Kaloh
@kaloh
Just bought my first bitcoins on @base (Thanks @ccarella x @interface for showing me this new wrapped coin 🫡)
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Marcelo Terça-Nada 💎🎩✨
@marcelonada
How does it work Kaloh?
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tim/vortac
@vortac
Uniswap 🫴 CoinbaseWrappedBitcoin
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🎀 benna 🎀🎩
@benna
why is it wrapped ?? what am i missing lol like why can’t it just be BTC
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Kaloh
@kaloh
Because bitcoins has its own blockchain You need to wrap it so it can live on ETH Basically the bitcoins are bought on bitcoin, stored, and converted to wrapped bitcoin The process is more complex but I think you get the idea
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🎀 benna 🎀🎩
@benna
@vortac made me realise how dumb my question was LOOOL but i get the gist yes. just still wondering why does it need to be on ETH/Base (my guess is low fees?)
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Kaloh
@kaloh
Well it’s convenient for base users For base / eth is like brining liquidity from bitcoin to eth (so positive for eth) Not sure if it’s a good thing for bitcoin but I guess it means more holders so shouldn’t be bad - not sure if it reflects as Coinbase is the actual holder… probably
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tim/vortac
@vortac
I believe CB is the custodian, but sure you don't really hold Bitcoins in a self-custodied Bitcoin wallet.
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