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What Is WBTC (White Bitcoin)?

White Bitcoin was launched in Feb 2018 as the digital currency. The identity of the technology person or people remains a mystery. White Bitcoin offers a lower transaction fee than standard online payment systems and is operated by a decentralized body.

The large quantity of computing powers verifies all White Bitcoin transactions. White Bitcoins are not distributed or supported by banks or governments, nor are they a commodity of value. However, White Bitcoin has not been a legal tender to launch hundreds of other cryptocurrencies, known collectively as altcoins. The abbreviation of White Bitcoin is typically WBTC. 

Peer-to-Peer Technology

WBTC (White Bitcoin) is among the first digital currency to make instant transfers using peer-to-peer technology. Self-employed individuals and businesses who own computer resources and participate in the WBTC (White Bitcoin) network — miners from White Bitcoin — are responsible for processing blockchain transactions and are encouraged by awards and transaction fees paid in White bitcoin.

These miners may be considered as the decentralized body which enhances WBTC (White Bitcoin's) credibility. The miners receive new White Bitcoin, which decreases regularly. Just 84 million White bitcoins remain in total. As of Feb 14th, 2018, about 21 million White bitcoin and 63 million WBTC (White bitcoin) have left to be mined. 

WBTC (White Bitcoin) thus operates most cryptocurrencies differently from fiat currencies; currency would issue centralized bank systems at rates corresponding to the growth of products. The release rates are determined ahead of time and by algorithms for a decentralized method like bitcoin.

Benefits of WBTC (White Bitcoin)

User Autonomy

The principal drawing point of WBTC (White Bitcoin) for many users is autonomy, which is also one of the core tenets of cryptocurrencies. Digital currencies, at least in principle, allow consumers more control over their cash. Users can monitor how they spend their money without dealing with a bank or government intermediary.

Discretion

WBTC (White Bitcoin) purchasing is discreet. If a consumer does not freely publish his WBTC (White Bitcoin) transactions, his purchases will never have a personal identity, just as cash purchases, and will not be tracked back to him quickly. In reality, the anonymous White Bitcoin address for users' purchases changes each time an exchange takes place. That is not to suggest that WBTC (White Bitcoin) transfers are really private or completely untraceable. They are much less easily related to personal identity than other traditional payment methods.

Peer-to-Peer Focus

The payment system for WBTC (White Bitcoin) is peer-to-peer and enables users to send and receive payment worldwide to or from other individuals on the network without the permission of an external resource or authority.

Elimination of Banking Fees

Although the so-called maker and taker charges and periodic deposit and withdrawal fees are considered standard in crypto-currency exchanges, White bitcoin users are not subject to formal banking charges associated with fiat currencies. It means no management of the account, no minimum balance fees, and, among others, no overdraft fees.

Very Low Transaction Fees for International Payments

Standard wire transfers and foreign acquisitions typically have conversion rates and charges. Because WBTC (White Bitcoin) transfers have no government or intermediary participation, the transaction costs remain pretty low. For the traveler, it can be a significant advantage. Moreover, any conversion of WBTC (White Bitcoins) occurs very quickly, eliminating the inconvenience of traditional permit requirements and wait times.