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What is Bitcoin BEP2 (BTCB) and how does it work?

by Financial Economy

BEP2 token is a cryptocurrency based on the Binance blockchain. This blockchain is called the Binance Chain. Binance Chain has rules for programming, issuing and managing new cryptocurrencies. Detailed information on what is Bitcoin BEP2 BTCB and how does it work, BTCB reviews, how to buy, etc. is in the continuation of the article. You can browse here for information about Sushiswap (SUSHI).

What is Bitcoin BEP2 (BTCB) and how does it work?

One of the crypto-pegged tokens that Binance has issued on Binance Chain (in BEP2 token format) is BTCB (Bitocoin BEP2), a Bitcoin-based BEP2 token. Binance Chain rules are in the BEP2 protocol and every crypto currency issued according to this protocol is a BEP2 token. Examples of tokens issued under this protocol include Mithril, Crypterium, Bitcoin BEP2, and Binance Coin.

It is similar to the ERC20 token of the Ethereum blockchain. If a company wants to create a cryptocurrency on the Ethereum blockchain, it must adhere to the ERC20 protocol. All tokens that comply with the rules of this protocol are ERC20 tokens. Well-known examples of this are OmiseGo, Golem, and aelf.

Stabilized coins like BTCB are backed 100% by the reserves of the coin they are linked to. For example, BTCB is backed by Bitcoin. Addresses used as reserves are announced for everyone to check. Blockchain makes the process of auditing crypto reserves much easier than auditing traditional bank balances.

As of today (21.06.2021), the value of 1 Bitcoin BEP2 (BTCB) is around $ 27,350. BTCB’s total supply is around 80,501. BTCB is listed by many cryptocurrency exchanges. Investors who want to buy BTCB can buy/sell BTCB from reliable and well-known crypto currency exchanges.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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