Post
Topic
Board Beginners & Help
Re: Bitcoin on BNB (Binance Smart) Chain
by
dansus021
on 08/11/2023, 12:01:39 UTC
This is why we shouldn't be dealing with anything called Bitcoin that isn't on the Bitcoin blockchain, scammers can name any token Bitcoin and use them in defraud their victim as they have done to this user. This should serve as a warning, don't even accept to deal them as they can stopped been pegged to Bitcoin at any moment but the real Bitcoin will always be Bitcoin. If you're transacting with those pegged/tokenized Bitcoin just know you're not operating with the real Bitcoin but an altcoin so you'll be expectant of anything that happens.

Yes, nowadays there are a lot of wrapped versions of Bitcoin in any chain that are EVM compatible. Sometimes other Defi App creating their own version of wrapped version of bitcoin for staking and farming.

But like you said it is carrying high risk, If you guys remembered the tera luna collapse I think this could happen when they creating of wrapped version of bitcoin