What is Wrapped Bitcoin (WBTC)?

Bitcoin Tokens (BTC) exist and only have value on the Bitcoin blockchain. Non-native assets cannot be used directly on other blockchain networks. This means that BTC cannot be used on large blockchain networks such as Ethereum or Binance Smart Chain.

However, there is a valuable loophole for those looking to expand outside the Bitcoin blockchain. The vulnerability we are referring to is called Wrapped Tokens.

Bitcoin tokens can be “wrapped” to form a tokenized version of a different cryptocurrency. Once a token is wrapped, it can exist natively on a separate blockchain.

The original value of the asset is “pegged” and tokens can be opened and exchanged into the original form as needed.

Since blockchains are relatively isolated from each other, it is not easy to transfer assets between them. Wrapping tokens is a means of increasing interoperability between various blockchains, allowing cross-chain movement of tokens.

All of this contributes to the common goal of cryptocurrencies: Decentralized Finance (DeFi); a space free from the control of a central authority, where traditional banking and decentralized technology meet.

Can I bet Wrapped Bitcoin (WBTC) to gambling site?

Yes. you can bet Wrapped Bitcoin to gambling site, But just like the rest of the blockchain space, there is very little concrete information about the legality and legitimacy of cryptocurrencies in online casinos. Since there are no laws regulating crypto gambling, it is enough to analyze the casinos themselves. Below we reccommend you the best crypto sites.

Cloudbet crypto features all your favorite games, from casino, live casino, Esports and sportsbetting. Cloudbet sportsbook offers a good value and high odds with a betting limits of 10 BTC.

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1xbit supported all cryptocurrency for both deposit and withdrawal, they also offer a bonus for new players 100% that matches their deposit 1 BTC plus 1 BTC receive bonus.

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