MultiversX Tracker is Live!

Why am I so bullish on Bitcoin?

Bitcoin Reddit

More / Bitcoin Reddit 189 Views

It's easy to get fearfull about Bitcoin when your main interface with it is its price action.

What has made a huge difference for me is to actually start experiment and building with Bitcoin and with Lightning in particular. Once you go down this rabbithole you'll actually learn what the Bitcoin network has to offer. I'll share with you some insights I have gotten so far and hopefully it inspires some of you to also start building

  1. Lightning allows you to circumvent the banking system. For hobbyist entrepreneurs like myself this is actually a pretty big deal. Setting up a business bank-account is no easy task. Especially if you want to set up a small business to check market interest, being able to use a lightning address for payments is ideal and has allowed me to work on business ideas without the red tape of having to deal with institutions.
  2. If you get yourself familiar witht he lightning CLI and you know a bit of Python you can already start doing interesting stuff that your average bank won't let you do. For instance automating refunds and payment forwarding. With just a few lines of code you can already start a payment processing business and make money on routing fees (which is essentially a smart contract).
  3. Last but not least I believe that an underexposed feature of the Bitcoin network are its nodes. I see nodes becoming much more than just for running the Bitcoin and Lightning software. They're basically a personal always-online server that offers a scalable solution for hosting decentralized applications. Where Ethereum for instance hosts its smart contracts on their basechain (which is hugely inefficient as every node needs to host a copy), bitcoin nodes allow for decentralized hosting of smart contracts and other applications on the nodes hardware. The difference being that only a relevant subset of the network has to run the smartcontract. Use cases being things like self hosting your webshop, blogs, social media profile, videos, images and applications so you don't have to rely on software giants like Amazon, Youtube and Facebook anymore.

This is of course all far from reality, but I think this is where Bitcoin will have a huge advantage over many other blockchains and frankly where many other blockchains have made a huge mistake in choosing for a bloated basechain and a more centralized node system.

submitted by /u/Bureaugewas
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments