The Enthusiastic Notion of Bitcoin on Ethereum Rejected by Experts

News / 13.01.2020

An aspect of crypto and Blockchain usually utilizes ideas to obtain value from the principal success of blockchain. A renowned instance of this is Bitcoin Hard Forks.

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:

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.

 

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.

 

Source: Cryptopress

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.