Altcoins

What is Bitcoin Bep2?

Bitcoin’s success has made several crypto assets like Bitcoin Bep2 follow its model and naming.

Bitcoin Bep2 is listed among thousands of crypto assets by CoinMarketCap. It is one of the altcoins that aims to correct the shortcomings of Bitcoin.

In this post, we’ll learn more about Bitcoin Bep2 as a digital currency.

What is Bitcoin Bep2?

Bitcoin Bep2 is a token issued on the Binance Chain. The token trades by the symbol BTCB. Each BTCB is 100% backed by a BTC reserve, with the price pegged to Bitcoin at a rate of 1BTCB=1BTC.

BTCB is the brainwork of Changpeng Zhao, the founder, and CEO of Binance. The Binance exchange also owns another popular token known as Binance Coin.

As of February 2022, BTCB is ranked 35th among thousands of crypto assets by CoinMarketCap. The price of BTCB today is $36, 402. 81 which is meant to be always close to that of BTC. The token has over $26 billion trading volume and a total market cap of $3, 828, 259, 740 USD.

Bitcoin Bep2 Issued On Binance Chain
Bitcoin Bep2 issued on Binance Chain

What Makes Bitcoin Bep2 Different From Bitcoin?

Bitcoin Bep2 aims to correct the shortcoming of Bitcoin. BTC is not strong when it comes DeFi. Developers are constantly looking for ways to correct the obstacles that includes high fees & a cumbersome process for creating smart contracts.

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BTCB is a clone of BTC but issued on Binance Chain. Each BTCB is however backed by an actual BTC and has prices close to that of BTC.

Why Should Consider Investing In BTCB

  1. BTCB provides Binance DEX traders with access to trade BTC & other assets, resulting in increased trading volumes.
  2. The growth of asset and its liquidity are advantages to users of Binance exchange.
  3. Users can store their BTC on the platform to access Bitcoin Bep2.
  4. Binance Chain allows anyone to check the BTC reserves in any convenient time. This attests to the project’s high degree & transparency.
  5. It is easier to understand and master for most traders.
  6. It allows developers to transfer their assets to Binance chain. Binance actively promote this and streamlines the process.

Also ReadWhat You Need To Know Before Investing In BitTorrent

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As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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