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Bitcoin Dominance, Bakkt Exchange and Fidelity, Wrapped Bitcoin - Crypto News

Bitcoin dominance is continuing​ to grow, what does that mean for altcoins? This is something Billy will talk about as well as the latest from Bakkt and the upcoming launch, Fidelity's crypto arm applying to operate in NY as a trust, Ethereum's wrapped Bitcoin set to eclipse lightning network capacity and finally some news from John McAfee. ----------------------------------------------------------------------------------- Visit our website: https://altcoinbuzz.io Connect with us on Social Media: Twitter: https://twitter.com/Altcoinbuzzio Facebook: https://www.facebook.com/altcoinbuzzio/ Telegram: https://t.me/joinchat/DLi8Ug8negQrbwYO-oqNRA ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: https://bit.ly/2rWQnHa CoolWallet S: https://bit.ly/2Liy5bv Trezor: https://bit.ly/2IXrZic Ledger Nano S: https://bit.ly/2IyE3al KeepKey: https://bit.ly/2x5TlhM Read about them here: https://bit.ly/2rTdthZ --------------------------------------------------------------------------------- References: #Bitcoin Dominance Growing — What It Could Mean for Altcoins https://twitter.com/novogratz/status/1152544675888357376 https://cointelegraph.com/news/bitcoin-dominance-growing-what-it-could-mean-for-altcoins Bitcoin Approaches Second Inning as #Bakkt Exchange Launch Nears https://www.ccn.com/news/bitcoin-futures-exchange-bakkt-readies-late-second-quarter-launch/2019/07/19/ Fidelity’s crypto arm has officially applied to operate in New York as a trust https://www.theblockcrypto.com/2019/07/20/fidelitys-crypto-arm-has-officially-applied-to-operate-in-new-york-as-a-trust/ #Ethereum's Wrapped Bitcoin Set to Eclipse #LightningNetwork Capacity https://news.bitcoin.com/ethereums-wrapped-bitcoin-set-to-eclipse-lightning-network-capacity/ https://decrypt.co/7957/reducing-bitcoins-supply-550-btc-now-locked-up-as-wbtc https://maltawinds.com/2019/07/03/kyber-network-surpasses-827000-eth-in-total-transaction-volume/ 72% of institutional finance executives believe cryptocurrencies will have a place in the industry’s future.” - https://twitter.com/Bakkt/status/1146426614579900416?s=20 John McAfee says he is running from the CIA - https://twitter.com/officialmcafee/status/1152240931015462914?s=20 https://twitter.com/officialmcafee/status/1152240931015462914?s=20 -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Wrapped Bitcoin Locks Up 550 Bitcoin

Acting similarly to a US-based stablecoin being backed by the US dollar, wrapped bitcoin, an Ethereum-based token backed by bitcoin and pegged to its value, has locked up 550 bitcoin in its protocol.
Ethereum News

Ethereum’s Wrapped Bitcoin Set to Eclipse Lightning Network Capacity

Since the project launched a little over six months ago, Wrapped Bitcoin (WBTC) has roughly $5.9 million or 558 BTC locked into the system. At the rate WBTC’s token contract is climbing, the project is close to surpassing the Lightning Network’s capacity in the near future. Also read: The ”Wrapped Bitcoin” Project Has Now Officially Launched on Ethereum Wrapped Bitcoin Contract Captures 558 BTC In January, Bitgo, Kyber Network, and Ren (formerly Republic Protocol) revealed the creation of a new ERC20 token project called Wrapped Bitcoin, a token created on the Ethereum network that’s been gathering a bunch of growth recently. Essentially WBTC is an ERC20 token backed by bitcoin core (BTC) at a 1:1 ratio. The creators of WBTC explained during the token’s launch that the system was designed to bring more liquidity into the crypto ecosystem. At the moment, the token contract’s locked BTC has climbed significantly in value, gathering 558 BTC with roughly $5.9 million in value. The numbers have been impressive since the project started in January and reached a million dollars by the first week of May. Since April 16, the amount of BTC added to the WBTC contract has grown by 272%. WBTC statistics according to Defi Pulse. In comparison to the Lightning Network’s growth, the WBTC contract is growing much faster and they both provide similar functionality. Since February 2018, the Lightning Network capacity has held around 5.5 BTC or roughly $46,000 and it’s taken more than a year to climb past $10 million and reached an all-time high of $12 million last month. At the time of writing, the Lighting Network’s current capacity is $9.5 million or 911 BTC. While the Lightning Network’s capacity has been dwindling, there’s been a lot more demand for WBTC tokens. WBTC can be obtained from a number of exchanges like Airswap, Hitbtc, Kyber, Radarrelay, Uniswap, and Imtoken. The project now has a slew of merchants like Grapefruit Trading and the San Francisco-based security platform Bitgo has been acting as the custodian for the WBTC project’s reserves as well. Lightning Network statistics according to Defi Pulse. WBTC’s recent popularity is also due in part to the cryptocurrency infrastructure providers giving the asset support. On July 16, the Compound protocol, an open source lending platform that compounds interest on the Ethereum blockchain, announced its support for WBTC. The Compound community voted on adding WBTC in January, but there were some delays, like the length of time it took for bitcoins to get wrapped. After the project reached a level of maturity, Compound community members were “clamoring” for the coin to be supported. Now the team behind the Compound software has deployed WBTC and users are now able to earn interest on and borrow WBTC. “The market uses the same interest rate model as ETH, BAT, ZRX, and REP, and the initial exchange rate is 0.0200,” the Compound team detailed. So far, $32,000 worth of WBTC loans has been issued since the launch on Compound. Infrastructure that supports WBTC. A week prior, on July 8, the NEO-based cross-chain atomic swap exchange Switcheo also launched WBTC on the trading platform. Switcheo’s Jack Yeu explained: “For the first time, traders around the world will be able to buy or sell NEO with the BTC-pegged token, WBTC, in a trustless manner via Switcheo’s cross-chain atomic swaps.” Adding WBTC is part of Switcheo’s goal toward creating a network with cross-chain swapping capabilities across multiple chains. WBTC has added a lot of value into the Ethereum ecosystem and between all the decentralized finance (defi) platforms like WBTC, Maker, and Compound, defi protocols command more than 2% of the entire ETH supply. Another Instance of Wrapping BTC Using the Bitcoin Cash Network The rise of WBTC also follows the recent launch of a Simple Ledger Protocol (SLP) token that has similar attributes. The SLP token built on top of the Bitcoin Cash network is called BTC2 and the pegged token is issued by the platform Sideshift.ai. According to the Sideshift creator, BTC2 tokens are backed 1:1 with BTC and people who don’t live in the U.S. can obtain the token using the Sideshift swapping application. BTC2 tokens (not to be confused with the BTC snapshot fork of the same name) use the same BCH network fee to transact which means people can send BTC without paying high transaction fees. Swapping BTC for WBTC on Sideshift.ai. Similarly to sending WBTC, owners must sign a transaction that requires a certain amount of gas or gwei. In contrast, BCH or SLP transactions typically have a network fee of around $0.001 to $0.005 on average. At the time of publication, there are 100 BTC2 tokens in existence which is a touch more than $1 million worth at current BTC market prices. Sideshift’s creator Andreas Brekken told news.Bitcoin.com that with Sideshift acting as the custodian of people’s BTC, it adds a counterparty, which means BTC2 can also open new doors such as earning interest. The BTC2 token graph according to Simpleledger.info. In addition to both WBTC and BTC2, there’s Blockstream’s LBTC, a project aimed at facilitating large amounts of BTC transfers offchain. However, unlike the two aforementioned tokens created on public blockchains, LBTC is a federated sidechain using a number of exchanges as the trusted federation. It’s interesting and ironic that there are people with millions of dollars between WBTC, BTC2, and LBTC that think it’s valuable to transact with BTC using alternative chains with lower fees. Moreover, as WBTC comes close to surpassing the Lightning Network’s capacity, one could conclude that it’s easier to transact with WBTC or BTC2 than learning to grasp the technical aspects of the Lightning Network. What do you think about the WBTC project’s growth? Why do you think people think it’s valuable to transact with BTC on an alternative chain? Let us know what you think about this project in the comments section below. Disclaimer: This editorial is intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned companies or any of their affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Image credits: Shutterstock, Defi Pulse, Simpleledger.info, wbtc.network, and Sideshift.ai Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs.   The post Ethereum’s Wrapped Bitcoin Set to Eclipse Lightning Network Capacity appeared first on Bitcoin News.
Bitcoin News

Wrapped Bitcoin (WBTC) is Now Officially Part of the Compound DeFi Protocol

As per an all new statement released by Compound Labs, the firm has just added Wrapped Bitcoin to its list of public investment offerings. In this regard, it should be pointed out that this decision came into effect after the project’s core community of users voted in favor of the move almost unanimously. Additionally, for […]
Bitcoin Exchange Guide

Switcheo launches new Wrapped Bitcoin (WTBC) markets

Swticheo Network, the first decentralized cryptocurrency exchange on the NEO blockchain which now allows trading of EOS, Ethereum and NEO tokens, today announced that it is introducing new Wrapped Bitcoin (WBTC) markets on the Switcheo Exchange. To start, Switcheo will be adding the NEO/WBTC atomic swap market. For the first time, traders will be able to buy […]
CryptoNinjas

An analysis of Wrapped Bitcoin

Wrapped Bitcoin (WBTC) is an Ethereum token launched on Jan. 31 as an attempt to bring the liquidity effects of bitcoin (BTC) into the Ethereum ecosystem. WBTCs are backed 1-to-1 by BTC secured by centralized custodians. WBTC’s token contract is governed by a multi-signature contract managed by a group including custodians that manage BTC to burn and mint WBTC and merchants who initiate burn/mint calls on behalf of users who want to trade in their BTC for WBTC, and vice-versa. The Block has analyzed the status of WBTC as the token nears six months on the Ethereum network. Since launching at the end of January, the circulating supply of WBTC has grown 340%, with nearly 320 WBTC (~$3 million) deployed on the Ethereum blockchain. Join Genesis now and continue reading, An analysis of Wrapped Bitcoin!
The Block Crypto
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Wrapped Bitcoin news by Finrazor

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Why Do We Need to Wrap Bitcoin?

BitGo, Kyber Network, MakerDAO, IDEX and many other crypto companies partnered to create a Bitcoin-backed Ethereum token, Wrapped Bitcoin. This token will represent BTC, 1 token equal to 1 BTC stored in the custody of BitGo. It could be used to trade BTC on DEXes, the whole administration will be via DAO, similar to Maker system

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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
CoinGape

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
Bitcoin Exchange Guide

Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager
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