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Canadian Dollar (CAD) to Wrapped Bitcoin (WBTC) Instantly

Purchase Wrapped Bitcoin (WBTC) with Canadian Dollar (CAD) easily at Switchere and benefit from fast, secure transactions.

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About
Wrapped Bitcoin (WBTC)

Wrapped Bitcoin (WBTC) is an ERC-20 token on the Ethereum blockchain, designed to represent Bitcoin (BTC) on a 1:1 basis, thereby bringing Bitcoin's immense liquidity and value into the decentralized finance (DeFi) ecosystem. Its primary purpose is to enhance interoperability, allowing Bitcoin holders to utilize their digital assets within Ethereum's burgeoning landscape of smart contracts and DeFi applications without selling their BTC. This tokenization of Bitcoin effectively bridges two major blockchain networks, addressing a significant challenge in the crypto space.

The core mechanism behind WBTC involves a federation of custodians and merchants who mint new WBTC by locking up an equivalent amount of actual Bitcoin and burn WBTC to redeem the underlying BTC. This process is transparently verifiable on-chain through a Proof of Reserve system, ensuring cryptographic security and maintaining the crucial 1:1 peg. As an ERC-20 token, WBTC seamlessly integrates with Ethereum's infrastructure, including decentralized exchanges (DEXs), lending protocols, and yield farming platforms, expanding the utility of the original digital asset.

The main function of the WBTC token is to serve as a highly liquid, Bitcoin-backed collateral and trading pair within DeFi. Holders can use WBTC for lending, borrowing, providing liquidity to earn fees, or participating in various yield-generating strategies, all while retaining exposure to Bitcoin's price movements. WBTC has become a foundational element in the DeFi space, acting as a key enabler for cross-chain liquidity and a testament to the innovative potential of tokenization within blockchain technology, significantly expanding the on-chain utility of Bitcoin on other networks.

Wrapped Bitcoin (WBTC)

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How to Buy Wrapped Bitcoin (WBTC)

  1. Select currency menu

    Choose CAD to WBTC Pair

    Select your preferred payment method and enter the amount.

  2. Crypto address page

    Enter Your Wrapped Bitcoin Wallet Address

    Provide your WBTC wallet address and proceed with the payment.

  3. Confirmation page

    Receive Your Wrapped Bitcoin

    Complete the payment, and your WBTC will be sent to your wallet.

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Frequently Asked Questions

  • What is Wrapped Bitcoin (WBTC) and how does it differ from BTC when buying with Canadian Dollars?

    Wrapped Bitcoin (WBTC) is an ERC-20 token on the Ethereum blockchain, with each token backed 1:1 by Bitcoin (BTC) held by a custodian. When you buy WBTC with CAD, you are acquiring a representation of Bitcoin that can interact with Ethereum's DeFi ecosystem. Unlike a standard CAD-to-BTC transaction which happens on the Bitcoin network, a CAD-to-WBTC purchase gives you an asset compatible with the Ethereum Virtual Machine (EVM), enabling its use in smart contracts, lending protocols, and liquidity pools.

  • Why would an investor use CAD to acquire WBTC instead of native Bitcoin?

    The primary motivation for acquiring WBTC is to deploy Bitcoin's value within the decentralized finance (DeFi) space on Ethereum. While native BTC acts as a store of value, WBTC can be actively used as collateral in lending protocols like Aave or Compound, provided as liquidity to earn trading fees, or utilized in various yield farming strategies. This unlocks utility for a digital asset that would otherwise be passive.

  • How do transaction fees for WBTC differ from native BTC after an initial CAD purchase?

    After acquiring WBTC, any subsequent transfer or smart contract interaction occurs on the Ethereum network and requires 'gas fees' paid in ETH. These fees can fluctuate significantly based on network congestion and are measured in Gwei. This is distinct from native Bitcoin transactions, which require a fee paid to miners on the Bitcoin blockchain. Understanding the dynamics of Ethereum gas fees is crucial for managing WBTC effectively.

  • What are the primary methods for a Canadian resident to convert CAD into WBTC?

    The most common pathway involves using a FINTRAC-regulated Canadian cryptocurrency exchange to perform a fiat on-ramp. Users typically deposit Canadian Dollars via Interac e-Transfer or Electronic Funds Transfer (EFT) to buy a base cryptocurrency like Ethereum (ETH) or a stablecoin like USDC. Subsequently, they transfer this asset to a personal digital wallet and use a decentralized exchange (DEX) like Uniswap to swap it for WBTC.

  • What security practices are essential when holding WBTC purchased with CAD?

    Since WBTC is an ERC-20 token, it must be stored in an Ethereum-compatible digital wallet, not a native Bitcoin wallet. Best practices include using a hardware wallet (e.g., Ledger or Trezor) for secure offline storage of your private keys. Always be cautious of smart contract risks associated with the DeFi protocols where you might deploy your WBTC and verify contract addresses before interacting with them.

  • Are direct CAD/WBTC trading pairs commonly available on Canadian exchanges?

    Direct CAD-to-WBTC order books are not common on most centralized Canadian cryptocurrency exchanges. The standard procedure is a two-step process: first, converting CAD to a highly liquid asset like ETH, and second, swapping that asset for WBTC on a decentralized exchange. This route leverages the deep liquidity pools available for WBTC within the Ethereum ecosystem rather than relying on a direct fiat gateway.

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