Topic: Bitcoin + MetaMask? - page 2. (Read 309 times)
You can add Bitcoins to Metamask, but you can only add Bitcoin ERC20 developed by third parties or commonly known as Wrapped BTC (WBTC). WBTC also has the same price as BTC. However, this coin can only be traded on the Dex platform, whereas most exchanges use Bitcoin Core trading.
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It's kind of interesting that there is still only one custodian, isn't it?
It's kind of interesting that there is still only one custodian, isn't it?
I do not know if it is interesting or not, because even if there were more custodians, I still would not trust this token with a lot of money.
I think you should understand that once you exchange your BTC for WBTC tokens, you no longer own the original bitcoin, but rather a token that runs on a completely different network, and that may or may not be worth as much as BTC in the future. If you buy WBTC, there is no guarantee that the value of WBTC will be equal to the value of bitcoin in the future. I do not know if this is possible or not, and I do not want to look into it, but what happens if the owner of the WBTC smart contract decides to rug pull?
Hey thanks for the warm welcome and reply.
Yes, I can understand that WBTC != BTC.
From the Jan 2019 WBTC whitepaper I just read, WBTC tracks the price of BTC and is facilitated by custodian BitGo, and initial merchants, Kyber Network and Republic Protocol. A quick google search revealed that there are significantly more merchants now but BitGo remains the only custodian.
It's kind of interesting that there is still only one custodian, isn't it?
Yes, I can understand that WBTC != BTC.
From the Jan 2019 WBTC whitepaper I just read, WBTC tracks the price of BTC and is facilitated by custodian BitGo, and initial merchants, Kyber Network and Republic Protocol. A quick google search revealed that there are significantly more merchants now but BitGo remains the only custodian.
It's kind of interesting that there is still only one custodian, isn't it?
Technically, I get that Bitcoin isn't an ERC20 token so it's not compatible with MetaMask which is Ethereum-based, but there's the option of wrapped BTC right? So does it even make sense to add Bitcoin support for MetaMask? Seems like a low priority.
Welcome aboard!
Wrapped bitcoin is just another ERC20 token with a fancy name; it's not bitcoin.
As you said, Metamask works with things on Ethereum blockchain. Bitcoin has it's own blockchain, different from ETH. So Metamask cannot just add Bitcoin like it adds tokens.
Hey this is my first post on this forum!
To be honest, I'm generally new to the defi, crypto, web3, and this forum (!) so I'm still learning a lot but I think I understand some of the basics. I've read the rules and guidelines before making this post but please correct me if I made any mistakes. It seems that the community here is very knowledgeable so I'm grateful to be here and to absorb
I did a search for "MetaMask" on here and found that MetaMask published a tweet about Bitcoin support about 4-5 months ago, but when I did a google search to find any updates, I got nil. From reading the forums, I got the sense that MetaMask is kind of useful as a prepaid credit card for interfacing with dapps but not as a long-term storage for large amounts of crypto as it has some security concerns being a chrome extension and all.
Technically, I get that Bitcoin isn't an ERC20 token so it's not compatible with MetaMask which is Ethereum-based, but there's the option of wrapped BTC right? So does it even make sense to add Bitcoin support for MetaMask? Seems like a low priority.
To be honest, I'm generally new to the defi, crypto, web3, and this forum (!) so I'm still learning a lot but I think I understand some of the basics. I've read the rules and guidelines before making this post but please correct me if I made any mistakes. It seems that the community here is very knowledgeable so I'm grateful to be here and to absorb
I did a search for "MetaMask" on here and found that MetaMask published a tweet about Bitcoin support about 4-5 months ago, but when I did a google search to find any updates, I got nil. From reading the forums, I got the sense that MetaMask is kind of useful as a prepaid credit card for interfacing with dapps but not as a long-term storage for large amounts of crypto as it has some security concerns being a chrome extension and all.
Technically, I get that Bitcoin isn't an ERC20 token so it's not compatible with MetaMask which is Ethereum-based, but there's the option of wrapped BTC right? So does it even make sense to add Bitcoin support for MetaMask? Seems like a low priority.
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