How & Where to Buy RenBTC (RENBTC)
RenBTC Price & Information
Current RENBTC price and historical price chart
Why Should I Buy RenBTC (RENBTC)?
How and Where to Buy RenBTC (RENBTC)
Taiyang Zhang, a skilled software developer, founded Ren as the Republic Protocol in 2017. The project was rebranded to Ren in 2019.
Zhang was an early cryptocurrency adopter. He’s a co-founder of Virgil Capital (a quantitative crypto trading company) and a founding member of KeeperDAO. Loong Wang is the CTO. He previously worked with Neucode as a lead software developer and still works as an academic tutor for the Australian National University. The team comprises around thirty people, including blockchain developers, researchers, and software developers.
In 2018, Ren sold over 50% of the $REN token supply in a private sale. The sales raised $28.9 million in Ethereum (ETH). Notable prestigious investors included FBG Capital and Polychain Capital. A public sale followed, raising $4.8 million in Ethereum (ETH). Over 65% of $ the REN tokens were sold, and the remaining went to community development, a company reserve and the team and advisors.
What Is RenBTC (RENBTC)?
RenBTC is an ERC-20 token pegged to Bitcoin (BTC) and minted on the Ren platform. It’s compatible with and built on the Ethereum network. One $RENBTC is equal to one Bitcoin (BTC), so its value is almost parallel to the price of Bitcoin (BTC).
The Ren platform is an open protocol providing access to inter-blockchain liquidity. The protocol helps transfer assets from other blockchains to Ethereum DApps (decentralized apps). Ren primarily supports Bitcoin (BTC), Zcash (ZEC) and Bitcoin Cash (BCH). To exchange assets, the RenVM receives tokens on one chain and produces new tokens to represent the original tokens on a separate chain through the RenBridge. The RenVM uses a cryptographic technique called zkSnarks, which hides transactions by fragmenting the data.
$RENBTC is similar to wBTC (wrapped Bitcoin). To mint tokens, users send $BTC to RenVM, which is then secured and minted to create an equal amount of $RENBTC tokens on Ethereum. It’s a straightforward process.
$RENBTC is a direct supply peg and not a synthetic token, reliant on liquidation mechanisms like most Bitcoin-backed tokens. The direct supply means that there is always sufficient $BTC in reserve so that the circulating supply of $RENBTC is never compromised.
Redeeming $RENBTC tokens is a simple process. Users send the $RENBTC to RenVM, which sends the original Bitcoin (BTC) back to the user’s address. Ren then destroys the $RENBTC tokens to reduce the circulating supply to correlate with the diminished reserves.
What Makes RenBTC (RENBTC) Unique?
RenBTC is unique because, unlike other wrapped Bitcoin (BTC) tokens, RenVM (Ren Virtual Machine) uses Darknodes, a decentralized node network, rather than storing Bitcoin (BTC) in a centralized custodial platform. Centralized node networks require KYC, but with RenVM, users can burn and mint tokens freely, without KYC protocols. Ren states that the protocol has never been overloaded and can handle multiple hundreds of transactions per minute.
What are DarkNodes?
DarkNodes help maintain the Ren virtual machine by contributing computational power, bandwidth, and storage capacity to the network. Anyone who locks up sufficient $REN tokens in smart contracts on the Ren network can run a DarkNode. The incentive is to receive $RENBTC tokens as a reward, resulting from network fees.
In addition, using specialized adapters, RenVM can directly integrate into multiple decentralized applications. So, via $RENBTC, users can utilize Bitcoin (BTC) on any DEX (decentralized exchange) easily without all the time-consuming nonsense associated with centralized platforms. The ECDSA private keys of RenVM are 100% confidential, thus creating a truly decentralized, permissionless and trustless Bitcoin (BTC) token on the Ethereum network.
How and Where to Buy RenBTC (RENBTC)
Choosing a trustworthy cryptocurrency exchange need not be difficult. The leading platforms have an excellent reputation, and most are suitable for beginners. Gate.io users can benefit from a cold storage wallet, excellent customer support and more than 2,300 markets and over 1,400 tokens listed. Gate.io has notably the most straightforward account sign-up process. So let’s get started: –
- Register with Gate.io and use a supported cryptocurrency to deposit funds
- Find a $RENBTC pair on the exchange. Choose from RENBTC/BTC or RENBTC/USDT and make your purchase
- Transfer the $RENBTC tokens to your chosen wallet
How do I Sell RenBTC (RENBTC)?
Selling your $RENBTC tokens is easy: –
- Login to your Gate.io account and go to the “trade” tab
- Sell your $RENBTC tokens for $USDT
- Transfer the $UDST to an off-ramp platform. Gemini has an excellent range of fiat currencies so that you can convert your $USDT
- When the $USDT is in your chosen off-ramp account, sell it for the fiat currency of your bank account and request a withdrawal
Should I Buy RenBTC (RENBTC)?
The cryptocurrency market can be tricky, especially for newbies, and unfortunately, we cannot legally advise whether you should buy RenBTC (RENBTC) or not. The only person who can decide about buying $RENBTC is you. If you feel confident to proceed, register with Gate.io for an account and get started with your RenBTC investment.
How do I invest in RenBTC (RENBTC)? Safely?
The cryptocurrency market is notably unpredictable. Often, the market will plummet or rocket to new highs for no obvious reason. Getting the timing right to maximize investment potential is impossible to predict, especially for novice cryptocurrency investors. Still, if you believe in the RenBTC (RENBTC) project and want to purchase $RENBTC tokens, only invest with a trusted cryptocurrency exchange like Gate.io.