Just yesterday, I discovered that Bitcoin BTC also has DeFi, and it works pretty much like any other protocol with EVM compatibility. It works like Ethereum, and you can use Metamask as a wallet. I didn't know this was an option, and apparently, it has been going on already for over three months, so the protocol is new, at least on the BTC side of things.
I have been researching the project for about two days now, reading all I can find about it before participating; one thing that worries me about investing with Bitcoin BTC is high transaction fees. Still, it seems that if you modify your Metamask settings, you can get away with meager fees when using Smart contracts transactions. But the final say will be once I decide to use the protocol; that is when I will know for sure the fees.
But I don't know if fees will go up just like in Ethereum that had the same issue as Bitcoin on-chain fees that after a certain number of people start using the chain, costs go sky-high because too many people are using the chain and the network can't handle the number of transactions.
With Smart Bitcoin Cash, since our motto is low transaction fees, we know that at some point, SmartBCH will have lower transaction fees than what we have now, and we know that the community will not tolerate high costs and will demand a solution as soon as fees start to go sky high. In the case of Bitcoin DeFi, you won't have that kind of support because the BTC community already believes in increased fees for using the chain. Once costs rise, they will say that is the premium for using Smart Contracts in the secure network; I am pretty sure that will be the line.
If I decide to move some of my money into Bitcoin DeFi, I want to learn by actually using the stuff. I don't plan on staying with Bitcoin BTC, and at least as I write this article, I won't invest in it for the reason I explained just before, I don't want to be the next fool that can't withdraw his money because the transaction fee is so high that it will eat my position.
At some point, I used Ethereum, and I used UniSwap for exchanging some assets, and I have $25 worth of HEX, token that I can sell because the transaction fee is on Ethereum is $50 or more; I do think that incident could repeat with Bitcoin and their new DeFi competitor.
I wrote this article so that my readers know that there is a Bitcoin BTC alternative to SmartBCH. Still, I would also warn about it because you know that with Bitcoin Cash, you will always have low transaction fees with Bitcoin BTC. Who knows how high costs will be, and they will call it a good thing.
