What is WBTC?
Wrapped Bitcoin (WBTC) is a wrapped version of Bitcoin on the Ethereum blockchain that is backed 1:1 with Bitcoin. WBTC aims to bring greater liquidity to the Ethereum ecosystem, including on decentralized exchanges and financial applications. On Poloniex, you will always be able to redeem wBTC 1:1 to the value of Bitcoin (BTC).
Why would I want to swap BTC to WBTC?
WBTC allows you to transfer a token representing Bitcoin on the Ethereum blockchain. WBTC aims to bring greater liquidity to the Ethereum ecosystem, including on decentralized exchanges and financial applications.
How do I swap my BTC to WBTC?
BTC can be swapped 1:1 with WBTC inside of the Poloniex wallet.
- From your Poloniex Wallet, click on BTC or go directly to your BTC wallet using this link.
- In the side panel on the right side of your screen, click Swap BTC for WBTC.
- Input the amount of BTC that you would like to convert to WBTC and click Swap.
- The equivalent amount of BTC will be deducted and WBTC will be credited to your WBTC balance within your Poloniex Wallet.
Can I swap from WBTC back to BTC?
Yes. Click on WBTC from your Poloniex Wallet. This will open up a side panel that will allow you to Swap WBTC for BTC in the same way that you converted BTC to WBTC.
Are there any fees associated with swapping to and from WBTC?
There is a 0.2% fee on all swaps from BTC to WBTC and from WBTC to BTC.