RenBTC Renbtc Price USD

RenBTC is a Bitcoin-backed ERC-20 token built on the Ethereum network. This means that each RENBTC can always be exchanged for one Bitcoin. As a result, the value of RENBTC tends to stay close to the value of Bitcoin on the market.

RenBTC is made on the Ren platform, which is an open protocol that gives everyone access to the inter-blockchain liquidity. This makes it possible for Ethereum decentralised applications to use assets from other blockchains (DApps). Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash are the main ones that can be used (ZEC).

Wrapped Bitcoin's main competitor is the renBTC token (wBTC). Users send their BTC to RenVM, which then secures the asset and creates an equal number of renBTC tokens on Ethereum. This is a simple way to mint the token.

Unlike other Bitcoin-backed tokens, renBTC is not a synthetic token, and it doesn't rely on any liquidation mechanisms to stay tied to the value of BTC. Instead, it has a direct supply peg, which means there are always enough BTC in reserve to cover the amount of renBTC in circulation.

It's just as easy to spend renBTC as it was to make it. The user only needs to send their renBTC back to RenVM (and pay a small gas fee) and the native Bitcoin will be sent to their address. The renBTC tokens are destroyed, which lowers the number of tokens in circulation to match the lower reserves.

To know more about the RenBTC price prediction, install the top cryptocurrency app CoinGabbar today!