About "programmable" Bitcoin


In Bloomberg, Olga Kharif expressed a very interesting opinion about the possibility of a programming Bitcoin blockchain. Unlike more modern blockchains, for example, like Ethereum, Solana and Polygon, it is not possible to create smart contracts based on the "original" Bitcoin blockchain. This severely limits its functionality, so Bitcoin is most often used as an investment tool or "digital gold".


Several development teams try to upgrade Satoshi Nakamoto’s blockchain by adding smart contract functionality. So far, such attempts have not been very successful. However, this work continues and the developers promise to present a new secure product capable of launching a new bitcoin rally.


Perhaps it is, I do not rule out that the market is waiting for new positive news, and the rally will take place. However, I am not sure that the new functionality will be in demand.


The fact is that Bitcoin feels confident enough in the role of "digital gold, and now a significant part of Bitcoin goes to ETF, where smart contracts are definitely not required. The Blockchain Application Niche is confidently serviced by the already listed Ethereum, Solana, Polygon and other programmable blockchains. 


Of course, blockchain-based applications may be in demand, but I don’t think there will be much increased demand for them.


In addition, the special position of Bitcoin among other cryptocurrencies is due to the fact that it is the first, "initial", based on the ideas of Satoshi Nakamoto. It has such unique properties as rarity. Yes, indeed, it is rare and even cultural value. Update it - and you get something else, and it’s not easy to predict how it will behave in the market. This is like putting plastic windows On an old lock. Functionality is better, and rarity will be lost..


So, it is not a fact that the development of "programmable bitcoin will be really useful.


#bitcoin #Blockchain #Ethereum #digitalgold


 

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