Bitcoin, the Most Used Currency After the Ethereum All Over the World
Use Bitcoin instead of Ethereum to get a loan or earn interest .The supply of tokenized bitcoins has increased by 330% since the beginning of the year. Tokenized Bitcoin’s recent growth is just the beginning, says Jack Purdy, a DeFi analyst at crypto asset data company Messari. There are an amazing variety of financial applications on Ethereum. As the Bitcoin market on Ethereum grows, so many use cases will emerge.
However, there are only 8285 bitcoins held off-chain outside of Bitcoin’s main net $79 million as of June , about 8.5 billion yen.
Not a competition
Despite the scale differences between off-chain projects, some see themselves as a complement to Bitcoin’s Lightning and Liquid Network competitors, not their competitors.
The growth of Ethereum-based or Bitcoin-based off-chain protocols increases the network effect of Bitcoin and attracts many applications and developers
- Changes in the share of off-chain supply of Bitcoin
- Blue: Liquid, Light blue: Lightning, others WBTC, IMBTC, etc.
Lightning and Liquid built on the Bitcoin network also aim to expand the usefulness of Bitcoin, just like tokenized Bitcoin on the Ethereum network.
You are a big fan of Lightning Networks and will be increasingly important for new applications like commerce and gaming, said Matt Luongo, CEO of Thesis. Thesis launched one of the tokenized bitcoins, TBTC in May.
More advanced features of Bitcoin
The growing interest in using Bitcoin on other block chains has led to interest in creating more advanced features that may not be directly feasible with the Bitcoin block chain itself. That said, Christian Decker, an engineer and researcher at Block stream, a liquid network developer who is working on one of the Lightning network implementations, c-lightning. Both types of off-chain protocols are important, says Olivia Loven mark, who has worked at Bit go and Thesis .Tokenized Bitcoins like TBTC and WBTC can be more exciting for individuals as they open up choices for Bitcoin holders, while Lightning and Liquid improve network infrastructure and in a broad sense. It will be a benefit to the community.
What are the benefits for Bitcoin?
Ultimately, whether on the Ethereum network or on the Bitcoin network, these moves indicate that users want to trade in Bitcoin. According to Decker, the interest in using Bitcoin on other block chains is a strong sign that interest in the Bitcoin network is growing and other crypto assets are losing to Bitcoin. It is. But it’s not surprising that users of the Ethereum network want to use Bitcoin but don’t want to move to the Bitcoin network, Decker added .
This is also why tokenized Bitcoin exists on the Ethereum network, not on the Bitcoin network. In other words, tokenized Bitcoin users have the basic functionality of the Bitcoin network. He wants something that doesn’t exist. Aside from the project’s motivation, these Ethereum-based protocols will benefit Bitcoin by being widely used; Robben mark said .The growth of Bit coin’s off-chain protocols means more choices for holders, which means more use cases and more adoption for Bitcoin.
So why is this approach not working?
The daily price of Bitcoin is not important. I’m investing in blockchain because I think it will replace gold and electricity infrastructure. If you think you can get a stable short-term profit that is a mistake.
Bitcoin is a safe investment, much more like a start-up seed investment than an open stock. And the incendiary headlines about price fluctuations are used by bad guys. One of Bitcoin’s big-money strategies is to wait until the bad news comes out like the Chinese ICO ban before selling off enough Bitcoin to trigger a consumer and media panic, and then It is a method of buying back in order to stimulate the recovery of. You can start trading in bitcoins today but before you start trading read which one is better investment option bitcoin or mutual funds
The biggest duck in this scheme will be beginner investors who are not properly educated.
The sensational title tramples the lives of the people who work there. He is working hard on the e-Sports blockchain project, but imagines it. A situation where a friend sends an article like Hey! . His heart is about to stop.