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What’s The Bitcoin vs Ethereum Smart Contracts Thing, Anyway?
Several things, first of all, the smart contracts on Ethereum have existed for 5 years now contrary to bitcoin where the smart contracts have been reactivated last year.
This allowed the creation of a whole ecosystem around these smart contracts on Eth, notably the DeFi and so on.
Ethereum is also much more accessible in terms of development and smart contracts for different developers.
I think it’s silly to compare the price of transactions of the two blockchains and their scalability.
I think that many people have also gone to Ethereum because they are waiting impatiently for the arrival of ETH 2.0 which should solve the problem of fees. However we should not spit on the bitcoin smart contracts, we still have to wait for them to develop
Well, I would say one of the biggest differences is time in the game. ETH has implemented smart contracts for a longer period of time than BTC and this has provided it a unique advantage in as far as it has allowed many L2 and other chains to develop compelling smart contracts on their own chains.
BTC had smart contract functionality but received it until recently with (I think Taproot) as a result of what seemed to be a shortsighted concern about security.
With that being said BTC is beginning to implement a smart contract system because I believe resistance is futile at this point.
If BTC is the gold standard then ETH is the silver standard, but making significant moves in the utility aspect of the chain to set itself apart.
BTC is massive and has a first movers advantage and with such a massive blockchain and system in place, I believe they could effectively implement smart contracts to increase the utility of BTC and have it compete with the likes of ETH rising L2s.
Ethereum is highly flexible, versatile, and adaptable in terms of the use cases and logic of its applications, but it is more like a software company that enables the implementation of Decentralized Applications.
The decision of what is being built is up to its developers. For developers who are keen to create such decentralized applications, Ethereum comes with a great number of tools, libraries, and protocols that allow it to build such applications faster.
It does not have any central servers that store data and process transactions for all of the applications, therefore the applications are safe and secure. All transactions are recorded in the Blockchain system.
This does not allow any of the transactions to be altered or manipulated.
These cryptocurrencies are also not stored on the server and are totally independent of one another.
It also comes with a group of very talented programmers and developers, so that no one developer can control the decision-making of the entire system. As a result, the development of the applications has been very fast.
IMO, leave well alone. BTC is a store of value that paved the way for Ethereum and many more things to come.
They are both becoming boomer coins so outdated compared to so many of the new chains.
I’ve never been involved with BTC personally I go into crypto too late to bother chasing it.
But have had a fair amount of interactions with ETH. But to be honest, the way gas fees are these days.
I was actually going to buy the spoon NFT until the gas ran half as high as the mint cost. For me BTC wins out overall, 1 it has the pedigree of the name.
2 is the market cap, 3 is the better value store. It will always be the original coke while ETH is the Pepsi.
ETH is starting to reach a point where it is too unsustainable and way too hard for the casual to get involved in at this current point.
Imagine you make your first transaction and get some cool little NFT that you have heard so much about you are super excited and bam.
That’ll be 100 buck gas.
You don’t even know what gas is at this point? and Gwei? and adjusting and waiting for times when the network work isn’t so busy? hard pass for the casual if you ask me, so until that change it is a barrier to entry in the greater growing sphere.
ETH still has better utility than almost anything else, but man my prediction for 2022 is that will also change and fast.
Centralized, or poorly decentralized, solutions are unlikely to be successful on Bitcoin as an alternative to smart contracts on Ethereum.
One project that is already trying to do this is RGB, a decentralized top layer based on the Lightning Network and the Bitcoin blockchain, thanks to which it is possible to issue digital assets.
Furthermore RGB, being based on Lightning Network, in theory, has already solved the scalability problems that Ethereum has not yet solved, although the launch of Ethereum 2.0 is expected shortly, which should solve them.
Another initiative in this sense is that of BIP119, (called CheckTemplateVerify) which enables new smart contract types.
Bitcoin remains the main point of reference in the crypto sector, and this could give it the necessary push in the long term to establish itself in the smart contract sector.