What is Bitcoin BEP2 (BTCB)?

What is Bitcoin BEP2 (BTCB)?

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Tokens must be compliant with Binance Chain Evolution Proposal 2 to transfer value on the Binance Chain (BEP2). BEP2 is a token governance system comprised of predefined rules and criteria for launching on-chain assets on the Binance Chain.

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Each day, new projects announce the migration of their assets, or a percentage of their coin supply, to BEP2 from their initial mainnet, ERC-20, or NEP-5 (the NEO public blockchain's native token protocol) implementations.

Even Bitcoin, for which Binance issued a tethered BEP2 version last summer, may benefit from the new blockchain platform's speed, security, and transactional efficiency. Numerous stablecoins, like TrueUSD and Stably, have joined the chain. Binance Chain now lists 133 assets.

 

Component Bitcoin BEP2 (BTCB)
Technologies BEP-2 technical Standard, Binance Chain Evolution Proposal 2
Market Capitalization $
Open-Source Yes
Consensus Mechanism None
Smart Contracts No
Founders/Authors Changpeng Zhao (founder of Binance)
Launch Date June 2019
Circulating Supply of Coins 105,115 BTCB
Maximum Coin Supply None
Mining-based Coin? No
Is Bitcoin BEP2 a Stablecoin? Yes, it is a crypto-collateralized stablecoin
Does Bitcoin BEP2 have a burn rate? Yes
Does Bitcoin BEP2 have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Bitcoin BEP2

BTCB is a Bitcoin-denominated currency that was launched on the Binance Chain. Binance, a cryptocurrency exchange, maintains this peg by assuring that each BTCP is fully backed by a reserve of genuine Bitcoin.

Binance made the reserved address public for interested parties to examine the composition of the cryptocurrency exchange's Bitcoin reserve and match it to the total quantity of BTCB issued.

Binance expanded trading opportunities for customers of its decentralized exchange (DEX), the principal service supported by Binance Chain, by adding a Bitcoin alternative.

 

What makes Bitcoin BEP2 unique?

Due to Bitcoin's weakness in this area, developers are always seeking solutions and overcoming roadblocks like high fees and a laborious procedure for building smart contracts.

Bitcoin BEP2 is a Binance Chain-based Bitcoin clone. Its price is always as near to the underlying asset – Bitcoin – as feasible, and each BTCB is backed by a genuine Bitcoin.

As a result, the pegged BTCB tokens are 100% backed by their reserve coin, Bitcoin. Among the benefits of utilizing BTCB are the following:

  • Since the launch of BTCB, traders on Binance DEX have been able to trade BTC regardless of whether the BTC is housed on a separate blockchain. As a result, BTCB traders on the Binance DEX now have access to more trading pairs, resulting in greater trading volumes.
  • As the range of accessible assets has expanded, so has liquidity, which benefits exchange users.
  • Binance has built a solid reputation and gained the confidence of its customers over the years, to the point that many users are prepared to store their BTC on the platform to access BTCB.
  • Anyone may view the BTC reserves on Binance Chain at any moment, demonstrating the project's high level of openness.
  • While exchange officials assert that this technique is more centralized than atomic swaps, they assert that it is simpler to comprehend and master for most traders.
  • If developers prefer to migrate their assets to Binance Chain, the platform actively supports and facilitates the process.

 

What are the main uses for Bitcoin BEP2?

BTCB is a Bitcoin replica that was created on the Binance Chain to provide traders utilizing the Binance DEX with access to new trading pairs.

 

What is the future potential for Bitcoin BEP2?

The future of Bitcoin BEP2 relates to the mass adoption of decentralized finance (DeFi) and Decentralized Applications (DApps), with Bitcoin holders being connected to a wide variety of technologies through BTCB on the Binance Chain.

 

Price analysis on Bitcoin BEP2

Bitcoin BEP2 was initially launched in 2020, and its price analysis over the past year are as follows:

 

  2020 2021 to date
BTCB Price High $15,917.91 $67,502.42
BTCB Price Low $6,974.64 $28,294.33
Market Cap $36.30M $7.10B

 

Price prediction on Bitcoin BEP2

BTCB is pegged to BTC at a 1:1 ratio, which means that its value will rise and fall with Bitcoin. The price prediction for BTCB for the end of the year is $50,124 and $47,482 at the beginning of 2022.

BTCB is currently expecting a bearish market, but the long-term investment earning potential for BTCB is 70%.

 

Which wallets are the best option for storing Bitcoin BEP2?

A crypto wallet is a software application or extension where customers keep their Bitcoin BEP2 (BTCB) money. This data comprises a private key (like a password) and a wallet address (like an account number).

Users can choose between the following Bitcoin BEP2 wallet types:

  1. Exodus
  2. Electrum
  3. Mycelium
  4. Trezor Model T
  5. Ledger Nano S

 

1. Exodus: Exodus provides users with a bitcoin wallet that is safe for everyday usage. The fact that it is an online wallet means that it will never be as safe as storing digital cash in a cold storage facility (such as a paper wallet).

This software wallet also lacks several security safeguards that make it less reliable than other, more comprehensive software wallets.

 

2. Electrum: According to Electrum wallet ratings, Electrum is one of the most secure Bitcoin wallets available, owing to the data encryption that is employed to protect private keys and keep them safe.

Electrum uses a highly secure seed, which is a random phrase that is used to generate the keys that are utilized in the system. It provides the same degree of security as a private key for Bitcoin transactions.

 

3. Mycelium: Mycelium is one of the most popular Bitcoin wallets accessible only for mobile devices, having been published as an Android app in 2013 and then transferred to iOS.

Mycelium bills itself as the “default Bitcoin wallet,” and its claim to be the most popular cryptocurrency wallet on the Play Store is no longer true. The app does contain a few notable features.

To begin, Mycelium is open source, which is a critical characteristic of any decent cryptocurrency wallet. Additionally, the app makes use of Simplified Payment Verification (SPV), which enables it to confirm transactions without downloading the whole blockchain.

 

4. Trezor Model T: The Trezor Model T is the finest hardware wallet for anybody interested in HODLing cryptocurrency. This is because the device supports a wider range of crypto than most of its competitors and, due to its open-source nature, it is more interoperable with third-party wallets.

Trezor's hardware and software are all open sources, making it one of the most honest hardware wallet providers available. Notably, the Trezor Model T lacks a closed-source secure element instead of encrypting all data with a passcode.

 

5. Ledger Nano S: In general, the Ledger Nano S is among the most dependable and secure cryptocurrency wallets available. It adds a degree of protection by requiring you to select not only a PIN but also a 24-word retrieval phrase.

Additionally, because it is constructed of robust materials, users need not be concerned about physical damage. Due to the company's rigorous security standards, the Ledger Nano S is the most practical alternative to store digital assets.

Beginner or infrequent investors will have peace of mind knowing their transactions are safe and that all crypto assets are kept offline while they can still readily access their funds or monitor their accounts while utilizing a physical device.

Best Bitcoin Wallets are the same as BEP2 wallets.

Where can you buy Bitcoin BEP2?

 BTCB can be purchased and exchanged on any of the following exchanges:

  1. Pancake Swap
  2. MDEX
  3. SwipeSwap
  4. JulSwap
  5. HitBTC

 

1. Pancake Swap: It is based on the Binance Smart Chain and is a Uniswap clone in many ways. In terms of trading volume and liquidity, the PancakeSwap DEX has generated billions of dollars so far.

 

PROS CONS
There is a significant amount of liquidity that is locked in pools The user interface is extremely cluttered
It is easy for traders to use the Binance Bridge Users need to bridge assets from the Ethereum blockchain
The exchange is much cheaper than its competitors The overall trading volume has been decreasing
There are endless yield farming options available The Binance chain has faced an increased number of exploits recently

 

2. MDEX: MDEX, a more popular moniker for the Mandela Exchange, is a cryptocurrency exchange and trading platform that provides its users with some of the most innovative features available. The platform is built on a decentralized technology that enables crypto asset trading.

The platform is built on the Heco blockchain, which enables it to incorporate some sophisticated capabilities not accessible on other chains, such as the Ethereum Mainnet.

MDEX features a sizable liquidity pool that boasts an incredible scale and statistics that are unmatched.

 

PROS CONS
MDEX features an extremely large liquidity pool, one of the largest in the crypto space The platform is available to many regions globally
MDEX offers its users the ability to carry out instant fund transfer MDEX is more concentrated on the Asian market
The fees on the platform are some of the lowest in the crypto industry, with some as low as 0% through MDX mining Some browsers have visual glitches when the platform is loading
Different ongoing events offer a plethora of rewards for new clients Some characteristics of MDEX can be cumbersome and complicated, especially to beginner traders
There are many diverse and distinct features on the platform  

 

 

3. BakerySwap

BakerySwap is a decentralized exchange (DEX) based on the Binance Smart Chain that makes use of automated market maker technology. Along with yield farming and exchanges, BakerySwap is unique in that it also supports NFTs.

BakerySwap is now one of the most popular DEXs on the Binance Smart Chain, while it is seeing more competition as more AMMs choose for the BSC's reduced transaction prices and faster transaction times.

One of the reasons behind BakerySwap's success is that it is the first NFT DeFi platform built on the BSC.

 

PROS CONS
The platform charges a flat trading cost and Liquidity Providers get a decent portion of fees The exchange faces a significant amount of competition
The platform is popular for its NFT marketplace  
It is one of the best DEXs with a high trust score  

 

4. JulSwap

JulSwap is a website that connects users to a decentralized, automated market for BSC-20 tokens. The DEX's objective is to minimize the entrance barrier to the DeFi environment for the public.

Additionally, anybody may create their liquidity pools using JulSwap. As a result, the platform becomes truly decentralized and serves as a center for numerous DeFi gems.

 

PROS CONS
The platform is known for its low trading costs There is the risk of encountering unknown tokens that have suspicious teams and tokenomics
Traders have full custody of their funds unlike on centralized exchanges  
There is no KYC procedure  
There are no trading limits on the exchange  
The exchange is user-friendly  

 

5. HitBTC: HitBTC is a venerable bitcoin exchange founded in 2013. Since then, the cryptocurrency exchange has established a reputation as a go-to destination for buying and trading small-cap cryptocurrencies.

It facilitates the exchange of a diverse variety of crypto assets, including the most prominent cryptocurrencies.

 

PROS CONS
There is a diverse range of crypto assets There are some issues with transparency
The platform is easy to use despite its cluttered interface Customer support can be slow to respond
There is no KYC process involved with registration The exchange is not suited to beginner traders
The transaction costs are extremely low Unregulated

 

Is Bitcoin BEP2 a Good Investment?

Yes, BTCB is a store of value like Bitcoin. It is a good investment option that could yield high returns long-term. Both Bitcoin and its pegged cryptocurrencies such as Bitcoin BEP2 are expected to exceed $100,000 soon.

 

What is the supply and distribution of Bitcoin BEP2?

The circulating supply of Bitcoin BEP2 is 105,115 BTCB, and there is no maximum supply.

Circulating Supply is the closest estimate of the number of coins in circulation in the market and the hands of the general population. Total Supply is the total number of coins in circulation right now (this amount is subtracted from any crypto coins that have been burned).

For a good reason, the Circulating Supply indicator is extremely important in the crypto-asset sector. It, together with the per-unit price of a crypto asset, enables investors to better comprehend the relative worth of multiple assets.

 

Is Bitcoin BEP2 a viable Alternative Coin?

Yes, Bitcoin BEP is a decent alternative coin based on the following factors:

  • Traceability – while all transactions are recorded on a public ledger, the identity of the sender/receiver is not known, and their location is not disclosed.
  • Hacking – there is no record of hacking to BTCB yet.
  • Security – The Binance chain uses some of the most innovative and robust security measures.
  • Technology – Bitcoin BEP2 employs technology such as BEP-2 technical Standard, Binance Chain Evolution Proposal 2, amongst others
  • Price Stability – Bitcoin BEP2's price changes as the price of Bitcoin changes, which means that BTCB is susceptible to times of volatility
  • Potential Investment – Like BTC, Bitcoin BEP2 is a store of value, and it allows for Binance users to have access to Bitcoin through a native blockchain.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Bitcoin BEP2 And Bitcoin?

Bitcoin BEP2 is a Bitcoin clone that was created and distributed over the Binance Chain. Bitcoin is the underlying asset, and the price of each BTCB is always as near as feasible to the price of one Bitcoin.

Each BTCB is backed by one Bitcoin. As a result, the pegged BTCB tokens are 100% backed by Bitcoin, which serves as its own reserve asset.

 

  Bitcoin Bitcoin BEP2
Price change 20/21 +400% +70%
Market Cap $800 Billion+ $5.3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #1 – Original Crypto #38

 

What are the differences between Bitcoin BEP2 and Ethereum?

BEP-20 tokens are an adaptation of the ERC-20 token standard; both standards specify the system of rules that define a token and are used to create new token types. Ethereum is a programmable blockchain, much like Binance Chain.

Ethereum is used by developers for creating and launching smart contracts, and DApps and BTCB is a crypto coin that is backed by BTC in a 1:1 ratio, which means that for every BTCB that is created, there is one BTC held in reserve.

 

  Ethereum Bitcoin BEP2
Price change 20/21 +880% +70%
Market Cap $460 Billion+ $5.3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #2 #38

 

What are the differences between Bitcoin BEP2 and Dogecoin?

Dogecoin (DOGE) is a cryptocurrency that is popularly known for the popular “doge” Internet joke that is still making the rounds, and its logo resembles a Shiba Inu. Because Dogecoin is based on a popular dog meme, its developers envisioned it as a humorous, light-hearted coin that would appeal to a wider audience than the core Bitcoin audience.

Dogecoin's proof-of-work methodology varies from Bitcoin's in several ways, one of which is that it makes use of Scrypt technology. Bitcoin BEP2 (BTCB) is a cryptocurrency that exists on the Binance Chain.

Every BTCB token is backed proportionally by a Bitcoin reserve, and every BTCB which is minted is pegged to Bitcoin at a 1:1 rate. BTCB is known for its transparency, and anyone can access the reserved address for confirmation at any moment because it is made publicly available.

Holders of BTCB coins can use the Binance DEX to trade their currencies for any other tokens. Bitcoin BEP2 token holders may also trade their tokens for bitcoin on the main Binance crypto exchange.

 

  Dogecoin Bitcoin BEP2
Price change 20/21 +7,300% +70%
Market Cap $22 Billion+ $5.3 Billion+
Past Hacks None None
Popularity High Medium
Altcoin Rank #12 #38

 

What are the differences between Bitcoin BEP2 and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Bitcoin BEP2, on the other hand, is fungible, which means that one BTCB has the same value and characteristics as another BTCB.

 

What are the differences between Bitcoin BEP2 and Bitcoin SV?

Bitcoin SV (BSV) was created in 2018 because of a hard split of the Bitcoin Cash (BCH) network, which had, in turn, diverged from the Bitcoin (BTC) blockchain a year earlier.

The ultimate purpose of Bitcoin SV is to realize Satoshi Nakamoto's original vision for the Bitcoin system and design, as detailed in his white paper on the subject.

Bitcoin BEP2 is merely a cryptocurrency which value is pegged in a 1:1 ratio with Bitcoin. Bitcoin SV shows decreased historical price performance against BTCB, and it has a much lower market capitalization.

In addition, Bitcoin SV experienced a 51% attack in 2022, and it has a lower level of popularity than Bitcoin BEP2 in the crypto market.

 

  Bitcoin SV Bitcoin BEP2
Price change 20/21 -20% +70%
Market Cap $2.4 Billion+ $5.3 Billion+
Past Hacks Yes, 51% Attack in 2022 None
Popularity Medium Medium
Altcoin Rank #62 #38

 

What are the differences between Bitcoin BEP2 and Bitcoin gold?

Bitcoin Gold was launched in 2017 as a more user-friendly Bitcoin alternative. The BTG network attempts to combine the Bitcoin blockchain's security and sturdiness, as well as its qualities, with the ability for experimentation and evolution.

BTG strengthens and expands the crypto space by utilizing a blockchain that is highly interoperable with Bitcoin but does not rely on Bitcoin's hash power or compete for the label of “genuine Bitcoin.”

The company's goal is to deliver a currency with the execution capabilities of Bitcoin while also broadening the coin's potential for use by DeFi and DApp developers.

BTCB does not seek to improve the code of Bitcoin, but it is in a 1:1 ratio with BTC, where there are reserves held for the number of BTCB coins that are in circulation.

BTCB means that BTC holders can have access to the technologies and functionalities of the Binance chain.

 

  Bitcoin Gold Bitcoin BEP2
Price change 20/21 +430% +70%
Market Cap $780 Million+ $5.3 Billion+
Past Hacks 2018, 51% Attack None
Popularity Low Medium
Altcoin Rank #116 #38