Bitcoin BEP2 or BTCB, what is it? BTCB coin will find this cryptocurrency symbol 33rd at the time of writing, with the price listed being the same as the Bitcoin price.
But what exactly is this BEP2 or BTCB Bitcoin? We will try to review it to give a complete picture of this Bitcoin BEP2 or BTCB.
As an opening remark, BTCB coin price is currently $42,485.18, market cap $4,467,273,175, 24-hour volume $21,984,062.
Contents
BEP2 definition
Before going further about Bitcoin BEP2, let’s first understand the definition of BEP2.
BEP-2 is the token standard in the Binance Chain ecosystem. It is known BEP-2 stands for Binance Chain Evolution Proposal 2. It describes the technical standard for creating and deploying new tokens on Binance Chain.
BEP-2 defines a set of rules and technical specifications that tokens must follow in order to function in the Binance Chain ecosystem. This token standardization system is compatible with the ERC-20 token, the Ethereum blockchain token standard.
BEP-2 is the most basic set of rules and features of the tokens issued on the Binance Chain. However, this system does not limit its functionality because various types of tokens can still be implemented according to the purpose of the developer who created them.
This standard ensures that all tokens created can integrate seamlessly with the ecosystem on Binance. Several BEP-2 stablecoins such as BUSD and pegged Bitcoin BEP-2 that we will be talking about later, as well as other multichain projects that use BEP-2.
Difference BEP2 vs BZEP20
Before going to the core of the difference between BEP2 vs BEP20, we will first review about BEP20. BEP20 is the Binance Smart Chain (BSC) token standard which works similarly to ERC-20, Ethereum’s proprietary protocol.
The BEP20 token can make the network more compatible with the Ethereum Virtual Machine (EVM), the Ethereum platform for developing smart contracts. This token has also become the multipurpose token standard for BEP2 tokens. Where standards tokens have the power to ensure that all tokens have basic capabilities, such as transferring, refunding, and checking token ownership.
So what difference between BEP2 vs BEP20?
The basic difference between the two is that BEP20 is widely used by many crypto-asset users. Meanwhile, the BEP2 token has a lack of support for smart contracts, so it becomes an obstacle for users to access decentralized applications.
Another difference is that BEP2 and BEP20 are used for different blockchains, which is one of the differences between these two Binance tokens. BEP2 is the token that runs on Binance Chain, while BEP20 is the token for the Binance Smart Chain blockchain network.
Bitcoin BEP2 meaning
Go to the core of the definition of Bitcoin BEP2. What is Bitcoin BEP2 or BTCB?
Bitcoin BEP2 is a token issued on the Binance Chain by Binance, the largest global exchange today. Bitcoin BEP2 is pegged to Bitcoin, and has a backup of the original Bitcoin coin in this case is BTCB.
BTCB was created on Binance.com between the pegged token and the native coin. For example, BTCB/BTC. The pegged price will be maintained on Binance.com with a spread of only 0.1%.
It is important to understand that BTCB is a BEP2 token that is 100% backed by Bitcoin (BTC). Anyone can audit the backup address issued on Bitcoin BEP2.
Bitcoin BEP2 (BTCB) cannot be mined but can be traded like any other token. And it doesn’t have a maximum supply, because it’s issued on Binance.com.
Bitcoin BEP2 network
One of the benefits of Bitcoin BEP2 (BTCB) is the small fee. Likewise, the drawback is that not many services can accept the Bitcoin BEP2 network.
Bitcoin BEP2 runs on the Binance Chain, while Bitcoin runs on the Bitcoin blockchain, and all exchanges support Bitcoin. So if a user wants to transfer Bitcoin to another exchange for example from Binance to Coinbase it can be done easily.
However, it will be difficult to transfer BTCB from Binance to Coinbase because Coinbase does not support BTCB. The only way is to exchange BTCB for Bitcoin, which can then make transfers between exchanges easily.
Founder Bitcoin BEP2
Binance informed about the introduction of Bitcoin BEP2 which was launched on 17 June 2019, through an official blog published on 17 June 2019.
Meanwhile, Binance itself was discovered by Changpeng Zhao, a graduate from McGill University in Montreal with a degree in computer science.
Changfeng Zao’s experience in the fintech world is unquestionable, he previously joined as a co-founder can CTO OKCoin, and also BijieTech as CEO in 2015.
Bitcoin BEP2 vs Bitcoin
Although BTCB is Bitcoin pegged to BTC reserves. But, there is an important difference between the two. Here are some points of difference between Bitcoin BEP2 vs Bitcoin.
- The algorithm, Bitcoin uses the SHA-256 algorithm, while BTCB does not use the algorithm but delegated proof-of-stake (DPoS) and practical Byzantine Fault Tolerance (pBFT).
- The second difference is, Bitcoin is mineable, while BTCB is not mineable, although both can be traded.
- Third, have a Bitcoin mining calculator that is useful for estimating income by entering specific data. While BTCB is therefore not mineable, it lacks a mining calculator.
- Consensus. Bitcoin uses Proof of Work consensus to secure the network, BTCB does not use consensus.
- Release date. Bitcoin was released on 3rd January 2009, BTCB was released on 18 June 2019.
- Explorer. Bitcoin can be explored through two explorers, https://blockchain.info/ and https://blockchair.com/bitcoin/. BTCB explorer via https://explorer.binance.org/asset/BTCB-1DE.
- Bitcoin all time high $68,789.63, circulating supply 18,958,437 BTC. total supply at time writing 18,958,437 BTC, and maximum supply 21,000,000 BTC. BTCB all-time high $85,563.99, circulating supply 105,149 BTCB, total supply 112,501 BTCB, maximum supply no data.
Bitcoin BEP2 wallet
Wallets that support BEP2 can be used to store BEP2 Bitcoins. Some wallets suitable for BTCB include:
- TrustWallet. Available for IoS and Android as an official wallet on Binance.
- EnjinWallet. Available too on IoS and Android.
- Binance DEX wallet. Secure native wallet Binance DEX.
- Ledger Nano S. Secure hardware wallet.
- Guarda wallet.Multifunctional wallet for Desktop and mobile.
- Ellipal wallet. Hardware wallet offline store.
- CoolWallet. Hardware wallet Bluetooth connection.
- SafePal. Hardware wallet downloaded to mobile devices.
How to buy Bitcoin BEP2?
Choose the platform
How to purchase Bitcoin BEP2 first you find an exchange that provides tradable BTCB. Each exchange has different fees that may be high and some are low. Do your own research and make a choice.
Register account
You may have to register to be able to use an exchange platform, one platform may be easy to use, another may be a bit difficult for beginners.
Fund your account
Fund your account. For purchasing BTCB you need funds, if the exchange accepts fiat money it may be an easier process, but if you have to use cryptocurrency you need several steps if you don’t have cryptocurrency.
Purchasing BTCB
Find BTCB in the platform, you can use the search box for convenience. Make a purchase.
Bitcoin BEP2 where to buy?
Bitcoin BEP2 is a decentralized digital asset that cannot be mined but can be traded. You can find BTCB on several decentralized exchanges as below quoted from Coinmarketcap.
Binance DEX
Bitcoin BEP2 is a token initiated by the founder of Binance. Users can find BTCB on the Binance platform. You need BTC to get BTCB, which is Bitcoin wrapped.
PancakeSwap v2
PancakeSwap v2′s 24-hour volume has now reached $491,866,212.45. It is a decentralized exchange that is used for swapping BEP2 tokens on the Binance Smart Chain, including users can swap BTCB with other available tokens.
MDEX
MDEX’s 24-hour volume is currently at $12,463,516.89. You can find Bitcoin BEP2 on this decentralized exchange. Which is the market for the Metaverse.
DODO
DODO’s 24-hour trading volume reached $299,362.12. It is a decentralized trading exchange for web3.
DEMEX
It is a second-generation decentralized exchange platform for advanced multi-blockchain trading, integrating a liquidity pool with an order book. 24-hour volume cannot be tracked. Website.
SwipeSwap
SwipeSwap’s daily volume currently stands at $693,374.76. Using Automated Market Maker, enable swapping operate in Binance Smart Chain and Ethereum with powered by SXP token.
JulSwap
JulSwap is similar to UniSwap operating on the Binance Smart Chain, formerly known as SwapLiquidity, offering lower fees and faster speeds. Daily volume is untraceable.
HitBTC
The 24-hour volume of this exchange reached $3,159,561,085.83. This is a crypto exchange that provides more than 800 trading pairs, you can find BTCB here.
Venus
Venus‘ 24-hour volume was $35,538.85. It is a decentralized exchange with algorithms for lending and credit systems within the Binance Smart Chain.
Open Ocean
Open Ocean’s 24-hour volume totaled $5,565,838.27. It is an aggregate exchange that supports both Decentralized and centralized using intelligent routing algorithms.
BakeySwap
BakerySwap‘s 24-hour volume reached $672,053.67. This is the next generation of UniSwap which offers a faster, cheaper, and tastier version of Uniswap.
THORChain
THORCHain’s 24-hour volume reached $4,851,335.63. It is a BEP2 decentralized exchange for cross-chain trading of BTC for native ETH.
BEP2 bitcoin address
You can track BTCB transactions through explorer, maybe you need some information related to Bitcoin BEP2 in DEX explorer.
As of the time of writing, there have been 10303644 Transactions recorded on the Binance Chain, with a total number of holder addresses of 55,331 Addresses.
Is Bitcoin BEP2 the same as Bitcoin?
Bitcoin BEP2 is just like Bitcoin wrapped up. Having a fundamental difference like in described earlier. Bitcoin BEP2 cannot be mined and does not use the SHA 256 algorithm. Although it is attempted that BTCB is pegged to BTC reserves, in fact, it forms a different all-time high price.
Although both are tradable, Bitcoin is slower, compared to BTCB and also costs less. Unlike Bitcoin, BTCB is not available on all centralized exchanges, so for flexibility, Bitcoin is more efficient than BTCB.
Conclusion
There are currently 105,149.04 BTCB circulating supply Bitcoin BEP2 tokens. Market cap is up 4.27% at the time of writing. This gives an indication that BTCB adoption has received quite a response from the market. Moreover, Binance is the largest exchange that has the public’s trust.
Note: this article is informational only and does not constitute investment advice. Forex, cryptocurrency CFDs are risky assets. Each investor is responsible for their investment.
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