Why Build On Bitcoin? Because It Has All Of These Advantages

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The birth of the Ethereum blockchain in 2015 gave rise to an ecosystem of decentralized applications and the foundations of what is now being called “Web3”, an entirely new kind of internet. 

Ethereum’s dominance of the dApp landscape, including decentralized finance, NFTs and GameFi, comes from its ability to handle smart contracts, which are self-executing programs that run when predetermined conditions are met. Bitcoin, the oldest and most widely-used blockchain, does not support smart contracts, hence it has never evolved beyond its intended purpose as a cryptocurrency and a store of value. 

At least, not yet. While Ethereum is still the most ideal platform for building dApps, thanks to its Turing completeness and higher throughput, it has struggled to cope as the crypto industry heats up. The problem Ethereum faces is that it needs to match the reliability, scalability and security of traditional technology infrastructures, yet it has struggled to do so. That’s because of its inability to solve the “Blockchain Trilemma” of ensuring decentralization, security and scalability at the same time. While scalability can be increased, it can only be done by sacrificing one of the other two attributes, and that’s unacceptable to the majority of its users. 

Many alternative blockchains have emerged to try and solve Ethereum’s scalability issues, including projects such as Fantom, Avalanche, Polkadot and Solana, vying with one another for the status of “Ethereum killer”. Yet to date, none of these new projects has managed to surpass Ethereum, or even come close to it. One of the key challenges these projects face is that of