not all of them, the one that has the biggest community is DAI (but not so much in funds when compared to USDT or USDC which are supposedly backed with actual dollars in bank accounts, I'd trust more USDC over USDT since USDC is held by a corporation in the US under heavier regulation and oversight)
I don't know how it is done for that token, I think they have many, but in my opinion it is not possible to lock a coin from another chain in a contract. If there is real backing (there is a Bitcoin locked for every BTC token on ether), it has to be custodial.
There is another solution out there, backing is done with algorithmic trading, so the risk of the value deviating from btc is transferred to speculators who are set to earn on betting on the actual value. The whole thing could be done with futures contracts, but it is smart to create a form of speculation that totally shields the coin users from that hassle.
How is it dogshit when it's faster and cheaper than using BTC on ETH? Isn't that the whole point to have cheaper and faster transactions?
If you're worried about security and centralization you would just stick with BTC blockchain as a slow armored truck for protecting wealth.
BTC on ETH & BNB are equally centralized but BNB is 30x faster and cheaper.
You can also store all your BCH on the BNB for faster cheaper transactions to and from exchanges. It's amazing! You should really try if you care about cheap and fast transactions.
I tried sending BCH to an exchange and it took 2 hours to arrive. When I had BCH on BNB it arrived on exchange instantly.
Again, don't care. BNB and ETH are not even in the same universe. If it works for you that's fine, use it. I don't think much of Binance's "decentralized" products as just another ETH wannabe.
>BTC on ETH & BNB are equally centralized
That is so wrong on so many levels its not even worth debating with you about.
We're talking about BTC tokens on top of other blockchains and it just happens to be faster & cheaper on BNB instead of ETH.
I don't know why you're making such a big deal about transactions being faster and cheaper. If you're worried about centralization you wouldn't even be using BCH in the first place. This is a discussion about faster and cheaper transactions.
Its not just about "transactions being faster and cheaper" which you've shown no actual proof of being true.
BNB doesn't have anywhere near the DeFi capability and protocols to collateralize your BTC on that ETH does. This is why it has gravity, and no one gives a shit about BNB but you.
> If you're worried about centralization you wouldn't even be using BCH in the first place.
Total bullshit, how is BCH "centralized"
Let's see bitmain happens to own 1 million of the coins which could be dumped on the public at any moment, and according to bch.btc.com/stats/pool it looks like 4 guys own 80.4% of all the hash rate. So yep definitely centralized!
>bch.btc.com/stats/pool it looks like 4 guys own 80.4% of all the hash rate. So yep definitely centralized!
Adding up the percentages from *4 pie slices*, one of which is Unknown as the biggest chunck, doesn't equal *centralized*, thats not how it works
This is why I didn't want to debate with you, because you are clueless and cherry pick things to fit your bullshit.
The cool think about DeFi absorbing BTC, is that as the value of BTC goes up, it'll provide more liquidity to the DeFi space. In other words, every time someone buys BTC off the market, they'll be help improve the liquidity profile of the DeFi ecosystem. I think DeFi could have a trillion dollar market cap in the next few years.