How to buy Venus BTC (VBTC) in Australia

By July 21, 2021DeFi
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How to buy Venus BTC

Look for an exchange that supports both fiat and cryptocurrency to simplify buying Venus BTC.

  1. Open an account on an exchange that supports VBTC.
    Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
  2. Deposit funds into your account.
    Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Venus BTC.
  3. Buy Venus BTC.
    Complete your Venus BTC purchase and then find the best wallet to store VBTC.

What is Venus BTC?

The Venus protocol is a DeFi project that is built on the Binance Smart Chain. It is a lending and borrowing platform where users can earn interest on their tokens. Venus also allows users to mint the protocol’s native token (VAI), a stablecoin pegged 1:1 to the US dollar. The protocol aims to become the Aave of Binance, creating a unique DeFi marketplace. Using the Binance Smart Chain allows Venus to charge low fees and make high speed transactions. The Venus protocol creates pegged assets when collateral is supplied, called vTokens. vBTC is one such token, representing the unit of the collateral supplied and can be used as a redemption tool. Essentially, vTokens are receipts for the assets you supplied. Unlike your standard 1:1 peg, vBTC is pegged at 1:49, with the current price at around US$700.

Venus BTC (VBTC) is in the top 1,000 cryptocurrencies in the world by market cap. The current price of Venus BTC is $602.85, which is -2.876% lower than yesterday. Prices have ranged between $623.23 and $595.8 over the past 24 hours. All prices are listed in US dollars and accurate as of July 21, 2021 07:07 UTC.

Where to buy

Unfortunately, at this time no major exchanges offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.

Consider buying a different cryptocurrency after comparing popular exchanges.

How to sell Venus BTC

You can cash out your VBTC with the same exchange you bought it through:

  1. Sign in to the exchange you have VBTC on.
    If you store your Venus BTC in a digital wallet, compare crypto exchanges to sell it on.
  2. Place a sell order.
    Choose the amount of VBTC you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of Venus BTC.

What to consider when buying Venus BTC

Venus Protocol has quickly become one of the premier lending platforms on the Binance Smart Chain. It has made quite a name for itself, with increasing Total Value Locked and an exciting number of features. vBTC serves the purpose of wrapped Bitcoin but for BSC and the Venus Protocol. It allows you to interact with a number of different options, such as borrowing, lending and minting stablecoins. We look encouragingly at the platform's future.

  • Arbitrary peg. Instead of your standard 1:1 peg, Bitcoin is pegged at 1:49 vBTC, making it slightly confusing when staking your coins.
  • Only available on Venus. This is a native token to the Venus Protocol, which means you cannot buy, sell or trade it on any other exchanges.
  • Intermediate level of expertise. The Venus Protocol and vBTC are native to Binance Smart Chain, which is the exchange’s DeFi platform. It requires a slightly higher level of experience from users interested in using the network.

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