Is it possible to bridge BTC onchain to ETH ? - page 2.

BlackBoss_

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Quote from: adaseb on September 09, 2023, 02:20:48 PM

So wondering if there are any services out there or so called bridges that make this possible?

Cryptocurrency bridges are not good enough in their security and many bridges were hacked. They are vulnerable to hacks and I won't take risk with cryptocurrency bridges if I have other options.

Quote from: OmegaStarScream on September 09, 2023, 02:37:14 PM

Have you thought about using CEXes instead of Bridges? You could just deposit your BTC, and then on the withdrawal process, you can choose the network you want to withdraw your WBTC to.

I agree with you on this method that is less risky than using cryptocurrency bridges. Using centralized exchanges have risk too but we can avoid KYC by choosing non KYC centralized exchanges to use. Deposit and withdraw, don't store money on their exchanges longer than needed.

Current list of exchanges without KYC

Quote

I obviously wouldn't recommend storing WBTC for the long term though.

Wrapped tokens like WBTC can depeg.

Bitcoin_Arena

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Quote from: adaseb on September 09, 2023, 02:20:48 PM

Does such as service exist?

Not that I know of

You are basically just going to use "exchanges" sugarcoated as chain bridges. Someone who decided to use No KYC instant exchanges like eXch.cx will have made a much better choice than anyone who decided to use RenBTC or wBTC.

Stalker22

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Quote from: adaseb on September 09, 2023, 02:20:48 PM

Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.

So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?

Bitcoin's base layer lacks support for complex smart contracts and decentralized applications. Therefore, for cross-chain bridges to be possible, you must first tokenize native BTC into a synthetic asset that merely mimics the value of BTC.

As far as I know, you can only get wBTC through a custodial bridging process. You deposit Bitcoin, and in return, someone mints an equivalent amount of wBTC tokens for you. So, basically, it is an exchange.

stompix

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Blackjack.fun

Quote from: adaseb on September 09, 2023, 02:20:48 PM

Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.

Both RenBTC and Wrapped Bitcoin (WBTC) do the same thing, they basically lock your BTC and issue you a token on the ETH chain, it's NOT a real bridge, there is no real peg between those, if BitGo goes down everything goes with them, including the real BTC and the fake WBTC.
A real bridge is not currently possible and I pretty much doubt it will ever be unless both chain devs come to a mutual understanding, otherwise, the only true options are in the second layers on BTC like liquid or RSK

OmegaStarScream

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Have you thought about using CEXes instead of Bridges? You could just deposit your BTC, and then on the withdrawal process, you can choose the network you want to withdraw your WBTC to. I obviously wouldn't recommend storing WBTC for the long term though.

adaseb

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Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.

So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?

Topic: Is it possible to bridge BTC onchain to ETH ? - page 2. (Read 276 times)