FAQ Wyre Bitcoin Wallet

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Everything
You Need to Know About Wyre Bitcoin Wallet

wyrebitcoin wallet

WHAT IS WyreBitcoin?

Wyre Bitcoin Wallet is a fully decentralized cryptocurrency wallet that supports Bitcoin, Ethereum, WyBTC and some popular ERC tokens. this feature is powered by “Atomic Swap” technology, which is just another way to explain the act of combining multiple blockchains into a single interface so that users can interact directly and exchange money with each other.

This wallet allows users to add their own coin on request.

WHAT DO YOU MEAN BY ATOMIC SWAP?

Atomic swap is a peer-to-peer exchange of cryptocurrencies from one party to another, without going through a third party service like a crypto exchange. During this entire process, the users have full control and ownership of their private keys. For more information, read this ARTICLE.

WHY SHOULD I USE A DECENTRALIZED?

Over $1 Billion+ were lost up until today as a result of hacking incidents on centralized wallets and exchanges. Transparency is never always guaranteed with centralized services. Hence, many avid cryptocurrency users are quickly shifting away from centralized services to decentralized/non-custodial platforms.

Another reason is the hectic fees involved with centralized services. Market makers/takers are usually charged around 0.1% for each exchange activity and there are deposit/withdrawal fees involved. Remember, we are not here to sell anything and we charge 0 fees for any of the services we offer. We have simply created this decentralized wallet + p2p exchange because we are passionate about bringing solutions to the existing problems within the industry. By using Bitcoin.js, web3.js and the libp2p library in IPFS, we allow users to seamlessly swap coins and tokens (cross-chain) directly with one another without any 3rd parties involved & without any fees involved.

Many centralized services additionally require you to complete KYC as funds are received directly into their wallets. We do not require users to verify their identifications as we do not handle your funds nor do we store your data anywhere with us. Nobody can freeze or suspend your account or funds and prevent you from performing transactions. It’s the way it should have been and will always be.

WHICH BLOCKCHAIN-COINS-TOKENS Wyre Bitcoin Wallet SUPPORT?

We support Bitcoin, Ghost, NEXT.coin, USDT, Ethereum, and some popular ERC20 tokens, SHIBAINU, WyBTC, BNB, LINK, USDC, ZIL, MTH, CRO. This list will grow as the platform matures. And any other ERC20 can be added at the user’s request

WHAT ARE THE FEES INVOLVED?

We take 0 fees in the middle for providing these services to you. However, you still have to pay the standard TX (miners fees) for all transactions you conduct on the platform.

For ERC20 tokens, it is required that you have at least 0.001 ETH on your wallets. Remember! when sending ERC20 tokens, you are required to hold some ETH as miners fees for transactions. This is also the case for all atomic swaps for ETH & ERC20 tokens.

NOTE: You can easily check the ‘miners fees’ required for each respective coin by simply googling them.

HOW ARE WyreBitcoin BETTER THAN COMPETITORS?

Decentralized Exchanges

None of the decentralized exchanges allow users to actually swap BTC <> ETH <> ERC20 Tokens. They either require you to ‘wrap’ your BTC or ETH… or they’re straight up lying about being ‘decentralized’. WyreBitcoin.com doesn’t require users to ‘wrap’ their coins as we have simply implemented the ‘atomic swap’ technology, allowing users to directly interact with various blockchains on a single interface.

Direct Competitors

Atomic Wallet – p2p Atomic Swaps are only supported for BTC, LTC, QTUM. They deal with a wide range of coins & tokens but these are not supported by atomic swaps & they use centralized services such as Changelly for exchanges of these coins & tokens. Additionally, Atomic Wallet’s atomic swaps do not support partial fulfillment.

Spark Swap, Exchange Union – software download required and works only on the console itself.

Changelly, Shapeshift, Zigzag – centralized (custodial) services at most times requiring full KYC.

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