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Others have answered the question, and if I will just add, this is still considered as altcoin and so with that, there is the risk, a huge risk that it can de-pegged or the project will collapse, just saying. And it just another hype using the name of BTC.
So this is not a financial advise, but there is still just one Bitcoin, and projects that uses it's name is just another copy cut, like those bitcoin forks.
And in this case, just pegged on the price of bitcoin, so what not go directly and invest on bitcoin itself?
So this is not a financial advise, but there is still just one Bitcoin, and projects that uses it's name is just another copy cut, like those bitcoin forks.
And in this case, just pegged on the price of bitcoin, so what not go directly and invest on bitcoin itself?
This is like wrapped bitcoin but the thing is, despite of being equal to the current price of bitcoin. There is a big possibility that it will be de-pegged and will cut ties to the price bitcoin.
AFAIK, there's this wrapped project that has de-pegged to its major coin. I can't remember if that was wrapped Ether or it was another project but it was "wrapped" project! The same as this renbtc that could really lose its value against its connected and copied coin.
AFAIK, there's this wrapped project that has de-pegged to its major coin. I can't remember if that was wrapped Ether or it was another project but it was "wrapped" project! The same as this renbtc that could really lose its value against its connected and copied coin.
First, renBTC is an ERC-20 token constructed on the Ethereum network, and pegged to BTC. How exactly are they able to 100% guarantee that one renBTC can or will be swapped for BTC at a moments notice?
As I have initially guessed, the platform uses a lock and mint/burn mechanism, in that way, it should maintains the 1:1 peg of the coin.
According to their wiki page, the mechanism is as follows:
Third, what separates this from Wrapped Bitcoin, Bitcoin Cash, Bitcoin Satoshi Vision, etc?
WBTC and renBTC are similar. It is a pegged token. It requires custody to maintain the reserve that the custody held is pegged into the tokenized bitcoin.
BCH and BSV are a fork of Bitcoin. This is categorized as a coin since it exists on its own blockchain, unlike the tokenized bitcoin which it relies on top of other blockchains i.e. ETH.
What is essential, is that those tokenized bitcoin as the name suggests, "tokenized", are not real bitcoin, due to the way of how it works.
First, renBTC is an ERC-20 token constructed on the Ethereum network, and pegged to BTC. How exactly are they able to 100% guarantee that one renBTC can or will be swapped for BTC at a moments notice?
It's just a centralized shitcoin that pegged with real Bitcoin price, there's no guarantee if the creator is genuine, he can be a scammer and run with investor money.Quote
Second, renBTC was founded by someone named Taiyang Zhang, who still maintain's his place as the CEO.
No one know, why we need to know? in the end it's centralized and not a real Bitcoin.Quote
Third, what separates this from Wrapped Bitcoin, Bitcoin Cash, Bitcoin Satoshi Vision, etc?
renBTC and wrapped Bitcoin isn't a Bitcoin fork, while BCH and BSV is a Bitcoin fork. But the same thing is, those projects are centralized and the creator can manipulate or control the price based on his own decision.
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