Bitcoin is the most secure, widely accepted crypto base layer. Bitcoin Layers are the biggest unlock to it's long term viability. What's comes next?
It was a pleasure to share the stage with Sean B. and Gina Abrams to discuss the Future of Bitcoin Layers at #Web3Miami.
After more than a decade, Bitcoin still dominates the digital asset market with more than $365Bn in market cap. However, the vast majority of those with Bitcoin are just holding it, but what if more could be done? In activating Bitcoin's layers beyond new applications & digital assets can be built to leverage the stability & security of Bitcoin's network and open new opportunities for the latent capital being put to use.
Here were some of the key takeaways from our discussion:
Why is there an increasing interest in Bitcoin layers and smart contracts?
In light of recent events especially, there is more interest in on chain transparency, self custody, and trusted systems. Bitcoin is also transparent, globally supported, and proven.
Institutions are seeking secure yield, brand awareness, and a long time horizon. Bitcoin provides that. Taking it a step further, it's a solid place for builders to launch new ideas, reach a global audience, and innnovate.
What needs to be true 3-5 years from now to maintain Bitcoin's dominance?
Most think of bitcoin as an asset, but forget it's an economy. Miners want better economics over time to continue to secure the network. When bitcoin rewards disappear in 2040, transaction fees will be the biggest driver of BTC security. By adding more transactions through a technology layer like Stacks, you add more value to every BTC transaction.
What are the hurdles or challenges ahead for the success of Bitcoin layers like Stacks?
Appetite for adoption is key. It's a great time for developers and entrepreneurs to create new businesses and services for the millions of BTC holders worldwide. What's most exciting is Stacks has helped solve the decades long problem of Bitcoin read/write, with a new solution public later this month. This allows BTC to be held on chain but used in new applications. That unlocks a whole new paradigm for what's next. I'm excited to see what's built next!
Want to learn more?
Visit stacks.org to learn more about Stacks, the potential of more applications for the bitcoin you currently hold, and to connect with other builders pioneering the space. #bitcoin #cryptocurrency #web3