What is Bitcoin BEP2 (BTCB)?

Bitcoin BEP2 is a cryptocurrency pegged to the Bitcoin network that was issued on the Binance crypto exchange platform. In the world of cryptocurrencies, pegged coins have an advantage over other relatively new cryptocurrencies in that they have total backing.

The Bitcoin BEP2 platform has complete backing of its reserve on the Bitcoin network. Due to the cryptocurrency being pegged to the Bitcoin network, the rate of the reserve follows the price of the Bitcoin network, keeping it at 1 BTCB = 1 BTC. The network also openly provides the reserve address for verification by any party interested in scrutinizing the operations of the platform. The publishing of the address was done by the Binance cryptocurrency exchange platform to promote and show transparency on the Bitcoin BEP2 network. Finance also made the address to glue the third parties with interests in the Bitcoin pool and data comparison with the amount of BTCB that is currently in circulation

The Bitcoin BEP2 is one of the products of the Binance cryptocurrency exchange platform and also one of its attempts at providing participants on its decentralized network the option of affordable trading. However, the platform does have other projects aimed at achieving a better user experience for its participants such as DEX.

Who are the Founders of Bitcoin BEP2  (BTCB)?

The Binance chain has been able to achieve a major level of success in decentralization and interconnection ever since it was launched in 2019. In June 2019, the platform launched the Binance Chain Evolution Proposal 2 (BEP2). In order to maintain proper functionality on the network, a set of technical features, followed by certain management rules were stipulated by the Binance chain system.

The founder of Binance is a well-known individual in the cryptocurrency community with the name Changpend Zhao. Zhao, also known as CZ to most users on the cryptocurrency ecosystem, is the current CEO of the world’s largest cryptocurrency exchange platform Binance, which currently has the largest daily trading volume.

Zhao holds a degree in computer science from the McGill University, Montreal. As a programmer, Zhao entered into the cryptocurrency space as far back as 2013 and worked on a series of trading systems before later establishing his own with the gained experience.

Binance is not the only platform under the management of Zhao. He is also the CEO of BijieTech, which was established in 2015. Before BijieTech, Zhao served as a CTO and one of the founding partners of Okcoin and also worked as the head of the technology department at Blockchain.info. This was also around the time the business tycoon launched his futures platform, Binance in 2017.

What is Bitcoin BEP2  (BTCB) used for?

The Bitcoin BEP2 system operates just like every other cryptocurrency available for investment purposes for interested participants. However, the Bitcoin BEP2 is different because it provides this trading opportunity for its users but at the advantage of being more affordable than the available stable coins.

The Bitcoin BEP2 platform also uses an openly available reserve store in Bitcoin. This stands as an indication of a level of investment security for the participants. This is due to the reserve having a Bitcoin equivalent value for the BTCB tokens.

The cryptocurrency itself is an endeavor from the Binance chain to provide an easily accessible network for its users at an affordable rate.

What Is the Unique Point of Bitcoin BEP2  (BTCB)?

In general, Bitcoin is not the strongest in the world of decentralized finance. The developers on the network are consistently looking for new channels, coupled with the problem of high costs and the huge creation requirements of smart contracts.

Bitcoin BEP2 is a clone of the original Bitcoin that was supplied in the Binance chain. The price of the Bitcoin BEP2 cryptocurrency is on the high side and is always as close to the price of Bitcoin as possible.

Each part token on the Bitcoin BEP2 network has 100% backing in the form of their reserve coin, Bitcoin. This opens the users of Bitcoin BEP2 to a series of advantages. For starters, ever since the issuance of BTCB, Binance traders have been BTC, regardless of the Blockchain it’s being hosted on. This implies a provision of greater trading pairs to participants on the Binance network, resulting in an overall increase in the volume of transactions on the network. Another major point for the BTCB platform is based on the trust that has been built by the Bitcoin network, making new members willing to store their BTC on the network to access BTCB tokens.

How many Bitcoin BEP2 (BTCB) coins are in circulation?

According to the Binance Chain Evolution proposal 2, the Bitcoin BEP2 token uses the BEP2 technical standard for its issuance and sale on the Binance chain. As is well known to most users of Binance, the platform has its token that is used for the payment of fees, Binance coin. Therefore, this is the currency used for executing transactions on the network in the form of fees.

The Binance DEX platform allows BTC holders to exchange their coins for any other cryptocurrency on the platform. However, participants on the platform that have other tokens can also exchange BEP2 for Bitcoin through the main Binance exchange.

The total supply of BTCB issued on the network is 80,501 BTCB and as of early July 2021, the supply in circulation is 73 096 BTCB.

Is the Bitcoin BEP2 (BTCB) Network secured?

The Bitcoin BEP2 network is operated in the Binance chain. The network uses a combination of both practical Byzantine Fault Tolerance (pBFT) and delegated proof-of-stake (Dpos). The two systems are consensus algorithms that were designed to perform optimally without making use of as much energy as the proof-of-work algorithm used by the Bitcoin network. This is the security available for the cryptocurrency token itself.

The Binance Chain is a globally used trading platform and on top of the consensus algorithms used by its cryptocurrency, it also has its security protocols. The platform is secured using a Tendermint Byzantine fault-tolerant (BFT) consensus mechanism.

How do I buy Bitcoin BEP2 (BTCB)?

Bitcoin BEP2, unlike Bitcoin which can be pinned, BTCB is a decentralized digital asset that cannot be pinned. However, cryptocurrency has trading potential. Because of this potential, the tokens are readily available for purchase by following the simple steps below.

* Open an account with any crypto trading platform that offers BTCB.

* Transfer the specific amount of your fiat currency to the trading platform account.

* Wait for your deposit to be confirmed and Buy BTCB through the trading platform account.

Which Cryptocurrency Wallet Supports Bitcoin BEP2 (BTCB)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as Bitcoin BEP2. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Bitcoin BEP2 wallet because offers a simple and interactive interface making it easy for people to navigate its system.


More to explore

accept crypto

Stablecoins: what are they?

Cryptocurrency quotes tend to show extremely high volatility. However, some types of cryptocurrencies – stablecoins – have a relatively stable exchange rate

accept bitcoin payment

Spot Bitcoin ETFs: What You Need to Know

In recent years, the discussion around spot Bitcoin Exchange Traded Funds (ETFs) has been heating up, particularly in the crypto community. ETFs,

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time. 

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time.