Btc is becoming easier to shard and swap with other ledgers. The rise in interest is due to Btc now better able to compete with Eth for automatic hedges. Thus it has a second life as a carry currency for closed trades, trades that return the money when done. Many of the Eth trdes are about btc.
The most popular way to use bitcoin off-chain is on Ethereum, recent data indicates.
Since 2016, software engineers have worked to extend the oldest and largest cryptocurrency’s use cases through a variety of companion protocols, like the Lightning Network for payments or the Liquid Network for trading. But to date, the most popular off-chain protocols that use bitcoin (the currency, with a small “b”) run on the largest rival to Bitcoin (the network, uppercase).
In fact, Ethereum projects including WBTC and imBTC hold 70% more bitcoins than Lightning or Liquid.
The chief decision maker for where BlackRock, the world’s largest asset manager, invests its funds said bitcoin could take the place of gold to a large extent because crypto is “so much more functional than passing a bar of gold around.”
The race is being won by public ledger, provable contracts.
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