Feb 23, 2021
wBITC is Live on Binance Smart Chain
Wrapped BitCash (wBITC) is now LIVE on Binance Smart Chain!
Introducing wBITC
wBITC is the Binance network version of BitCash. wBITC has the same supply as the traditional BitCash and can be swapped 1:1. This centralized swap is executed via wrapping.services and users can swap BITC → wBITC and wBITC → BITC within minutes.
The purpose of wrapped BitCash is to integrate all the unique and exciting features of the BitCash Blockchain with the flexibility of a BEP20 token. Some benefits of wBITC include:
— Increased exposure into the BEP20 token world.
— Increased exposure into the DeFi world.
— Flexibility
— Increased liquidity
— Use of hardware wallets
— Potential arbitrage opportunities
— Increase the possibility of being listed on various exchanges
If you recall, we released transformed BitCash (tBITC) around two months ago. tBITC is on the Ethereum network, but the extremely high transaction fees (around 25–200 dollars for simple transactions) on the network makes it extremely unrealistic for anyone to do consistent transactions there.
Binance network transactions are faster and fees remain less than a dollar.
How to connect to Binance Smart Chain
Firstly, you’ll want to head over to the MetaMask Download page. From there, select whichever platform you’re using, and follow the steps to install it on your device. Easy!
Next, follow along with the setup specified by the app. Go ahead and click Create a Wallet. Write down the backup seed phrase somewhere secret (preferably not on an Internet-connected device). Without this phrase, your funds can’t be recovered if your device is damaged or lost. Confirm that you’ve written them down on the next page.
And that’s it! You should now see your wallet, ready to send and receive funds.
Configuring the wallet
You will notice that the wallet is showing an Ethereum wallet. This will NOT work with Binance Smart Chain DApps. So, we need to connect with Binance Smart Chain nodes.
Click the circle icon in the top right of the app and go to SETTINGS in the drop down menu.
On the Settings page, we want to locate the Networks menu.
We want to click Add Network in the top-right corner to manually add the Binance Smart Chain one — it doesn’t come packaged with MetaMask. Below are the parameters to fill in for each.
Mainnet
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Once you Save the Network and return to the main view, you’ll notice two things: the network has automatically been set to the one you just entered, and the units are no longer denominated in ETH, but in BNB.
You now have a BNB wallet on your desktop (the same details work for mobile metamask wallet) and this is how you connect with sites on the Binance Smart Chain. You want to immediately fund your wallet with BNB (BSC) to cover transactions and to buy some sweet wBITC! You can get BNB from Binance, but make sure when you withdraw it is the BSC version.
There are many other token wallets out there like TokenPocket, Trust Wallet, or even the Binance Smart Chain browser extension. DYOR, and see which one you prefer.
Swap BitCash for wBITC
Open your BitCash desktop, mobile, or exchange wallet and connect to your MetaMask wallet (BSC Network).
Then visit https://wrapping.services/get/bitc/
Enter the amount BitCash you would like to convert, and it will show you the amount of wBITC you will receive. It will be 1:1. The minimum conversion is currently set to $1 worth of BitCash.
Next you will enter your wBITC address. This is NOT your BitCash address. This is your BEP20 token address that you can retrieve from your MetaMask (the address will start 0x…).
If you click Advanced Options, you can enter an email address to get your transaction information emailed to you, incase you have any issues. This is optional, but highly recommended.
Once all your information is in, click SWAP and a pop-up will appear (make sure you don’t have any pop-up blockers active). You will have a one-hour countdown to complete this transaction.
The pop-up will contain your order ID, swap description, and the address to send your BitCash (be mindful a new address is generated after each transaction so reuse this).
You will send the exact amount of BITC to the address given and once the transaction is confirmed on the BitCash Blockchain, your wBITC (BEP20) will be available within 2 minutes.
To see your wBITC in your MetaMask wallet, open your MetaMask wallet and click Add Token. Click the Custom Token tab and enter the wBITC token address:
0x44969fdfeeab1d7f6e500a5a8f1aeebd74785aef
Then click Next.
You now have wBITC!
Swap wBITC for BitCash
Of course, you can always come back to the BitCash Blockchain.
Open your BitCash desktop, mobile, or exchange wallet and connect to your MetaMask wallet (BSC Network).
Then visit https://wrapping.services/get/bitc/
Click the reverse button to convert wBITC to BITC.
Enter the amount wBITC you would like to convert, and it will show you the amount of BitCash you will receive.
Next you will enter your BITC address. This is NOT your wBITC address. You can use ANY of your BitCash address to receive your BitCash (Nickname, Desktop Wallet address, Mobile Wallet address, or Exchange address).
Once again, you can use the Advanced Options to enter your email address to keep up with transaction information.
Now you will use your MetaMask wallet to send your wBITC to the 0x…. address provided (be mindful a new address is generated after each transaction so reuse this). Once confirmed, you will receive your BITC within 1 minute of paying the full amount. Keep in mind that you must have BNB in your MetaMask wallet to make a transaction!
What’s Next?
I would highly encourage you to become familiar with swapping over to wBITC, as we have some plans within the next week to open up yield farming. In short, yield farming incentivizes users to be liquidity providers by staking or locking up wBITC or wBITC and another asset in a smart contract-based liquidity pool. These pools provide users very high return! Stay tuned.
Disclaimer: BitCash is not affiliated with this third-party service. We offer no guarantees on the third-party service. It is always important to do your own research and use at your own risk.
BitCash Official Links:
Website — https://www.choosebitcash.com/
Discord — https://discordapp.com/invite/7P4YcXU
Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0
wBITC Contract Address (BEP20) — https://bscscan.com/token/0x44969fdfeeab1d7f6e500a5a8f1aeebd74785aef
Telegram — https://t.me/chooseBitCash
