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What is RENBTC coin and how does it work?

by Financial Economy

RenBTC is an ERC-20 token pegged to Bitcoin, built on the Ethereum network. This means that each RENBTC can always be used for one Bitcoin and thus tends to keep its value close to the Bitcoin market rate. Information about what is RENBTC coin and how does it work, how to buy, how much is the price, graphic analysis, etc. is in rest of the article. You can browse here for information about Ecomi coin (OMI).

What is RENBTC coin and how does it work?

RenBTC is minted on the Ren platform, an open protocol that gives everyone access to cross-blockchain liquidity and helps bring assets from other blockchains to Ethereum decentralized applications (DApps). The main cryptocurrencies supported are Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC). RenBTC token is a direct competitor of Wrapped Bitcoin (wBTC). Minting the token is a fairly simple process and users just need to send their BTC to RenVM.

RenBTC, an Ethereum-based token, is a cryptocurrency designed in such a way that its price can be pegged to 1 BTC; In summary, the purpose of renBTC is to make Bitcoin available on the Ethereum network.

RENBTC is an Ethereum-based ERC-20 token pegged to Bitcoin (BTC) at a ratio of 1:1. So 1 RENBTC is always equivalent to 1 Bitcoin. However, as the CTO of the Ren platform has stated, RENBTC is not the value of Bitcoin on the Ethereum network. RENBTC is the exact representation of Bitcoin on Ethereum and can be used for any amount of BTC at any time.

Where to buy Renbtc coin and how much does it cost? RENBTC chart analysis!

Renbtc coin can be purchased from the cryptocurrency exchanges where it is listed. However, the reliability of the exchange to be traded should be well researched. As of July 7, 2021, the value of 1 RENBTC is around $34,799.

When the renbtc chart is examined, it is seen that this cryptocurrency follows a fluctuating course. Renbtc got its highest value ever on April 21, 2021. It saw its lowest value on July 22, 2020. How Renbtc will chart for the rest of 2021 is eagerly awaited by investors.

Note: The information contained in this content is for informational purposes only. It is not investment advice.

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

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