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Author Topic: what is the connection between web3 and BTC  (Read 324 times)
Despairo
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October 03, 2022, 12:50:25 PM
 #21

Even though bitcoin can be used for purchased in web3 but bitcoin is not the pre-dominant cryptocurrency of web3.
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 is digital currency combines with web 3 provides more control to people without dependency on third parties
Bitcoin itself already avoiding third parties without web3.

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dimonstration
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October 03, 2022, 12:55:50 PM
 #22

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.

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.
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October 03, 2022, 01:17:08 PM
 #23

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.
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.

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.
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October 06, 2022, 02:55:28 PM
 #24

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.

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