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Smart Bitcoin

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Discover Smart Bitcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Smart Bitcoin?

Smart Bitcoin (RBTC) is a cryptocurrency that operates within the Rootstock (RSK) blockchain ecosystem. It is pegged 1:1 to Bitcoin and serves as the primary unit of value for transactions and smart contract execution on the RSK platform. RBTC allows users to interact with DeFi protocols and dApps while maintaining a direct connection to the security and stability of the Bitcoin network.

How is Smart Bitcoin used?

Smart Bitcoin (RBTC) is used to interact with decentralized applications (dApps) and decentralized finance (DeFi) protocols on the Rootstock network. It is pegged 1:1 to Bitcoin and serves as the native token for the Rootstock sidechain. RBTC is used to pay for gas fees within the network, facilitating transactions and smart contract execution. It also allows users to mint, swap, and engage in various activities within the Rootstock ecosystem.

How do I store Smart Bitcoin?

To store Smart Bitcoin (RBTC) tokens, you need to use a crypto wallet that supports smart contracts and the Rootstock network. Here are the steps:

  1. Choose a Wallet: Select a wallet that supports Rootstock and smart contracts, such as Bridge Wallet, Defiant, or Liquality. These wallets can be installed on your mobile device or as a browser extension.

  2. Set up the Wallet: Create an account by providing personal information and a strong password. You will be given a secret recovery phrase or seed words, which you should note down carefully in case you lose access to the wallet.

  3. Store Private Key: The wallet stores your private key securely, which is used to sign transactions. The public key is used to verify the signed information and can be shared with others.

  1. Interact with Rootstock: Use the wallet to interact with the Rootstock blockchain, such as transferring RBTC tokens or invoking smart contract functions. The wallet will construct and sign transactions, and then submit them to the Rootstock network.

  2. Monitor Transactions: The wallet will update the transaction status from "pending" to "confirmed" once the transaction is verified by the Rootstock network.

By following these steps, you can securely store and manage your RBTC tokens using a compatible crypto wallet.

How to buy Smart Bitcoin?

To buy Smart Bitcoin (RBTC) tokens, you can follow these steps:

  1. Centralized Exchanges:

    • Choose a reliable and trustworthy exchange that supports RBTC purchases, such as Buenbit, Bitfinex, Let’s Bit, and Mt Pelerin.
    • Create an account, verify your identity through KYC, and add a payment method.
    • Find the BTC/RBTC pair, sell BTC to buy RBTC, and withdraw RBTC to your Rootstock wallet.
  2. Crypto Wallet:

    • Select a reputable crypto wallet that supports RBTC, such as Bridge Wallet.
    • Download the app, create a wallet, and purchase RBTC using a supported payment method.
    • Alternatively, buy a popular cryptocurrency like USDT and exchange it for RBTC through your wallet or on a decentralized exchange.
  3. Peer-to-Peer Exchange:

  • Use Telegram bots like @lnp2pbot or dApps like PayDece to facilitate safer P2P transactions with smart contract-powered Escrow services.

Remember to exercise caution when using P2P exchanges and ensure you are transacting with a reputable individual.

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History of Smart Bitcoin

Smart Bitcoin (RBTC) is a cryptocurrency that operates within the Rootstock (RSK) blockchain ecosystem. The RSK platform was launched in 2015 as an open-source sidechain project aimed at enhancing the functionality of the Bitcoin blockchain by addressing its limitations, primarily slow transaction times and network congestion.

RBTC is pegged to the value of Bitcoin at a 1:1 ratio, meaning that one RBTC is intended to have the same value as one Bitcoin. This pegging is maintained through a two-way peg system, where users can convert their Bitcoin into RBTC on the RSK platform, and vice versa. This ensures that the total supply of RBTC is backed by an equivalent reserve of Bitcoin on the main Bitcoin blockchain.

RBTC allows users to interact with smart contracts on the RSK blockchain while maintaining a direct connection to the security and stability of the Bitcoin network. It is used to pay transaction fees for smart contracts on the RSK blockchain and has found applications in various decentralized finance (DeFi) projects, decentralized applications (DApps), and tokenized asset platforms that operate on the RSK network.

The RSK platform, which supports RBTC, is secured by over 50% of Bitcoin's hashing power through the process of merged mining, making it highly secure and decentralized.

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How Smart Bitcoin works

Smart Bitcoin (RBTC) is a unique cryptocurrency that operates on the Rootstock (RSK) network. It is pegged at a 1:1 ratio to Bitcoin (BTC), making it the first Bitcoin-backed token in the world. Here's how it works:

Key Features
  • Pegged to Bitcoin: RBTC is backed by Bitcoin, ensuring that its value mirrors Bitcoin's value. This means that users can seamlessly transfer between the two currencies without the need for intermediaries.
  • Smart Contracts: RBTC enables the functionality of smart contracts on the Bitcoin network. It achieves this by using the RSK Virtual Machine (RVM), an Ethereum-compatible virtual machine that allows developers to build and deploy decentralized applications (DApps) on the RSK network.
  • Merge-Mining: RBTC is secured by the same computing power that secures Bitcoin through the process of merged mining. This ensures the security and immutability of the network, leveraging Bitcoin’s hashing power to protect the RBTC blockchain.
  • Interoperability: RBTC is fully compatible with existing Bitcoin wallets and can be seamlessly integrated into existing Bitcoin ecosystems. It also supports cross-chain swaps and interoperability with Ethereum.
How It Works
  1. Conversion: When a Bitcoin (BTC) is transferred to RSK, it transforms into RBTC, a smart contract-enabled Bitcoin. This process is facilitated through a two-way peg, which allows users to convert BTC to RBTC and vice versa.
  2. Smart Contracts: RBTC can be used to execute smart contracts, which are self-executing programs embedded in a blockchain that automate the terms of an agreement. These contracts can be used for various purposes, such as decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other digital assets.
  3. Transaction Fees: RBTC is used to pay transaction fees for smart contracts on the RSK blockchain. These fees are significantly lower than those on Ethereum, averaging around $0.052.
  4. Security: RSK employs monetary bounties to attract developers, hackers, and security professionals to help identify vulnerabilities and enhance overall security for stakeholders.
Benefits
  • Scalability: RBTC offers faster transaction times and scalability compared to the Bitcoin blockchain.
  • Inclusivity: By enabling cross-chain swaps and supporting DeFi applications, RBTC promotes inclusivity and sustainability.
  • Security: RBTC inherits Bitcoin’s robust hashing power, making it highly secure against potential attacks.

Overall, Smart Bitcoin (RBTC) brings the benefits of programmability to the Bitcoin network, enabling a wide range of decentralized applications and financial instruments. Its robust security, scalability, and interoperability make it a promising solution for the Bitcoin ecosystem.

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Smart Bitcoin's strengths

Smart Bitcoin (RBTC) has several strengths that make it a unique and attractive option in the cryptocurrency space:

  1. Scalability and Security: RBTC offers a scalable and secure platform by leveraging the robust hashing power of Bitcoin through merge-mining, ensuring high security against potential attacks.

  2. Smart Contracts: RBTC enables the execution of smart contracts on the Bitcoin network, allowing for decentralized applications (dApps) and financial instruments that were previously not possible on the Bitcoin blockchain.

  3. Interoperability: RBTC facilitates cross-chain swaps and supports decentralized finance (DeFi) applications, promoting inclusivity and sustainability within the Bitcoin ecosystem.

  1. Compatibility: RBTC is fully compatible with existing Bitcoin wallets, making it easy to integrate into existing Bitcoin ecosystems.

  2. Energy Efficiency: RBTC utilizes a secure and energy-efficient merge-mining approach, which helps reduce the environmental impact of cryptocurrency transactions.

  3. Flexibility: RBTC can be easily converted back to Bitcoin whenever desired, incurring standard RSK and Bitcoin transaction fees.

  1. Decentralized Finance: RBTC supports a wide range of DeFi protocols and services, including Sovryn, Tropykus, Money on Chain, and more, offering users a diverse set of financial tools and services.

  2. Pegged to Bitcoin: RBTC is pegged to Bitcoin at a 1:1 ratio, ensuring that users can seamlessly transfer between the two currencies without the need for intermediaries.

These strengths make RBTC a robust and versatile cryptocurrency that enhances the capabilities of the Bitcoin network while maintaining strong security and compatibility.

Smart Bitcoin's risks

Smart Bitcoin (RBTC) carries several risks. One significant risk is its high risk investment status, as indicated by the risk gauge rank. This means that traders should exercise caution and focus on risk assessment when considering RBTC investments. Additionally, RBTC is pegged to the value of Bitcoin at a 1:1 ratio, which can lead to price volatility and significant losses if the Bitcoin market fluctuates.

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Smart Bitcoin's ecosystem

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Smart Bitcoin’s team

  • Diego Gutierrez Zaldivar: The project is led by Diego Gutierrez Zaldivar, who is one of the most respected and experienced professionals in the blockchain space.
  • José Dahlquist: Senior engineering director who has explained the features and use cases of RBTC in Rootstock Fundamentals episodes.
  • Raul Laprida: Director of architecture at RootstockLabs who has discussed the cryptographic and economic connections to Bitcoin in Rootstock Fundamentals episodes.
  • Adrian Eidelman: Featured in the debut episode of Rootstock Fundamentals, discussing the sidechain’s connections to Bitcoin.

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