My brief story using Bitcoin.

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11 months ago

I think that you should read what was my thinking about two years ago before reading this article. Maybe that could help you have a better idea and maybe my experience can produce value for you.

My little story using Bitcoin. Revised edition.

I must add that to this story because now I am using a side-chain that seeks to serve as a second layer side-chain solution on top of bitcoin, which uses the same asset BTC. A bridge that uses PowHSM technology links both networks. Since it is an EVM-compatible network, all #ethreum projects can be forked to it, and that included also projects from the smartBCH side-chain. RSK Rootstock and smartBCH both are similar technologies.

I don't know yet if the high fees on the Bitcoin layer one will in the end also affect its side-chain, or if in the future BitcoinCore developers will let the side-chain flourish by allowing the needed BIPs to produce a decentralized bridge.

BitcoinCash on the other hand with #smartBCH is having some issues with the bridge because the current bridge is a custodian and centralized, and at this point, I don't if the Coinflex fiasco was a cover attack on BitcoinCash.

I don't know which of the two networks' side-chains will flourish first, and which one will have a better bridge in the future just yet.

Cryptocurrency means liberty to choose where to invest your money but also means you will have the liberty to lose it all if you don't invent your money intelligently and without doing your due diligence. But what works for me it may not work for you entirely, it is not just a matter of opinion but actual utility because we don't live in the same circumstances, but regardless if your idea is wrong the ultimate price will be that your investment will go sour.

I am starting to think that at some point it will be possible to link all networks one to another using decentralized bridges and that the difference between one and another will just be the utility that users can have depending on their own needs but that at the end it will be all a giant network with many points being each point a different network but connected to a single bigger one.

Almost just like the internet works today. You don't see any difference in what the internet is if you are connected from DSL, Cable, Fiber Optic, or even mobile phone internet, as long as you have the somewhat modern infrastructure to you the internet is the internet. I believe that is how sidechains and cryptocurrency networks will work in the future.

Now if I see improvements on SmartBCH, I will come back the moment I save some capital to reinvest into another dex but this time on BitcoinCash. Since Seagate may take some time to be finished I expect that by that time dexs on the side-chain will be fully developed and that they will offer something like Sovryn is already offering.

If Shagate come online and current dexs are not fully developed by that time it will only mean those developers were taking current investors for a ride and did not work while they had the time and were just interested in taking investor's money while they could and that when it came to producing they just didn't do it. I would also say that I will keep an eye on SmartBCH to observe who is building what and to also observe those that are not working while they have the time to do. And ignore them if they don't have fully develop products once the bridge issue is fixed.

I think my posture is fair that while the bridge is down developers work on their projects to have them ready once the chain brings the bridge online.

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11 months ago