How to Buy Wrapped Bitcoin (WBTC) in Guernsey

A Step-by-Step-Guide on how to buy Wrapped Bitcoin (WBTC) in Guernsey

Step 1 – Join Kraken

In the beginning you'll need to purchase units of the top-tier coins. Exchanges commonly accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for Altcoins. Follow the Link below for registration and getting your first Bitcoin (BTC) or Ethereum (ETH).

Kraken Signup
Step 2 – Send Your BTC (Bitcoin) or ETH (Ethereum) to an Cryptocurrency Exchange

Your Ethereum or Bitcoin will need to be sent over to an Cryptocurrency Exchange now. All exchanges have a deposit form that is similar. Wrapped Bitcoin (WBTC) is available on Binance, so we're going to use that as an illustration. Not sure on how to send funds from Coinbase to an Crypto Exchange? (Follow these easy steps)

Make sure you have selected the correct coin you wish to deposit.

Bitcoin must be sent to a Bitcoin deposit address, Ethereum to an ETH deposit address, et cetera. If you are using a decentralized exchange, such as Airswap or DDEX could be opposed (Just follow our guide).

Binance Signup

Step 3 – Locate Wrapped Bitcoin (WBTC)

As soon as your deposit has been verified, you will now have access to your assets and you can initiate purchasing and trading. To purchase (WBTC) Wrapped Bitcoin on Binance, you will want to hover over the tab which is called “Exchange” and mouse click on “Basic”.

In order to spot Wrapped Bitcoin (WBTC), you'll need to put the cointype (WBTC) into the search-box, which is highlighted in the image. Be certain of having choosen the proper pairing, we have highlighted this too. Click on “WBTC/BTC” to advance.

Step 4 – Purchasing Wrapped Bitcoin (WBTC)

After you have located Wrapped Bitcoin (WBTC), you will be given a Chart with Prices (in the Center of the image) and a few Order Books (Leftside of the image). And now we are creating our own Limit Order.

The “Price” field will be filled with the up-to-date price (WBTC) Wrapped Bitcoin was sold for. This can be changed to your favoured price. The field with the “Amount” tag is the amount of WBTC you wish to buy. The “Total” field is the aggregated price in Bitcoin that you will pay for the whole volumen of WBTC.

If you are glad, click on “Buy WBTC”. Your order will be filled when a Vender sells their WBTC for the price you submitted.

Step 5 – Withdraw (WBTC) Wrapped Bitcoin

Unless you are trading, best advise is not to keep your coins on an Crypto Exchange for an longer time period. In order to withdraw your (WBTC) Wrapped Bitcoin, hover over the tab called “Funds” and click on “Withdraw”. Wrapped Bitcoin (WBTC) can be stored securely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Find Wrapped Bitcoin (WBTC) by using the given drop-down box. Enter the volumen of (WBTC) Wrapped Bitcoin you would like to withdraw. Take into account the displayed fees/minimums. Also make sure you have entered your correct withdraw address.

When you're satisfied, make a mouse click on “Submit”. You could be asked for email/phone verification ahead of a withdrawal.

Congratulations! You have successfully bought and stored (WBTC) Wrapped Bitcoin in Guernsey.

That's it!

Take offs from Exchange can take between 1 – 30 minutes (depending on usage of the network). As soon as you've confirmed your take off with Ethplorer.io or Etherscan.io and the Wrapped Bitcoin (WBTC) is stored in your wallet, you're finished.
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