Bitcoin Forum

what is the connection between web3 and BTC

A connection between these two (web3 & btc) is that they both apply the same mechanism for achieving transparency and security which is the blockchain technology making it decentralized. web3 has the potential of putting companies that serve as mediators to people who access the internet and stop these companies from forcefully showing adverts that you did not ask for and making money through it, plus they will no longer be able to completely monitor your activities since your connection to the internet will become direct and not through them.

There is no, web3 is Ethereum's ecosystem, and Bitcoin is Bitcoin. There are some projects that try to bring Bitcoin to Ethereum, but they are dangerous and pointless. Bitcoin is a currency, and it always had everything it needs to be a currency, it does not need smart contracts, because it's not trying to be a platform for decentralized applications.

Also, decentralized applications are overrated, they don't have much use in real world. Almost all of them are just manipulations with tokens for the sake of speculation and pointless investing. They don't make lives better or easier.

For me personally, Web3 will have more to do with decentralization and blockchain technology than with daps and NFTs, which is what the term is associated with today. Just as Gavin Wood said when he coined the term: "Web3 is really sort of an alternative vision of the web, where the services that we use are not hosted by a single service provider company, but rather they’re sort of purely algorithmic things that are, in some sense, hosted by everybody..."
https://en.wikipedia.org/wiki/Web3

But these things have yet to actually happen, and the term is still just a marketing buzzword for now.
 

Not forgetting that most of the so-called decentralized applications or Dapps aren't actually decentralized. We have seen so many decentralized exchanges or Defis start enforcing KYC, blocking tokens for getting listed/traded in their platforms and even blocking userfunds etc
That's not how decentralization works. Something decentralized should be censorship resistant, too.

Crypto.

They're both connected to crypto but entirely different in platforms. We all know that bitcoin is the king and ideas like web3 are product of some of the altcoins project which mostly came from Ethereum.

Like of those erc20 tokens and the same goes for other projects/coins too that have the same feature as what ETH has got.

I think web3 is not connected to bitcoin and only connected to the ethereum network and some other altcoins that have a blockchain that is almost similar to ethereum, but I've also heard Jack founder of twitter about web5 on bitcoin

I am asking the same question and honestly right now things are not yet that clear to me...maybe we should allow this Web3 to get into the early maturity stage so we can see the full picture and the potential therein. Maybe I would say that both dwell on decentralization and making things safe and allowing people not anymore to be controlled by big third party business organizations whose main motivation is profit. I am really wishing that Web3 can be working well and can be for the benefit of everybody.

No connection between web3 and bitcoin. Bitcoin is a crypto currency that people can use for making transactions. I guess web3 is just another web technology that people think is the future. The only characteristics they both have in common is decentralization, using the blockchain technology and giving people full freedom (not sure if that would be a good thing to give full freedom over the internet). And people might be using and integrating bitcoin to make web3 completely decentralized.

Now, after Bitcoin is a huge success, web3 appeared and launched Polkadot, a competitor against Ethereum.
I believe, Polkadot can be a very challenging competitor to Ethereum and Bitcoin because web3 is good in advertising.

In my opinion, the relationship between web3 and BTC is. Web 3.0 is closely related to crypto because of its decentralized nature, with this technology crypto projects can also offer token incentives to anyone who can help create, organize, contribute or improve any project. This protocol can provide various services, such as computing, bandwidth, storage, identification, hosting, and other online services previously provided by cloud providers.
Similarly, Helium incentivizes consumers and small businesses to supply and confirm wireless coverage and send device data over the network using blockchain and tokens.

I don't really know what web3 is to be fair, but I do understand "web3" as a complete internet ecosystem which includes, or is enabled by and with "cryptocurrency". To my understanding, that does include Bitcoin as well (not as a pegged or layered system but for example, I've seen Lightning apps labelled under an extension of Web3.

Of course, definitions aren't clear to me, e.g. web3 wallets are anything but Bitcoin clients =)


Not to mention the majority of dapps are really only non-custodial or at most open source. They definitely don't make lives easier...

web3  is nothing more than a media bubble trying to collect money from the simple, but all existing models are either centralized or trying as much as possible to collect the largest number

There's no connection at all!

Although looking by the definition web3 is supposed to be decentralized, but the truth isn't. Similar like how many fake decentralized exchanges out there e.g. uniswap, pancakeswap, sushiswap etc. It's still centralized and they have full control over the smart contract.

While BTC we all know it's decentralized and Bitcoin never scam anyone until now.

Yes, it's another big flaw. But even if we for the sake of argument imagine that they are decentralized, they are still useless, because they don't solve any real world problems. In 2016-2017 Vitalik was promising that companies would be selling electricity through decentralized smart contracts, and now in year 2022 the only thing being sold on Ethereum smart contract network is useless scam tokens.

Seems like it's "meant" to incorporate technologies such as decentralization, blockchain, and a bunch of other stuff. Right now there really isn't any core concept or product I'd consider that can prove web 3 is actually a thing other than a market buzzword big corporates made, so I honestly wouldn't worry about it. And as we've seen, most of the so-called "decentralized" apps out there aren't exactly decentralized, which goes to show how the idea of a decentralized web is still rather far (or maybe impossible) from being implemented.

As far as I know, web3 is not new so I think it is matured already. People which deals with cryptos have already tried using it. I can say that the potential for web3 is high, same as the potential crypto have. Btc and web3 are both decentralized so there is nothing to dwell about but I think btc can be used even without web3 while the one that interacts with the web3 technology are the altcoins and tokens.

As you can see there is this web3 browser inside the altcoins/tokens wallet such as metamask and trustwallet. Web3 is already working well but I think devs are still improving it continuously to provide users a more smoother experience.

It is kinda hard to tell since a lot of projects are using the same term to refer to different things. I've seen a few projects describe it differently, for marketing purposes obviously. But I do agree that most people can enjoy the benefits already. Whether it will improve or will we need to wait for Web4 is another question.

None!

There's no connection between web3 and bitcoin. Web3 is mostly related to cryptocurrencies like ETH, Solana etc. Bitcoin is not a part of web3 platforms. Even though bitcoin can be used for purchased in web3 but bitcoin is not the pre-dominant cryptocurrency of web3.

Just as a side note - Web3 is a marketing buzzword and an illusion. It is bound to fail.

Not big thing, Web 3 based on blockchain technology focused in transparency of data and bitcoin is digital currency combines with web 3 provides more control to people without dependency on third parties . That's it.

Take note Bitcoin that can be purchased in web3 is a fake Bitcoin since it's an unknown coin pegged with Bitcoin price and run in unknown network. If the creator or hacker have a control over the smart contract, they can rob your coins even it's not on centralized exchange.

Remember, there's only one Bitcoin in this world, it's Bitcoin (BTC) not BCH, BSV, WBTC, etc.

I don't think web3 projects on altcoins sooner or later will be vanished just like ICO, IEO, IDO, DEFI, NFT, P2E hype.

Bitcoin itself already avoiding third parties without web3.

I think you mention similarities but they have no connection at all. Bitcoin is not connected to web3 since it has an independent blockchain that doesn’t have 3rd party involved or dapps. Web3 is more focused on Ethereum based blockchains which dapps is building there project for there respective ecosystem.

Bitcoin has no connection to web3 besides the similarity of using the same blockchain technology.

As long as I know web3 I agree that the term is only for marketing purposes, but there is no certainty about its application until now. Maybe there are some that have worked but I don't know about that information yet. Regardless of all that we know that web3 will bring us to an easier life.

Bitcoin is not "directly" related if you ask me. It's more about how altcoins are connected to web3 and how bitcoin is connected to atcoins. This is a way that we could see bitcoin be impacted by web3 indirectly.

Altcoins are connected because you could build so many projects using the innovations web3 brought in, and you could develop projects with utility thanks to web3 and that would give a reason for people to buy that altcoin and it would mean that you could make a profit from having invested into something that could make money for you.

This in return means if that altcoin goes up due to demand, then it would help all crypto get better, and of course bitcoin as well.