As the first cryptocurrency ever created, Bitcoin is the most dominant coin on the planet. Individuals, institutions, and everyone in between is clamoring to get their hands on BTC, and the use cases are too numerous to count.
While many people buy BTC as a store-of-value, others want to use it like actual money in various ways. However, Bitcoin has its own blockchain – integrating it into a separate blockchain ecosystem is nearly impossible unless accommodations are made. That’s where the idea of “wrapped Bitcoin” comes into play.
Imagine wrapped Bitcoin as some amount of bitcoin that has been attached at the hip to a different blockchain’s token. As a result, that portion of BTC can be used on the other blockchain’s network, making it easier to integrate into dApps and other projects. One of the more popular forms of wrapped Bitcoin is WBTC – which is bitcoin that has been wrapped in Ethereum, giving it access to the entire Ethereum ecosystem.
However, gaining access to the Ethereum ecosystem also brings the challenges posed by that same ecosystem. Long transaction times, high gas fees, and other limitations result in BTC that, while accessible to more wallets and dApps, is sometimes more expensive and costly to use than before. The current average ETH transaction fee is $9.98, and ETH transaction times can exceed 5 minutes on any given day. That means buying wrapped Bitcoin will cost you more and take you longer than you’d want to wait.
Proton does it better. The Proton blockchain is capable of up to 4,000 transactions per second, meaning users will experience virtually instant transactions when using Proton or Proton-wrapped cryptocurrencies. The Proton blockchain also charges no gas fees to end users – transactions on Proton are free. This means spending $10 in the Proton ecosystem gets you $10 of whatever coin you were purchasing; no hidden fees, no surprise charges.
As a quick comparison, let’s say you wanted to spend $10 to get BTC in a different blockchain’s ecosystem. When buying wBTC, that $10 could get you less than $0.02 worth of WBTC after you pay the gas fees associated with the ETH blockchain. Not only would you be losing money, but you’d also be waiting for some time for the transaction to finalize.
This is in stark contrast to buying BTC in the Proton ecosystem. Spending $10 on XBTC gets you $10 of XBTC, nothing is lost to fees. With a transaction powered by the Proton blockchain, your XBTC arrives in your wallet instantaneously. This is how cross-chain cryptocurrencies were always meant to function, but never could until Proton created a way.
Proton-wrapped Bitcoin (XBTC) means BTC that is faster, cheaper, and more accessible than ever before. DApps that use XBTC are assured that their users can transact in BTC quicker than competing chains and without hidden costs, creating an incentive for users to accumulate XBTC when compared with other forms of BTC. Micropayments of BTC finally become possible on Proton; users can purchase as little as one satoshi of BTC and pay as little as the value of that satoshi.
Any developer looking to use Bitcoin in their app, dApp, wallet, or other project should take a serious look at what Proton-wrapped Bitcoin (XBTC) has to offer. The flexibility, affordability, and accessibility provided by the Proton blockchain is difficult to ignore, and offers a way for their project to gain more users than ever before.
Individuals interested in purchasing BTC should consider Proton-wrapped Bitcoin as a unique way to accumulate BTC that is tied to the price of regular BTC. With the ability to move XBTC from wallet to wallet instantly and without paying fees, XBTC offers a better way to grow your bitcoin stack.
More information on Proton-wrapped Bitcoin can be found by visiting the Proton Swap website; here you can try wrapping and swapping Bitcoin yourself and experience just how easy cryptocurrency can be. Visit the Proton Twitter account to learn more about the Proton blockchain and the different solutions we’re creating to long-standing problems.