Binance. The deposits are also insured through Nexus Mutual.
The TBTC token itself has already passed three audits. Among others, ConsenSys has carried out one audit. In the final analysis it can be said that TBTC will probably be used mainly as a BTC-ETH bridge.
Easy and uncomplicated investment in Bitcoin
Especially newcomers in the field of crypto currencies attach great importance to high comfort. In the beginning, setting up Bitcoin wallets and manually sending BTCs can be daunting. In such a case, it is a good idea to start with a reliable, regulated broker who can offer you
- trading with leverage (2x),
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- Deposits via PayPal,
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- without the need to download any software.
These are exactly the benefits you get with eToro, the world’s leading social trading platform. Just give it a try and convince yourself of the above mentioned advantages. Start your investment now!