Which is more secure, WBTC or BBTC (Binance Wappled bitcoin)?

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Quote from: Nwada001 on June 07, 2023, 02:38:42 PM

Both WBTC and BBTC none of them is safe,
If you want to be in the safer hand just take back your BTC and leave their shit coin for them.
Those mentioned are never Bitcoin (BTC) they are just tokens created by exchanges or third parties under some network which is not on Bitcoin blockchain.
Anything that's pegged can also be depegged.

Indeed. Neither WBTC nor BBTC can be considered completely safe, as both are tokens created by exchanges or third parties and not on the Bitcoin blockchain. BBTC is indeed linked to Binance, and if there were any issues with asset blockades or non-parity, it could potentially lose its 1:1 parity. This highlights the inherent risks involved with using tokens that are pegged to other assets, as both can also be depegged under certain circumstances. To be on the safer side, it might be wise to hold onto your original BTC and avoid these tokens. By doing so, you can minimize your exposure to the risks associated with third-party platforms and networks.

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Based on many analyses, Binance is trying hard to maintain the stability of its currency, BNB. They are selling bitcoin to provide sufficient liquidity so as not to panic and sell more BNB. Therefore, the platform itself is facing problems. What prompts you to sell your bitcoin and buy BBTC (Binance Wappled bitcoin), which Its value can become zero if anything happens to the Binance platform, which is something that may happen, or at least the platform will not be as strong as to guarantee the value of all Wappled bitcoin.

https://twitter.com/JoeConsorti/status/1668723869794926595/photo/3

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

None can be spared I guess cause it is still considered as an altcoins. With the name derivation surely they have both smart contract representing bitcoin somehow but if its stored on an exchange still its subject to blockade if theres an event of freeze happened. Might as well use the original bitcoin instead.

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Quote from: Oshosondy on June 07, 2023, 02:40:46 PM

BBTC means Binance Wrapped BTC.

From the name, you will know that it was created by Binance. But no other BTC is safe except bitcoin. WBTC and BBTC are not even bitcoin (BTC) because they are altcoins. Trust only bitcoin (BTC).

Really, none of this is safe, everything can close at any moment, because of which you will lose everything you had. I only trust bitcoins (BTC), not some obscure tokens.

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Quote from: nesty on June 11, 2023, 06:20:49 AM

WBTC is an ERC-20 token that is backed 1:1 by Bitcoin held in reserve by a group of custodians.

WBTC do exist on many ERC20 format token on many networks.

Quote from: nesty on June 11, 2023, 06:20:49 AM

BBTC, on the other hand, is BEP-2 token that is backed 1:1 by BTC held in reserve by Binance. It is also audited regularly and has the backing of major cryptocurrency exchange. It is currently only supported on the Binance Smart Chain, which may limit its adoption.

Nope. BBTC is not listed as a BEP-2 token. You can see by yourself at https://www.bnbchain.org/en/tokens. Also, if you search for the token on that explorer, it does not exist. Furthermore, there is no information BBTC regularly audited. It also exists on the ERC-20 token specifically on the Ethereum network, it does not specifically list on Binance Smart Chain.

In fact, as per CoinGecko, the token is only available in the Ethereum ecosystem.

Do in mind, besides incorrect information, the BEP2 token exists on Binance Beacon Chain. It is a different thing with Binance Smart Chain(BEP20).

nesty

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I think both wrapped bitcoin (wbtc) and binance wrapped (bbtc) are considered relatively secure, as they are both backed by the same underlying asset, Bitcoin. There are some differences between the two that may affect their security. WBTC is an ERC-20 token that is backed 1:1 by Bitcoin held in reserve by a group of custodians. It is audited regularly and has been integrated into a number of decentralized finance (DeFi) protocols, making it popular choice for those looking to use Bitcoin in the Ethereum ecosystem. WBTC is also supported by a number of reputable exchanges and wallets. BBTC, on the other hand, is BEP-2 token that is backed 1:1 by BTC held in reserve by Binance. It is also audited regularly and has the backing of major cryptocurrency exchange. It is currently only supported on the Binance Smart Chain, which may limit its adoption. Both WBTC and BBTC have their own risks and benefits and the choice between the two depends on individual preferences and use cases.

vv181

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It depends on what you mean by secure. Personally, those are not BTC. Inherently nothing is safe since you effectively held non-actual bitcoins.

About BBTC, I barely heard that Binance has its own version of wrapped Bitcoin. And it is concerning if Binance keeps wanting to control and lead every bits and pieces of the cryptocurrency ecosystem. On the other hand, WBTC is a prominent and leading wrapped version of bitcoin, so it surely has a bigger community, which leads it may be more secure since they got more diverse eyes on the entity.

Quote from: renancallai on June 07, 2023, 02:36:30 PM

Is BBTC mandatory linked to Binance?

For sure, as the name suggests. Also, based on CoinGecko's information: https://www.coingecko.com/en/coins/binance-wrapped-btc.

Quote from: renancallai on June 07, 2023, 02:36:30 PM

That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Yes, and it also applied to WBTC.

wajik-tempe

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WBTC offers a more established and transparent structure, with a consortium of custodians guaranteeing the token's 1:1 parity with Bitcoin. While BBTC is associated with Binance, there is no publicly available information on its procedures and risk mitigation methods. IMO

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Quote from: serjent05 on June 07, 2023, 05:25:07 PM

Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Nothing is as secure as BTC. Since these two BTC is pegged, it all depends on the liquidity. If there is a huge sell, it will lose its 1:1 parity, we have seen that happening on stablecoins, so it is not impossible for these wrapped BTC to lose the 1:1 parity.

Quote from: mendace on June 07, 2023, 03:48:17 PM

No token wrapped in Biycoin can be considered safe, because they are all scam tokens found on centralized blockchains where they promise to have a 1:1 ratio but in reality there is no security and they could close at any moment making you lose them all your funds. If you really care stay away and hodl Bitcoin.

I do not think they are scam since it has reserved fund or liquidity to back them up. They may turn into a scam but as long as they don't defraud their holders then it is not right to call them scams.

I agree with this statement that for Security BTC has indeed proven to be one of the safest cryptocurrencies because of its strong blockchain network, decentralized nature, and widespread adoption and supported by a large number of miners and nodes, making it highly resistant to attacks and manipulation and the security of Bitcoin lies on the combination of blockchain network power, decentralized nature, and widespread adoption. However, users must also take responsibility in protecting their assets by following good security practices as well.

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Both are shitcoins and reliant to Binance ecosystem. This token value can depegged any moment when the BSC collapse like what happened to Luna UST since this wrapped token value is just based on trust that the project owner will still secure the original Bitcoin that use to wrap it into BSC chain.

It’s better to hold the real Bitcoin and stay away on crypto that is related to Binance because they are currently on the red zone. CZ might be calm publicly but who knows what’s brewing behind the company.

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

WBTC and BBTC are not original bitcoins. They are an altcoin. And they are under a company and controlled by the company. So none of these are safe. I think you are probably going to them to save on transaction fees. But if you are looking for Safe Bitcoin then you must use Original Bitcoin (BTC) It is completely decentralized

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not saying good, not saying not good, but not suggesting to keep WBTC and BBTc, because the best coin is btc they are altcoins created by one exchange with a specific purpose

and need to remember that cryptocurrency is not 100% safe

zasad@

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

Both tokens are bad for storage, although I sometimes use them for trading.
If you are interested in decentralized trading, then check out my post:
Cross Chain Bridge Aggregators
https://bitcointalksearch.org/topic/cross-chain-bridge-aggregators-5389259

You can trade native bitcoin on Rango,but watch the risks, and don't invest more than $1,000 at a time.

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As everyone mentioned I think the OP can figure out his problem, I also want you to note that between altcoins and BTC, things come together in this environment to create a crypto market. And the fact that wbtc and bbtc, are only seen as solutions from altcoin nature to make it more convenient for people to use different ecosystems, and it is important depending on your purpose but the use of btc original will be preferred and encouraged.

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

I have a question, why you want those coins to begin with? Why do you want to complicate yourself so much by using those coins when you can invest directly in bitcoin and hold it? This is the safest and the most profitable strategy of all, as even if binance is a good exchange I have little doubts that at some point in the future it will make a few mistakes and then disappear, and when that happens any coin and project related to it will crash as well, so save yourself the trouble and invest in bitcoin and forget about those useless altcoins.

zonefloor

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As his friends said, no other crypto money is safe in the world of crypto money except bitcoin. We have seen all together that even the cryptocurrencies that we consider as stable are garbage as a result of lawsuits and disappear from the market. For this reason, even though the bitcoin price is not stable, it has ups and downs, it is the most reliable in this market. Because we know that sooner or later it will somehow return to the price you bought it.

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Quote from: renancallai on June 07, 2023, 02:36:30 PM

Hello folks,

Which of these two is safer in the face of what we are going through now? WBTC or BBTC? Is BBTC mandatory linked to Binance? That is, if there is a blockade of assets or non-parity between what it claims to have and what it actually has, can the BBTC lose the 1:1 parity?

As long as a centralized platform have control over that project, then its hard to say that its safe.
BTC is the only safe coin and you should not hold it to any exchanges, especially now that there’s a lot of issues going on with the crypto exchanges. It may not lose its value right now but we cannot sure in the next few months or years, better to deal on a coin where you can have control and put it on a safer wallet.

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Quote from: Husires on June 08, 2023, 09:30:32 AM

Quote from: Blitzboy on June 08, 2023, 06:41:03 AM

This indeed is a deep well to draw from, friend. At first glance, both WBTC and BBTC have their charms. The crux, however, lies within their respective wrapping mechanisms. WBTC operates under a consortium of organizations including BitGo as the custodian, while BBTC is tied directly to Binance's ecosystem.

As such, the safety of BBTC is intertwined with the fortunes of Binance itself. If there's an asset blockade or discrepancies in Binance's parity claims, BBTC's 1:1 parity could theoretically be in jeopardy. On the other hand, WBTC's distributed custodianship provides a level of decentralization that mitigates such risks. I would tip my cash towards WBTC for its greater degree of decentralization, but caution is always advisable. Remember, in the crypto world, one can never be too secure.

Why would you do that if you can benefit from the security of the blockchain that Bitcoin offers you? The reasons for using WBTC are the same as the reasons for using centralized exchanges.

If we make a comparison between WBTC and BBTC, I agree with you completely, but the problem lies in where is the source blockchain for WBTC, if it is issued in BSC, then again you are at the mercy of Binance, and if Binance collapses, then almost the connection of WBTC will be affected, so in all cases WBTC is dangerous and BBTC is useless.

That's right they both suck. It's like asking which one sucks less.
If you knew both restaurants serve bad food, why would you even ask which one to dine at? You're not limited to using these two, just use real bitcoin, or if you're worried about the fees use LN.
To be honest, I'd rather move my bitcoin using USDC than buy anything issued by Binance.

Stay away from binance and coinbase guys, who knows what will happen when people start withdrawing their money in panic. I expect a shortage of funds and withdrawal delays.

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For me, they are still altcoins, but depending on the purpose of use, I consider them to be similar in terms of potential risk as well as safety, in the case of WBTC and BBTC, both are Cryptocurrencies are linked to Bitcoin and have relative reliability. The choice between these two currencies depends on specific factors, but for any investment you should do your due diligence and research before making an investment decision but go back and use BTC, not much to do with wrapped or altcoins.

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Quote from: serjent05 on June 07, 2023, 05:25:07 PM

Quote from: mendace on June 07, 2023, 03:48:17 PM

No token wrapped in Biycoin can be considered safe, because they are all scam tokens found on centralized blockchains where they promise to have a 1:1 ratio but in reality there is no security and they could close at any moment making you lose them all your funds. If you really care stay away and hodl Bitcoin.

I do not think they are scam since it has reserved fund or liquidity to back them up. They may turn into a scam but as long as they don't defraud their holders then it is not right to call them scams.

You can call them a scam when they pull out the funds but you can call it a scam even earlier because personally, besides Bitcoin, I don't see any other cryptocurrencies that are worthy of staying, for example, even ethreum will sooner or later cease to cease as soon as a government forces the grip... and therefore I can already consider it a scam.

Topic: Which is more secure, WBTC or BBTC (Binance Wappled bitcoin)? (Read 252 times)