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Title: Tokenized Bitcoin effect
Post by: BitcoinivaX on March 10, 2021, 02:59:06 PM

Tokenized Bitcoin mean any way to use bitcoin on other blockchains or layer 2 or third part system as PayPal.
Bitcoin is viewed as a “reserve asset” or store of value that have top market Cap and slow network that have high fees.
Tokenizing is one of the solutions for anyone who wants to use Bitcoin and make fast payments.
we are seeing a growth in the number of BTC on Ethereum ¬ 180K BTC

https://i.imgur.com/PEGRDk1.png

Total bitcoin locked in lightning network ¬ 1.1K BTC

https://i.imgur.com/Nr3JDz6.png

PayPal bitcoin purchases

https://news.bitcoin.com/wp-content/uploads/2020/11/image1-696x391.jpeg

Will we ever witness that we use Bitcoin on other networks more than Mainnet and how it will affect the market capacity.

quote this topic to show images

Title: Re: Tokenized Bitcoin effect
Post by: Yogee on March 10, 2021, 04:10:46 PM

You shouldn't compare the number of locked BTC on ethereum and on lightning network. First of all, the fees over ethereum network isn't cheaper than Bitcoin right now. Secondly, people do not wrap their BTC and use it for payments. They lock it there so they can lend it and earn some passive income.

Title: Re: Tokenized Bitcoin effect
Post by: bitmover on March 10, 2021, 05:32:57 PM

Quote from: BitcoinivaX on March 10, 2021, 02:59:06 PM

When you "tokenize" bitcoin, you need to trust that the emitter really has 1:1 BTC for each token. This is the same problem as with tether and other stable coins.

When you hold WBTC, or whatever token, you do not own btc anymore: You own a promise that the emitter will pay you back 1 BTC when you request: if they have it.

It is not the same. It has some risks, and it doesn't solve the problem you are referring to.

What makes transactions cheap and fast are layer 2 solutions: Lightning network.

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Economy => Economics => Topic started by: BitcoinivaX on March 10, 2021, 02:59:06 PM