Review on Wrapped Bitcoin by Berkhan Guzeller
WBTC
Compared to BTC, BTC wrappers will not always have the same level of security because they rely on the people and organizations running the system rather than open code.
To ensure reliability and transparency, WBTC undergoes regular audits and discloses all trade chains and controls to the Bitcoin and Ethereum network. Users can independently control how much BTC has been sent to the WBTC address on the Bitcoin blockchain. It can then be verified whether this key matches the design of the WBTC token in the Ethereum blockchain. The WBTC recovery process can also be followed along the chain to recover BTC.
Pros
- Very Easy To use when you understand the logic
Cons
- Not totally Safe
