Which is more secure, WBTC or BBTC (Binance Wappled bitcoin)?

[renancallai]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

[Nwada001]

Both WBTC and BBTC none of them is safe,
If you want to be in the safer hand just take back your BTC and leave their shit coin for them.
Those mentioned are never Bitcoin (BTC) they are just tokens created by exchanges or third parties under some network which is not on Bitcoin blockchain.
Anything that's pegged can also be depegged.

[Oshosondy]

BBTC means Binance Wrapped BTC.

From the name, you will know that it was created by Binance. But no other BTC is safe except bitcoin. WBTC and BBTC are not even bitcoin (BTC) because they are altcoins. Trust only bitcoin (BTC).

[The Cryptovator]

BTC in the Bitcoin Blockchain is only cryptocurrency that truly matters. Other cryptocurrencies lack reliability and compatibility within exchanges and crypto networks. It's perplexing why you would consider seeking Bitcoin on a different chain that lacks the same level of security. Trust only in Bitcoin and its blockchain, as it is the genuine platform for BTC. I have no intention of purchasing distorted versions of Bitcoin since they are unnecessary and lack authenticity.

[mendace]

No token wrapped in Biycoin can be considered safe, because they are all scam tokens found on centralized blockchains where they promise to have a 1:1 ratio but in reality there is no security and they could close at any moment making you lose them all your funds.  If you really care stay away and hodl Bitcoin.

[jossiel]

Just choose Bitcoin if you want to hold Bitcoin.

None of these things such as wrapped or any other bla bla wrapped bitcoin is safe. It's just made by another dev which has the control to its own network.

Not WTBC, not BBTC or any or other +BTC but only plain BTC alone is the one that you should if you want to make your money on the safe side. If those wrapped bitcoins depegged and you're invested much on it, sorry but you'll remember everyone's reminder here.

[serjent05]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Nothing is as secure as BTC.  Since these two BTC is pegged, it all depends on the liquidity.  If there is a huge sell, it will  lose its 1:1 parity, we have seen that happening on stablecoins, so it is not impossible for these wrapped BTC to lose the 1:1 parity.

No token wrapped in Biycoin can be considered safe, because they are all scam tokens found on centralized blockchains where they promise to have a 1:1 ratio but in reality there is no security and they could close at any moment making you lose them all your funds.  If you really care stay away and hodl Bitcoin.

I do not think they are scam since it has reserved fund or liquidity to back them up.  They may turn into a scam but as long as they don't defraud their holders then it is not right to call them scams.

[decodx]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Any of those altcoins can potentially lose their peg with Bitcoin, just like those so-called stablecoins can lose their peg with the USD. Do you remember the Terra(LUNA) and TerraUSD(UST) crash? When it comes to Bitcoin, there's only one true king, so why take unnecessary risks with these alternatives? It's best to stick with the original and not get caught up in the potential death spiral.

[TastyChillySauce00]

Since you are having ability to owning the real bitcoin and why are you interesting to own the fake bitcoin like that? i will be picking the real bitcion rather than try to keep the fake bitcoin aka wrapped bitcoin.

Bitcoin is always having value as bitcoin but wrapped sometime can't have value like bitcoin. Use real bitcion instead of wrapped bitcoin.

[Lagduf]

All of wrapped coin can lose to its peg. No reason to use wrapped coin this time. SEC may able to crack down it too. you got money to buy the real coin but does it make sense to pick the fake coin from the market? Even though it has backed by real bitcoin but it's still fake coin.
Think again. Bitcion is bitcoin. It's not WBTC or something like that.

[Husires]

This nonsense is getting worse. Don't use either WBTC or BBTC simply because you are encouraging them to continue with this thinking, I wouldn't be surprised if you hear about BXXZCWBTC in the future. The idea of encapsulated tokens was the basis for facilitating bitcoin trading between different blockchains and linked to bridges.

Due to the difficulty of managing smart contracts on the bitcoin blockchain, a locking mechanism was invented through which to lock your bitcoins and obtain tokens of the same value as bitcoins, assuming that you will trust that the locking mechanism is always 1: 1.
It seems that BBTC is trying to use the word Binance to convince people that the linkage is 1:1 maintained, but as long as you trust Binance to maintain the linkage, why not use the platform directly?

If a problem happens to Binance, you will definitely not get anything, and if a problem happens to WBTC, you will definitely not get anything, you increase the risks and do not gain interest in exchange for it.

[Xal0lex]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

None. They are equally insecure because they are wrapped assets. They are essentially just candy wrappers that are supposedly backed by real bitcoins, but whether that is actually true, we can't know for sure. Tokenized bitcoins may be a convenient tool, but they are never safe.

[Yaunfitda]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

I would say none of them, it's just ERC-20 token wrapped or pegged it's price to BTC.

If there will be safe and more secure it will be the original BTC. Specially you mentioned Binance which is under attack from the US government. So it's really good to be very careful with this whole WBTC or BBTC or even Stable coins for now.

So if I'm in your shoes, it's better to stay away from them, just saying.

[Blitzboy]

This indeed is a deep well to draw from, friend. At first glance, both WBTC and BBTC have their charms. The crux, however, lies within their respective wrapping mechanisms. WBTC operates under a consortium of organizations including BitGo as the custodian, while BBTC is tied directly to Binance's ecosystem.

As such, the safety of BBTC is intertwined with the fortunes of Binance itself. If there's an asset blockade or discrepancies in Binance's parity claims, BBTC's 1:1 parity could theoretically be in jeopardy. On the other hand, WBTC's distributed custodianship provides a level of decentralization that mitigates such risks. I would tip my cash towards WBTC for its greater degree of decentralization, but caution is always advisable. Remember, in the crypto world, one can never be too secure.

[Husires]

This indeed is a deep well to draw from, friend. At first glance, both WBTC and BBTC have their charms. The crux, however, lies within their respective wrapping mechanisms. WBTC operates under a consortium of organizations including BitGo as the custodian, while BBTC is tied directly to Binance's ecosystem.

As such, the safety of BBTC is intertwined with the fortunes of Binance itself. If there's an asset blockade or discrepancies in Binance's parity claims, BBTC's 1:1 parity could theoretically be in jeopardy. On the other hand, WBTC's distributed custodianship provides a level of decentralization that mitigates such risks. I would tip my cash towards WBTC for its greater degree of decentralization, but caution is always advisable. Remember, in the crypto world, one can never be too secure.

Why would you do that if you can benefit from the security of the blockchain that Bitcoin offers you? The reasons for using WBTC are the same as the reasons for using centralized exchanges.

If we make a comparison between WBTC and BBTC, I agree with you completely, but the problem lies in where is the source blockchain for WBTC, if it is issued in BSC, then again you are at the mercy of Binance, and if Binance collapses, then almost the connection of WBTC will be affected, so in all cases WBTC is dangerous and BBTC is useless.

[mendace]

No token wrapped in Biycoin can be considered safe, because they are all scam tokens found on centralized blockchains where they promise to have a 1:1 ratio but in reality there is no security and they could close at any moment making you lose them all your funds.  If you really care stay away and hodl Bitcoin.

I do not think they are scam since it has reserved fund or liquidity to back them up.  They may turn into a scam but as long as they don't defraud their holders then it is not right to call them scams.

You can call them a scam when they pull out the funds but you can call it a scam even earlier because personally, besides Bitcoin, I don't see any other cryptocurrencies that are worthy of staying, for example, even ethreum will sooner or later cease to cease as soon as a government forces the grip... and therefore I can already consider it a scam.

[bussybuddy]

For me, they are still altcoins, but depending on the purpose of use, I consider them to be similar in terms of potential risk as well as safety, in the case of WBTC and BBTC, both are Cryptocurrencies are linked to Bitcoin and have relative reliability. The choice between these two currencies depends on specific factors, but for any investment you should do your due diligence and research before making an investment decision but go back and use BTC, not much to do with wrapped or altcoins.

[darkangel11]

This indeed is a deep well to draw from, friend. At first glance, both WBTC and BBTC have their charms. The crux, however, lies within their respective wrapping mechanisms. WBTC operates under a consortium of organizations including BitGo as the custodian, while BBTC is tied directly to Binance's ecosystem.

As such, the safety of BBTC is intertwined with the fortunes of Binance itself. If there's an asset blockade or discrepancies in Binance's parity claims, BBTC's 1:1 parity could theoretically be in jeopardy. On the other hand, WBTC's distributed custodianship provides a level of decentralization that mitigates such risks. I would tip my cash towards WBTC for its greater degree of decentralization, but caution is always advisable. Remember, in the crypto world, one can never be too secure.

Why would you do that if you can benefit from the security of the blockchain that Bitcoin offers you? The reasons for using WBTC are the same as the reasons for using centralized exchanges.

If we make a comparison between WBTC and BBTC, I agree with you completely, but the problem lies in where is the source blockchain for WBTC, if it is issued in BSC, then again you are at the mercy of Binance, and if Binance collapses, then almost the connection of WBTC will be affected, so in all cases WBTC is dangerous and BBTC is useless.

That's right they both suck. It's like asking which one sucks less.
If you knew both restaurants serve bad food, why would you even ask which one to dine at? You're not limited to using these two, just use real bitcoin, or if you're worried about the fees use LN.
To be honest, I'd rather move my bitcoin using USDC than buy anything issued by Binance.

Stay away from binance and coinbase guys, who knows what will happen when people start withdrawing their money in panic. I expect a shortage of funds and withdrawal delays.

[goaldigger]

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

As long as a centralized platform have control over that project, then its hard to say that its safe.
BTC is the only safe coin and you should not hold it to any exchanges, especially now that there’s a lot of issues going on with the crypto exchanges. It may not lose its value right now but we cannot sure in the next few months or years, better to deal on a coin where you can have control and put it on a safer wallet.

[zonefloor]

As his friends said, no other crypto money is safe in the world of crypto money except bitcoin. We have seen all together that even the cryptocurrencies that we consider as stable are garbage as a result of lawsuits and disappear from the market. For this reason, even though the bitcoin price is not stable, it has ups and downs, it is the most reliable in this market. Because we know that sooner or later it will somehow return to the price you bought it.