How to Convert Wrapped BTC to BTC?
Your guide: How to Convert Wrapped BTC to BTC?
When it comes to Bitcoin, being flexible and easy to use is very important. You can do that with Wrapped Bitcoin (WBTC), which lets you use Bitcoin (BTC) on the Ethereum system. What if you need to change your WBTC back to BTC?
The process of changing WBTC to BTC is easy, whether you want to trade in the cryptocurrency market or just want to keep regular Bitcoin. This guide will show you the steps in a way that is simple and clear. You will know how to use an exchange pair, put in the right amount, and swap by the end of this post.
Keep reading to learn more.
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Why Should I Change Wrapped BTC to BTC?
You may want to change Wrapped BTC to BTC. Let’s quickly go over the reason why. Wrapped Bitcoin is an ERC-20 token, which means it can be used in the decentralized finance (DeFi) environment on Ethereum.
Even though this is great for trading and making money on the Ethereum network, you might want to move your funds back to the Bitcoin blockchain at some point. You might want to make a normal Bitcoin exchange, or you might think BTC will do better in the cryptocurrency market. It’s important to know how to make the move for any reason.
1: Pick the right pair of currencies
Picking the right exchange option is the first thing you need to do to convert wrapped BTC to BTC. Most places that sell cryptocurrencies will have a set of WBTC and BTC. In other words, you can trade your Wrapped Bitcoin for Bitcoin right away.
First, in the “You send” area, choose WBTC. After that, type in how much WBTC you want to trade. To finish the pair, make sure you choose BTC in the “You get” part. This is a very important step because it sets up the whole conversion process.
Step 2: Type in the amount of WBTC
You need to put the amount of WBTC you want to convert after choosing your exchange pair. Check the market rates to get an idea of how much BTC you’ll get if you’re not sure how much to swap. To make sure you’re getting the best deal, you should always check the numbers twice. When you put the amount, the platform will give you a rough idea of how much Bitcoin you will get in return.
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Give your Bitcoin address
You’ll need to enter the amount of WBTC you want to receive and then the address where you want to receive it. This address is very important because the Bitcoin will be sent straight to it after the exchange. It’s important to put the right Bitcoin address, or you could lose your money. Check the address again before moving on to the next step. Your Bitcoin address tells Bitcoin where to send the BTC you’ll get.
Step 4: Send the money
Now that everything is ready, send the WBTC to the deposit address that was given to you. You can find the address where to send your Wrapped Bitcoin on the trading page. This deposit starts the process of change. There’s nothing you need to worry about because the trade will take care of everything. Just make sure you send the exact amount of WBTC that you put in the first step.
Step 5: Get your Bitcoin
After making sure the cash is real, the exchange will handle your request. Based on how fast the network is, this could take a few minutes or longer. The BTC will be sent to the Bitcoin address you gave earlier once the exchange is done. Once the process is done, you’ll get a proof message and your BTC will show up in your wallet. That easy!
Conclusion
Wrapped BTC to BTC conversion is a simple process that only takes a few steps to finish. You should know how to do this change whether you want to use it to make money in the cryptocurrency market or just hold on to your old Bitcoin.
You’ll have no trouble making the switch if you follow the steps in this guide: pick the right exchange pair, enter the amount, give your Bitcoin address, send the deposit, and receive your Bitcoin. Keep in mind that the market for cryptocurrencies changes quickly, so being able to switch between different types of Bitcoin can be very helpful.