Is renBTC the same as BTC?

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RenBTC is a very unique token, because its goal is to create a token whose value is anchored to the value of Bitcoin. That is, 1 RenBTC is equivalent to 1 BTC, although the first is actually a ERC-20 token running on Ethereum.23 Mar 2022

What is The Ren Protocol? renBTC Token Explained

How do you use renBTC?

  1. Select the “From” token you want and the “To” token for renBTC.
  2. Enter the amount you want to swap, click the “Swap” button and wait for transaction confirmation. After that, the renBTC will be in your wallet.

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How do I buy renBTC?

  1. Download Coinbase Wallet. A self-custody wallet like Coinbase Wallet is required to purchase renBTC. …
  2. Choose a Coinbase Wallet username. …
  3. Securely store your recovery phrase. …
  4. Understand and plan for Ethereum network fees. …
  5. Buy and transfer ETH to Coinbase Wallet. …
  6. Use your ETH to buy renBTC in the trade tab.

How to Swap BTC for renBTC on Ethereum

Is renBTC the same as WBTC?

Ren, similarly to wBTC, allows for minting renBTC by supplying BTC and redeeming BTC by burning renBTC. Each renBTC is also backed 1:1 by BTC. The main difference is that Ren decentralizes the custody of BTC and makes the process of minting/burning available to everyone – not only the merchants.16 Dec 2020

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How do I swap BTC for renBTC?

  1. Select the “From” token you want and the “To” token for renBTC.
  2. Enter the amount you want to swap, click the “Swap” button and wait for transaction confirmation. After that, the renBTC will be in your wallet.

How do you use renBTC?

  1. Select the “From” token you want and the “To” token for renBTC.
  2. Enter the amount you want to swap, click the “Swap” button and wait for transaction confirmation. After that, the renBTC will be in your wallet.

How do you get renBTC?

  1. Download Coinbase Wallet. A self-custody wallet like Coinbase Wallet is required to purchase renBTC. …
  2. Choose a Coinbase Wallet username. …
  3. Securely store your recovery phrase. …
  4. Understand and plan for Ethereum network fees. …
  5. Buy and transfer ETH to Coinbase Wallet. …
  6. Use your ETH to buy renBTC in the trade tab.