Bitcoin is not a competitor to Cardano. The two projects have completely different missions. While Bitcoin should be digital gold or money, Cardano should be a financial operating system. Bitcoin is just a transaction network whereas on Cardano third-party teams can build financial services through smart contracts. One of the old narratives claimed that if some interesting technology emerges, Bitcoin can implement it too. What if it’s smart contracts? Can you imagine a lending platform being created on top of the first layer of Bitcoin? What if Bitcoin allows minting stablecoins and NFTs? Let’s dive into an imaginary world in which the community would decide to make Bitcoin a smart contract platform. Is that even possible? If so, Bitcoin could take over the part of the market Cardano is targeting.
- Taproot upgrade introduced a new script type that increases the programmability of Bitcoin.
- If Bitcoin became a smart contract platform, fraud, hacks and scams would inevitably be part of the ecosystem.
- Bitcoin is seen as a conservative technology that doesn’t change very often. There is no point in catching up with the technological advancements that have taken place on smart contract platforms.
- It would be necessary to change Bitcoin’s governance model if it were to become a platform.
- What Bitcoin started, Cardano can finish.
Read the article: What if Bitcoin becomes a smart contract platform? | Cardano Explorer