BTCB on Binance Smart Chain 101
Did you know that you can use Bitcoin within the BSC ecosystem? This article introduces you to 4 ways to use BTCB, a wrapped Bitcoin on BSC, to boost your earnings.
If you don't HODL at least some BTC, it's like you don't even exist. It's the best performing asset for the last decade, and the increasing adoption and awareness indicate that it might not change anytime soon. The best and seemingly safest strategy is HODL, but what if you're a HODLer who wants to do more than sit on his stack? You use BTCB.
BTCB is a pegged bitcoin on Binance Chain and Binance Smart Chain issued by Binance.com with a 1:1 peg to BTC locked on the Bitcoin blockchain. The 1:1 peg means that the amount of wrapped BTCB is equal to the amount of BTC locked in a public address. You can verify the current supply for all locked BTC and issued BTCB through the Proof of Assets webpage. The amount of locked BTC may not be precisely the same as the wrapped BTC due to the delays caused by the extensive auditing process.
BTCB provides you with additional utilities that are not possible with Bitcoin due to its limitations.
The main advantage is clearly in holding BTC while using the BSC ecosystem with BTCB to increase your gains. Without BTCB, you'd have to sell your BTC and miss the potential price gains on BTC as you'd have to buy multiple BEP20 assets (or BNB) to use with the different dApps. When you exchange your BTC for BTCB, your BTC remains locked, and you can redeem it back at any time by depositing back BTCB.
Currently, the biggest market for BTCB is on PancakeSwap with BTCB/WBNB being the most popular trading pair with more than $1.3m in 24h volume. Just on the BSC network, there's more than 73,000 BTCB worth over $2.4 billion USD. This indicates a very strong interest in BTCB with more than 80,000 BTCB in circulation on Binance Chain, Binance Smart Chain, and Ethereum networks.
BTCB on Binance Smart Chain is like bitcoin on steroids, except it's not bitcoin. While your bitcoin is locked, you can use BTCB to experience the different dApps from the BSC ecosystem.
Some of these methods will reward you in different BEP20 tokens such as CAKE or BAKE, while others will reward you in BTCB, ultimately increasing the amount of BTC you can claim back once you decide to redeem BTCB.
https://www.binance.org/en/blog/btcb-on-binance-smart-chain-101/