renBTC is an ERC-20 token built on the Ethereum network, pegged to Bitcoin. This means that each RENBTC can always be used for a Bitcoin, and thus tends to maintain its value close to the Bitcoin market rate.
What is renBTC (RENBTC)?
RenBTC is minted on the Ren platform, an open protocol that grants everyone the right to access cross-blockchain liquidity and helps bring assets from other blockchains to Ethereum decentralized applications (DApps). The main supported cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC).
The RenBTC token is a direct competitor to Wrapped Bitcoin (wBTC). Minting the token is a relatively simple process, requiring users to send their BTCs to RenVM.
Unlike other Bitcoin-backed tokens, renBTC is not a synthetic token and does not rely on any liquidation mechanism to maintain its value tied to BTC. Instead, it is a direct supply fix, meaning there is always sufficient BTC in reserve to match the circulating renBTC supply.
The key difference between RenBTC and other Bitcoin tokens is the token’s fluid value exchange. RenVM does not store any Bitcoin in a centralized custody platform, instead, it uses a decentralized node network called Darknodes. Users can mint tokens at any time without having to complete KYC. The protocol can handle hundreds of transactions per minute and never gets overloaded.
Additionally, RenVM can be directly integrated into numerous decentralized applications using special adapters provided by Ren. This means a user can directly use Bitcoin (via RENBTC) in a decentralized exchange (DEX) or a lending platform without going through any procedure.
Where to Buy RENBTC Coin?
renBTC Coin can be bought quickly and safely through Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy renBTC Coin, one must first become a member of Binance and then send fiat currency. After sending a fiat currency such as the US Dollar, purchasing renBTC Coin can be done by trading Bitcoin (BTC) and Ethereum (ETH) in the renBTC trading pair.
Additionally, on Binance, users can place a purchase order at a price lower than the market value. For this, using the Limit tab and entering the desired amount and price you want to buy will suffice.
