Why is it so difficult to use native Bitcoin

[skjwkn]

Hey all,

Given all sorts of chains exist nowadays, I feel like there should be more chains that support native Bitcoin somehow. And yet, it's still difficult to use Bitcoin outside of Bitcoin network.

Why do you think that's how it is?

Cheers

[NotATether]

Bitcoin doesn't officially support "bridging" BTC to other chains. There is no code in the codebase for this, and this feature will not be coming any time in the distant future.

Some other coins like LTC, ZEC, and XMR are like that too. There's no smart contracts here, so there would be no place to add such instructions.

[Comeacross]

May I ask why still create a similar thread with different heading in bitcoin discussion board again?

Bitcoin on other chains you don't need to repeat your posts in several boards to get your answer. It's against forum rules. You should lock the other one that's yet to get any reply.

NotATether already answered your question. But if you're asking about sending and receiving Bitcoin via other chains apart from bitcoin main chain, some exchange support that as seen from the image below.



If this is what you're talking about, it depends on the exchange you're using. Not all exchange accept deposit and withdrawal on other chains.

[Zaguru12]

NotATether already answered your question. But if you're asking about sending and receiving Bitcoin via other chains apart from bitcoin main chain, some exchange support that as seen from the image below.



If this is what you're talking about, it depends on the exchange you're using. Not all exchange accept deposit and withdrawal on other chains.

For clarity sake this are not real bitcoin, native bitcoin are the bitcoins that are simply on bitcoin network only, this are wrapped bitcoin like you see in bridges where your native bitcoin is changed for you to wrapped bitcoins like WBTC, LBTC and many like this or they are pegged bitcoin. So when you send bitcoin using this addresses it’s actually the exchanges that do the work behind the scenes and change your bitcoin to an equivalent wrapped one bridges it though this network and in the other end you receive an equivalent bitcoin.

Native bitcoin are not sent through this networks and it’s best you don’t hold on to this wrapped bitcoin because ones that bridges gets compromised you lose the value as the pegged one devalues, plus bridges are the most exploited infrastructures in the crypto space

[BlackHatCoiner]

And yet, it's still difficult to use Bitcoin outside of Bitcoin network.

Do you mean it is impossible to use Bitcoin outside of the Bitcoin network?

All these chains and the concept of "native Bitcoin" as a network is an operation run by centralized exchanges like Binance to promote fractional reserve system, and enrich the exchange owners at the expense of Bitcoin holders. There is no bitcoin outside the Bitcoin network, unless it is anchored to some unpublished Bitcoin transaction that makes use of its scripting language. Every other "wrapped Bitcoin" is an IOU.

[philipma1957]

And yet, it's still difficult to use Bitcoin outside of Bitcoin network.

Do you mean it is impossible to use Bitcoin outside of the Bitcoin network?

All these chains and the concept of "native Bitcoin" as a network is an operation run by centralized exchanges like Binance to promote fractional reserve system, and enrich the exchange owners at the expense of Bitcoin holders. There is no bitcoin outside the Bitcoin network, unless it is anchored to some unpublished Bitcoin transaction that makes use of its scripting language. Every other "wrapped Bitcoin" is an IOU.

It is pretty much a bad design for direct payments.

Its strength is scarcity and security.

Not very usable for buying small ticket items. It will no longer work well to buy items on the directly the main chain.  And off chain layer 2 solutions are not quite the same.

What he should be asking is why not use a coin that does not have scarcity for p2p?

Doge for instance is better for any payment of 1 to 1000 dollars than btc.

[bitmover]

Bitcoin doesn't officially support "bridging" BTC to other chains. There is no code in the codebase for this, and this feature will not be coming any time in the distant future.

Some other coins like LTC, ZEC, and XMR are like that too. There's no smart contracts here, so there would be no place to add such instructions.

There are some protocols which allow a semi decentralized bridge, like thorchain (they call fully decentralized)

Example: Swapping BTC to ETH

    In your wallet, you choose the swap BTC → ETH and send, for example, 1 BTC to a THORChain vault address on the Bitcoin network.

    The THORChain network detects the deposit and internally swaps BTC into RUNE in the BTC:RUNE pool.

    RUNE is then immediately swapped into ETH in the RUNE:ETH pool.

    The network releases the equivalent amount of native ETH directly to your Ethereum address.

    In practice, you send BTC and shortly after see ETH in your wallet.


https://docs.thorchain.org/native-cross-chain-swaps

I know another protocol which is really semi decentralized,  hyperliquid. You can send btc to a third party vault and it allows you to swap to many other tokens in ethereum/arbitrum network