Many years ago, the Bitcoin network suffered congestion and higher fees due to which many investors indulged in sidelines and businesses. However, a significant number of these people did not realize that the Ethereum network would go on to solidify itself as Bitcoins’ sidechain over the years.
Many Bitcoiners argued five years back that it would be best to scale the Bitcoin blockchain. At the same time, a significant number of proponents agreed that side chains would be the best solution to this. Though, the surprise factor of this situation is none of them saw Ethereum stealing the show.
Ethereum Network: Progress
The Ethereum network happened to emerge as Bitcoin’s main side chain. Ethereum had evolved itself as the first working BTC side-chain over the last three hundred and sixty-five days. Ethereum also grew from 0 to 91.8K. It offers users an array of trust spectrums, such as the trust minimized (tBTC), to be centrally issued (WBTC) to purely synthetic (sBTC).
Eric Wall, Cryptocurrency Lead and Financial Commentator at Cinnober, once replied to the tweet of Arjun Balaji, (Paradigm’s renowned investment partner), regarding Ethereum and pointed out that it took Ethereum twenty months to do so compared to a whole one year. Wall also went on to tweet that Ethereum has been officially pronounced as the newest Bitcoin sidechain.
Though Wall pointed this out, many people disagreed with his statements and opposed which Wall further pointed out his observations. Wall went on to describe Ethereum as an example where although it happens to be a different chain, it uses the same prerogative as the main chain and can also be locked or unlocked depending on a 2-way peg.
He pointed out that centrally issued Ethereum is merely a tokenized version of BTC – that it does not depend on the Bitcoin mannet’s security either. The best way to indulge in Ethereum is through automated trading.
There happens to be an array of decentralized exchanges where you can trade tokenized bitcoins. These decentralized exchanges offer cryptocurrency peer to peer trading. You may also opt for BitQT App, where you will be able to find out about various investment frauds when it comes to cryptocurrencies before you decide to shell your hard-earned money on BTC.
The introduction of the BTC is likely going to ensure that the value of Ethereum grows with time. Remember that the other contenders who have been parallelly developing side chain solutions still have a long way to go. Platforms like RSK and Blockstream have a lot to catch up on as compared to Ethereum. The tokenized BTC supply on RSK, Liquid, and Ethereum put together happens to be 110,000 BTC. The Ethereum tokenized bitcoin network alone beats all these projects by at least 97.4%.
Hence, if you are new to the idea of investing in Bitcoins and are looking at Ethereum as an option, you should ideally go for it rather than waiting it out. The happenings, as mentioned earlier, are likely going to clear your doubts regarding the same.