Bitcoin(BTC) vs wrappedBitcoin(wBTC)

[Lucius]

~snip~
So wanting to find how many bitcoin he held, was just for fun and motivation, that's all.

I have to admit that it's a bit of a strange way of motivation, because personally it would never occur to me to ask someone how much BTC or $ they have, and even less that it would motivate me to want to have more.

If you read the later part of that same line, I clearly stated that the recommended wallet is not particularly the best, but yeah, I agree with you, but also understand that a good mobile wallet is just as secure as the device it's installed on, I've being using mycelium wallet since 2018 or so, can't vividly remember, but it's been a very long time, I've never had any issues with it..

Everyone takes their own risks, and if you think you can safely store your BTC in a mobile wallet, then that is your personal matter.

And besides, the person I recommended the wallet to is not a newbie in crypto, he knows he way around crypto very well, and would go for a better more secure wallet like hardware wallets, if he feels the wallet I recommended is not secure enough..

That doesn't make sense to me, because it seemed to me that he was a complete beginner who doesn't know the difference between some wBTC and BTC, let alone know the difference between mobile and hardware wallets. The fact that you explain to him what Bitcoin actually is and advise which wallet to use definitely does not support what you claim.

[suzanne5223]

Wrapped Bitcoin is nothing but a token and the only advantage it has is the leveraged DeFi operations which is what the OP friend uses it for but we judge by the risk involved it's better to have the real BTC because Wrapped Bitcoin because technically depends on centralized custodians. Although people may have it in their non-custodial wallet but they have to change their real BTC for Wbtc which is controlled by the team that collects their real BTC to give them token instead of BTC.
Nevertheless, in the future, if regulators push for the regulation of the Bitcoin market, Wbtc will experience serious challenges and will possibly lose its BTC price peg.
Be careful guys.

Actually I invest in coins that have only recently appeared, because they always have more potential in future than BTC. For example, recently invested in the new coin RADIX, this coin has an impressive and profitable staking system. If you don't know about this project before say me thanks later

There goes another Wbtc token

[vv181]

The differences between BTC and WBTC are entirely distinct, yet some did not able to distinguish them. They perceive both are the same thing, especially for anyone who barely knows cryptocurrency. This is another story that I heard somebody misinformed about WBTC dues to extra features like your friend was perceiving. These wrapped bitcoins are able to expand the possibilities within cryptocurrency spaces such as staking, lower transaction fee, borrowing or lending. It makes some naive users attracted by those opportunities while ignoring the basic fact that it is not a bitcoin at all.

I do remember the case where some user withdrew bitcoin, but since the exchange has shown other networks like ETH/BSC option, the user was deceived by selecting that other network because it would be cheaper due to the transaction fee.

[Myleschetty]

Every cryptocurrency enthusiasts need to stay away from the WBTC token since it relies on smart contracts, and we have a situation where the smart contract had a problem with bugs, hack, etc. Therefore, there remain huge potential vulnerabilities of WBTC tokens for bugs, and hacks associated with the smart contracts.

[dansus021]

The pro of wrapped coins like wBTC is we can do transactions to many chains like EVM compatible chain example etherum bnb polygon and lot more and playing with the defi

the cons are remembered with UST the stablecoin that is supposed to be 1 dollar and ending up being disaster the wrapped bitcoin can also be like this when the provider doesn't have enough liquidity or when they greed and print more btc more it will be doomed

If you want to hold bitcoin for long term hold bitcoin native coin and save it on hardware wallet but if you want crazy ride APY from defi you can try it but DYOR first

[Sim_card]

Actually I invest in coins that have only recently appeared, because they always have more potential in future than BTC. For example, recently invested in the new coin RADIX, this coin has an impressive and profitable staking system. If you don't know about this project before say me thanks later

Are you shilling for this shitcoin, nobody is going to believe you that centralized, new shitcoins have more potential than BTC, whether now or in the future, i don't know about the coin you mentioned and i am not going to spend 2 seconds of my time finding out what it is, because i guess that's what you want. There's nothing impressive about staking shitcoins because you will probably lose in the end, anyway it is a free market, so each to their own; but don't spread misleading information because you want to shill.

Nobody that understands bitcoin from other crpytocurrency will fall for what you just said. Your information is misleading because there is no shitcoins that can have a potential value up to bitcoin,talk more of having potential value than bitcoin. All those shitcoins depends on bitcoin for its pump and dump. No shitcoins can survive all the negative impact that government has put on bitcoin adoption. You should make your proper research so that you don't end up investing your money on ponzi project because you will end up regretting it. Wbtc are centralized tokens and can never have the same potential like bitcoin because it can be compromised

[davis196]

Maybe it's time for the Bitcoin Core developers and the BTC community to register the name "Bitcoin" as a trademark.
I know that this is against the open source nature of Bitcoin, but we must do something about getting rid of all those forked shitcoins, that have the name "Bitcoin" on them. Creating some centralized shitcoin, calling it "Bitcoin whatever" and misleading the newbies into thinking that this is the real Bitcoin is simply a scam. There are even some newbies, who think that those forked shitcoins are better than Bitcoin Core, because they have some useless features like staking or smart contracts. This is delusional and we have to do something about it.

[steve5946]

Then I began to explain to him that -
1. Wrapped bitcoin is not completely decentralized like the original bitcoin is..
2. Those who wrapped the bitcoin can decide to unwrap it, then his supposed bitcoin will ultimately return back to zero (0) dollars.
3. Wrapped bitcoin can only be traded on decentralized exchanges, liquidity was added by some persons, if those persons who added the liquidity decide to withdraw it, you are completely locked in and no way to sell your supposed bitcoin..

You are right about wrapped Bitcoin not completely decentlratized. However, you can trade it on both decentralized and centralized exchanges. Binance is an example of such.

[Mr.suevie]

That doesn't make sense to me, because it seemed to me that he was a complete beginner who doesn't know the difference between some wBTC and BTC, let alone know the difference between mobile and hardware wallets. The fact that you explain to him what Bitcoin actually is and advise which wallet to use definitely does not support what you claim.

I agree with you on that because if he were an expert as you claim, he would definitely known the difference between wrapped bitcoin and the real bitcoin but yet he failed to access such knowledge which I supposed falls under most of the basic knowledge a supposed expert in the crypto space should have. although learning never stop maybe  at some point in the near future he will surely know about saving your bitcoin in hardware ware in your PC but I just hope by then, he might have not acquired some kind of loss or internet attack.