The Enthusiastic Notion of Bitcoin on Ethereum Rejected by Experts
In recent times, on Twitter, an Ethereum product developer known as David Hoffman highlighted bullish sentiments in support of Bitcoin transactions on Ethereum. Hoffman said:
Like Tether, BTC will also eventually migrate off Bitcoin in favor of a more functional settlement layer.
Bullish on BTC on Ethereum.
— DavidHoffman.eth🧢 (@TrustlessState) January 12, 2020
Nevertheless, some renowned individuals did not agree with Hoffman’s viewpoints. One of them is Eric Connor who is likewise an Ethereum developer. Adam Black, the founder of Blockstream, was especially unimpressed with Hoffman’s viewpoint. According to Black, Bitcoin is the best cryptocurrency “functional settlement later” as ETH is in a struggle when it comes to wrt scale, reliability, security.
Despite the ability of Bitcoin to hold somewhat value, its worldwide adoption is still faced by scalability challenges. However, due to Ethereum facing the same issues, it is moving towards PoS. The efforts of the foundation w.r.t. Ethereum 2.0 are ongoing, but output remains about a year away.
Ethereum’s network had another unified hard fork that was able to restore the network from the imminent Ice Age. This has helped return block times and network rewards to where they were prior to the big difficulty event in December.
Connor noted that the actual value of cryptos is from its respective network.
Not really, no.
The value of these assets to me comes from the network they are on. So I’m not sure why anyone would want to have BTC on Ethereum rather than just ETH on Ethereum.
— eric.eth (@econoar) January 12, 2020
The notion of running Bitcoin on a second faster chain has been suggested since. EOS has been trying to make such happen for some time. The impact of the growth of the Bitcoin network drives the market with store of value utility, as platforms such as ETH, EOS and Tron are trying to take advantage of it.
Nevertheless, as regards fast and cheap payments with BTC, Lightning Network (LN) is the most sought after solution.