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Author Topic: Smart Contract in Bitcoin  (Read 4457 times)
Wind_FURY
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October 06, 2017, 05:15:14 AM
 #21

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.

No. It is not smart contracts that gives Ethereum its value, but ICO speculation. There is a difference there. ICOs do not necessarily have to be "smart contracts" or "dapps". Most of them are nothing but tokens issued and traded that are backed by nothing but a whitepaper.


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October 06, 2017, 08:48:47 AM
 #22

i also read that article but few people agree on that .
and even i think that its not possible for now to make a smartcontract  in bitcoin.
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October 06, 2017, 11:15:44 AM
 #23

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.

No. It is not smart contracts that gives Ethereum its value, but ICO speculation. There is a difference there. ICOs do not necessarily have to be "smart contracts" or "dapps". Most of them are nothing but tokens issued and traded that are backed by nothing but a whitepaper.

I agree. Plus the value of Ethereum is also the wide options that is offering in the blockchain world, for Bitcoin to reach the level of Ethereum still will need to walk a long path.

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October 06, 2017, 03:28:57 PM
 #24

Bitcoin does not need to have smart contract ... more does not mean better. It's value proposition is that it is a simple store of value and transferable coin. It does not need to add more functions which it cannot handle as it cannot scale at this stage. That is just my point of view. Others may not likely agree.

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October 07, 2017, 07:22:30 AM
 #25

Developers probably waiting for other upgrades like Lightening Network to happen before implementing a smart contract?

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October 07, 2017, 08:07:56 AM
 #26

Implementing smart contract to bitcoin's feature is a not a priority to devs, the most concern of today's bitcoin is the block size and the the transaction capacity and transaction fees. If the two aforementioned are not able to solve the bitcoin's problem then the worldwide adaptability to masses for merchants and retails are only just a dream. Then we still can not call bitcoin  a currency but it is still an asset or commodity for trading but not as a future medium of exchange.

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October 07, 2017, 06:30:00 PM
 #27

Implementing smart contract to bitcoin's feature is a not a priority to devs, the most concern of today's bitcoin is the block size and the the transaction capacity and transaction fees. If the two aforementioned are not able to solve the bitcoin's problem then the worldwide adaptability to masses for merchants and retails are only just a dream. Then we still can not call bitcoin  a currency but it is still an asset or commodity for trading but not as a future medium of exchange.

I am elated by the way you have highlighted the most important concern of bitcoin and bitcoin users which needs to be rectified at the earliest as it is inevitable to make bitcoin used by merchants and eCommerce without increasing the block size and there is a sense of fear that the transaction free might go up in future and might become like normal money exchange service so developers needs to focus on this as this is the need of the hour.

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October 07, 2017, 10:34:21 PM
 #28

Implementing smart contract to bitcoin's feature is a not a priority to devs, the most concern of today's bitcoin is the block size and the the transaction capacity and transaction fees. If the two aforementioned are not able to solve the bitcoin's problem then the worldwide adaptability to masses for merchants and retails are only just a dream. Then we still can not call bitcoin  a currency but it is still an asset or commodity for trading but not as a future medium of exchange.

I am elated by the way you have highlighted the most important concern of bitcoin and bitcoin users which needs to be rectified at the earliest as it is inevitable to make bitcoin used by merchants and eCommerce without increasing the block size and there is a sense of fear that the transaction free might go up in future and might become like normal money exchange service so developers needs to focus on this as this is the need of the hour.

That is a problem that has not been final to date, developers have to solve that problem without making more hardfork anymore. Bitcoin also requires the development of smart contracts or in the future all altcoin will be taken by ethereum. We know that the current eth is very ready to be paired with fiat, if bitcoin does not fix itself then one day the market volume will move significantly towards eth.

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October 08, 2017, 08:16:41 PM
 #29

Implementing smart contract to bitcoin's feature is a not a priority to devs, the most concern of today's bitcoin is the block size and the the transaction capacity and transaction fees. If the two aforementioned are not able to solve the bitcoin's problem then the worldwide adaptability to masses for merchants and retails are only just a dream. Then we still can not call bitcoin  a currency but it is still an asset or commodity for trading but not as a future medium of exchange.

I am elated by the way you have highlighted the most important concern of bitcoin and bitcoin users which needs to be rectified at the earliest as it is inevitable to make bitcoin used by merchants and eCommerce without increasing the block size and there is a sense of fear that the transaction free might go up in future and might become like normal money exchange service so developers needs to focus on this as this is the need of the hour.

That is a problem that has not been final to date, developers have to solve that problem without making more hardfork anymore. Bitcoin also requires the development of smart contracts or in the future all altcoin will be taken by ethereum. We know that the current eth is very ready to be paired with fiat, if bitcoin does not fix itself then one day the market volume will move significantly towards eth.
Bitcoin and Eth both have different roles to fill in the market. Bitcoin is like a store of value (e-gold) while Eth is like an actualy computer making decisions. I dont understand why some people want to turn Bitcoin into Eth, they can both exist.
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October 08, 2017, 08:25:06 PM
 #30

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.

I agree.  I think Ethereum has some real serious challenges.  The big advantage they have now is that they are currently the foundation on which so many other cryptos are built.  It's getting slower and more costly though. I've heard about Rootstock and think it's a great concept but I just don't know if going into the future Bitcoin will be stable enough for me to trust running smart contracts on it.   I think Ethereums immediate threats will come from EOS and Lisk.   

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October 08, 2017, 08:56:07 PM
 #31

How does a smart contract work on btc blockchain ?
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October 17, 2017, 01:51:00 PM
 #32

According to this: https://www.coindesk.com/smart-contracts-bitcoin-lightnings-tadge-dryja-working/ article, smart contract like feature might happen on bitcoin, wouldn't that be great? what is your view on that?

Getting segwit activated was hard enough let alone 2x. See the bitcoin cash fork. To add smart contracts is going to cause so many complaints from so many groups. Its politically a nightmare, I can't imagine it will come very soon. Unless bitcoin sees a real threat from Ethereum
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October 18, 2017, 11:34:38 PM
 #33

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.

No. It is not smart contracts that gives Ethereum its value, but ICO speculation. There is a difference there. ICOs do not necessarily have to be "smart contracts" or "dapps". Most of them are nothing but tokens issued and traded that are backed by nothing but a whitepaper.

I agree. Plus the value of Ethereum is also the wide options that is offering in the blockchain world, for Bitcoin to reach the level of Ethereum still will need to walk a long path.
I agree with you`re.
smart-contracts currently widely discussed by most online media. Ethereum is considered the first coin to use a smart-contract, which in the end gavi birth to a class of its own for Ethereum (Ethereum rated best than other altcoins). With the smart-contracts many different speculators participating and playing here.
So, I think a smart contract is one means that can attract people, especially speculators.

It's never too late to implement a smart-contract system.
If, bitcoin implements this smart-contract system it is a necessity and it is time for bitcoin to used it, it aims to avoid bad assumptions about bitcoin, especially for the future.

But, "Why is ethereum considered less decentralized than bitcoin?....."
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October 19, 2017, 03:29:32 AM
 #34

I think IF btc were to get to smartcontracts, it would be too late. ETH has the market on this and is improving. Having btc do smart contracts itself wouldnt make sense. Although i do see it being involved with payment settlement in smart contracts.
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October 19, 2017, 04:26:48 AM
 #35

Bitcoin ALREADY has opportunity to create smart contracts. BUT: Bitcoin uses Script programming language which is not  Turing complete, so it is very hard to code something on it. Ethereum has high level programming languages like Solidity, Serpent (As i know Serpent will be replaced by Viper in near future) and it's very easy to create smart contracts on it.

But you can use any bitcoin framework (for languages like Python or C++ ) and try to create something which will be more or less looks like a smart contract.

Exactly- the problem isn't lack of the basic capability, it's lack of an easy to consume solution for developers, an already bloated transaction confirm time lead, and prohibitive cost for it. Smart Contracts aren't an Ethereum innovation (despite a lot of press saying so which shows how little they understand anything crypto) but they did make it a first-class feature that does enable adoption of their platform. As Microsoft used to say when they were winning against all comers 'Developers! Developers! Developers!'- the question of whether cost per execution, security and other barriers for adoption either fade or become the sin that comes collecting like 32-bit applications, platform security and VB 6.0 was on Windows.

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October 19, 2017, 05:19:17 AM
 #36

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.
Yes. Bitcoin invented blockchain technology; Ethereum invented smart contracts. That is why there are no 1 and no 2 in this space. New alternative coins may implement a better smart contract implementation. To be the leader with wider general usage, the coin must scale very well also. We will see more competitions between bitcoin, ethereum and other alternative coins.

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October 19, 2017, 08:50:07 AM
 #37

it is still too early to know how that would go but Bitcoin should not introduce it.

According to this: https://www.coindesk.com/smart-contracts-bitcoin-lightnings-tadge-dryja-working/ article, smart contract like feature might happen on bitcoin, wouldn't that be great? what is your view on that?
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October 19, 2017, 10:37:47 AM
 #38

Yeah Ethereum did a big step forward using smart contracts. Ethereum uses the Turing-complete language to create smart contracts and stores information about the state in blockchain.
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October 21, 2017, 05:47:19 AM
 #39

In my point of view the smart contract address available in all the Bitcoins.
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October 21, 2017, 05:53:10 PM
 #40

what classifies a smart contract - looks like there is just a lot of buzz words, but no clear explanation.
What is a typical smart contract use case?
Is pay 2-of-3 already a smart contract? Or must it have an escrow?
Just a touring complete language?
(btw: ever tried to get oracle data in Ethereum smart contracts?)

Bitcoin has smart contract capabilities. E.g., when using CSV and CLTV, you have smart contracts. Some OP_IFs around it, and there you go. Even with P2SH. BIP65 and BIP68 show use cases.
So what do you have in mind, when talking about smart contracts? Are there any use cases examples for it?
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