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Wrapped Bitcoin Using Hive: How That Would Change Things by taskmaster4450

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hive-167922 · @taskmaster4450 ·
$50.35
Wrapped Bitcoin Using Hive: How That Would Change Things
By now, we all know the issues with [Bitcoin](https://leofinance.io/posts/@leoglossary/leoglossary-bitcoin)  The network is slow and, at times, expensive.  This was addressed by the development of the [Lightning Network](https://leofinance.io/posts/@leoglossary/leoglossary-lightning-network)  Here we have a transfer of value layer that is designed to take the pressure off the main network.

The problem with Lightning, according to many, is the lack of [infrastructure](https://leofinance.io/posts/@leoglossary/leoglossary-infrastructure-computer) incentive.  Bitcoin was developed with the [miners](https://leofinance.io/posts/@leoglossary/leoglossary-miners) being the ones who receive rewards.  That is the only payout from the [blockchain](https://leofinance.io/posts/@leoglossary/blockchain).

Hence, all new bitcoin goes through the miners first.  

Lightning does not have any incentive other than [transaction fees](https://leofinance.io/posts/@leoglossary/leoglossary-transaction-fee).  This means the node operators are dependent upon themselves to turn a [profit](https://leofinance.io/posts/@leoglossary/leoglossary-profit).  It is a model that could work when activity is flowing and fees are high.  However, does a small [node](https://leofinance.io/posts/@leoglossary/leoglossary-node) operator have a chance?  This is something that many question.

This network depends upon economies of scale.  Obviously, the node with major [liquidity](https://leofinance.io/posts/@leoglossary/leoglossary-liquidity) and massive traffic are going to get ahead.   This means others will seek to tap into this.  However, who are the ones that are operating these nodes?

Many envision a day where there are a few major node operators.  This makes sense because of the economic breakdown.  Unfortunately, since this is another layer, it has nothing to do with the [base layer](https://leofinance.io/posts/@leoglossary/leoglossary-base-layer-blockchain) decentralization.  

In short, are we looking at a time when some of these node operators end up falling under [KYC](https://leofinance.io/posts/@leoglossary/leoglossary-know-your-customer-kyc) requirements.?  Could we see major players entering and operating nodes understanding they can [monetize](https://leofinance.io/posts/@leoglossary/leoglossary-monetization) in other ways?  Again, this point of concern was raised.

 https://images.hive.blog/DQmNvmFw6NFh3CnJ6TUFXac1MzeccNWSzQeydWdJeT1WVen/image.png 

<center>[Source](https://i-invdn-com.investing.com/news/Bitcoin_800x533_L_1637104307.jpg)</center>

## Hive As The Transfer Layer

We know that Hive offers [fast and feeless](https://leofinance.io/posts/@leoglossary/leoglossary-fast-and-fee-less-hive) transactions.  This is the opposite of Bitcoin.  Could the two be joined to set up Hive as a transfer layer for this [coin](https://leofinance.io/posts/@leoglossary/leoglossary-coins)?

It is something the SpkNetwork has discussed on occasion.  Their view is that Hive could operate as such if a [wrapped](https://leofinance.io/posts/@leoglossary/leoglossary-wrapped-token) version of [BTC](https://leofinance.io/posts/@leoglossary/leoglossary-btc) was placed on a [sidechain](https://leofinance.io/posts/@leoglossary/leoglossary-sidechain).  Here we could see a massive change in how things operate.

Wrapped BTC could use Hive to transfer value and [settle](https://leofinance.io/posts/@leoglossary/leoglossary-settlement-financial) the [transactions](https://leofinance.io/posts/@leoglossary/leoglossary-transaction).  Under this circumstance, HIVE (or HBD) could be used to settle the transaction, moving the value from one [wallet](https://leofinance.io/posts/@leoglossary/leoglossary-wallet) to the other.  This would take place behind the scenes as the user would move it like any other [token](https://leofinance.io/posts/@leoglossary/leoglossary-token).

Like Lightning, the idea is to add capability for token utility that expands beyond the main [network](https://leofinance.io/posts/@leoglossary/leoglossary-network).  Under this scenario, bitcoin would effectively be riding on top of Hive.

The advantage is there is an incentive system in place for Hive.  The node operators already are rewarded for conducting the transactions.  A sidechain that models a similar concept, which is being constructed, would provide what Lightning doesn't.  Transaction fees would be part of the equation but not the entire story.

This is the power of [smart contracts](https://leofinance.io/posts/@leoglossary/leoglossary-smart-contract).  It is something that opens up all kinds of opportunities for Hive, including being the transaction layer for Bitcoin.

## Hive To Bitcoin Access

Another major advantage to this is that Hive would get direct access to Bitcoin.  Right now, it takes some effort to get from the Hive coins to BTC.  With the crackdown on [CEX](https://leofinance.io/posts/@leoglossary/leoglossary-centralized-exchange-cex), this is not likely to get any easier.

To start, the [Hive Backed Dollar (HBD)](https://leofinance.io/posts/@leoglossary/leoglossary-hive-backed-dollar-hbd) is likely going to be banned from most [exchanges](https://leofinance.io/posts/@leoglossary/leoglossary-exchange), at least in the developed world.  As [regulation](https://leofinance.io/posts/@leoglossary/leoglossary-regulation) comes down, it is probably that algorithmic [stablecoins](https://leofinance.io/posts/@leoglossary/leoglossary-stablecoin) will be banned.  That puts HBD operating in the world of [DeFi.](https://leofinance.io/posts/@leoglossary/leoglossary-decentralized-finance-defi)

Another factor is the centralized exchanges are coming under attack.  We all know the situation with Binance.  It is likely to continue.  Exchanges will ultimately be controlled by the same financial entities that control them in the traditional markets.  Regulations favors the powerful incumbents.

In the end, this will only pertain to [cryptocurrency](https://leofinance.io/posts/@leoglossary/cryptocurrency) transactions relating to [fiat](https://leofinance.io/posts/@leoglossary/leoglossary-fiat-currency).  We will likely see the crypto-to-crypto transactions handled through [liquidity pools](https://leofinance.io/posts/@leoglossary/leoglossary-liquidity-pool-lp) and [DEX.](https://leofinance.io/posts/@leoglossary/leoglossary-decentralized-exchange-dex)  

Hence, getting direct access to Bitcoin is an advantage.  Even Gary Gensler and the [SEC](https://leofinance.io/posts/@leoglossary/leoglossary-securities-and-exchange-commission-sec) is not bothering with that network.  That means BTC could be the coin that is used to get into and out of fiat.

Naturally, this could change as regulation comes down and [governments](https://leofinance.io/posts/@leoglossary/leoglossary-government) adopt their stance on cryptocurrency.  That said, the safest bet at this point appears to be Bitcoin in this regard.

That isn't to say other tokens couldn't also be wrapped on this system.  However, when dealing with the big one, we are opening up access that does not come with something like [Litecoin](https://leofinance.io/posts/@leoglossary/leoglossary-litecoin).

## In Conclusion

Is this something that will put Hive at the top of the cryptocurrency [market](https://leofinance.io/posts/@leoglossary/leoglossary-market)?  Absolutely not.

What we are dealing with is another potentiality that adds value to the Hive [ecosystem](https://leofinance.io/posts/@leoglossary/leoglossary-ecosystem-digital).  The future of Hive lies in the cumulative impact of all the development that takes place.  

We have to always bear in mind that Hive is an [access token](https://leofinance.io/posts/@leoglossary/leoglossary-access-token).  Anything that generates more transactions on Hive is helping push value to the network and, hopefully, the coin.

It is the circular [economy](https://leofinance.io/posts/@leoglossary/leoglossary-economy) that so many talk about.  This is another addition that could enhance the offers of Hive. 


___
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@akumagai ·
$0.07
Isn't btc already wrapped within hive engine?
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@taskmaster4450le · 
There might be a version on there.

What is being discussed is much more expansion and likely will allow for more development tied to the wrapped token created.

Posted Using [LeoFinance Alpha](https://leofinance.io/@taskmaster4450le/re-akumagai-2yafpdiyr)
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@akumagai · 
I think you are referring to SWAP.BTC which I am not sure whether it is kept in a wallet similar to how a centralised exchange keeps BTC for its customers or it is built into the second layer and is created for each user as their own quasi wallet. I have not really asked how it works or gone to ask the developers of the second layer. 

Is it decentralised? I am not good with code so cannot for the life of me be 100% or even 10% sure how it all works. But I am thinking what you as saying is already within hive engine.
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@behiver ·
$0.55
Integrating Hive as a transfer layer for Bitcoin through a wrapped version on a sidechain could address the issues of slow transactions and high fees. While the Lightning Network lacks infrastructure incentives, Hive's existing reward system for node operators could provide a solution. This is a direction where Hive could capitalize on its strong features, hopefully we'll see more projects deriving from such integrations.
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@brianoflondon ·
$0.07
I need to write about this. The Lightning people think they will wrap "shitcoins" and "stablecoins" (many of them consider these to be the same) on Lighting.

The reality is Lightning is the worst place to wrap anything.

I'm pretty sure we'll be wrapping BTC before you're usefully wrapping anything.
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@taskmaster4450le ·
$0.94
Says Hive's resident Lightning expert. 

I hope I captured the essence of Lightning and was correct in my assessment.

As for the point of your comment, I do recall you getting into a tiff and telling they that they have a "shit network".  So yeah we will likely develop the wrap before they do.

Posted Using [LeoFinance Alpha](https://leofinance.io/@taskmaster4450le/re-brianoflondon-k2tcwvfe)
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@cryptosnowball ·
$0.62
You can already withdraw Bitcoin directly from Hive in one process. Using a service like SimpleSwap or using the wrapped version of Bitcoin in Hive-Engine.
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@gewwe2 · 
Hey guys! CoinDepo is my go-to platform for [best platform to earn interest on crypto](https://coindepo.com/). They offer competitive interest rates and a variety of loan options. It's a trusted service that allows me to access funds while holding onto my valuable cryptocurrencies.
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@joetunex ·
$0.54
It is great that SPKNetwork is working in the direction of accessing Bitcoin through Hive on a sidechain, these expansions all strengthen the Hive network as well as give us the decentralized options to transform cryptocurrency with the exclusion of the CEXs.
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@taskmaster4450le ·
$0.31
It is great they are working on it.  We will see when it comes into being.  I know there is a lot being worked upon but, for the moment, it is on the agenda.  It might be into the fall and nearing the end of the year before it can get some serious attention.

This is all a process.

Posted Using [LeoFinance Alpha](https://leofinance.io/@taskmaster4450le/re-joetunex-2eyyhmtnc)
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vote details (1)
@mccoy02 · 
There always tons of ideas yet to be roll on hive blockchain time will tell how massive hive ecosystem will be in the marketplace years from now.
properties (22)
authormccoy02
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@mercadomaestro · 
This is an interesting perspective. Hive as a value transfer layer for Bitcoin would theoretically alleviate the bottlenecks in the Bitcoin base layer that make it pretty much unusable for micropayments, let alone daily transactions, especially since fees are higher than PayPal.
πŸ‘  
properties (23)
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vote details (1)
@mrscryptopanda85 · 
Interesting to read thank you for sharing!
properties (22)
authormrscryptopanda85
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@pizzabot · 
<center>PIZZA!


$PIZZA slices delivered:
@torran<sub>(2/10)</sub> tipped @taskmaster4450 


</center>
properties (22)
authorpizzabot
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json_metadata"{"app": "leothreads/pizzabot"}"
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@poshthreads ·
$0.03
https://leofinance.io/threads/view/alokkumar121/re-leothreads-2pe4dqg7g
<sub> The rewards earned on this comment will go directly to the people ( alokkumar121 ) sharing the post on LeoThreads,LikeTu,dBuzz.</sub>
πŸ‘  ,
properties (23)
authorposhthreads
permlinkre-taskmaster4450-wrapped-bitcoin-using-hive-how-that-would-change-t12259
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json_metadata"{"app":"Poshtoken 0.0.2","payoutToUser":["alokkumar121"]}"
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root_title"Wrapped Bitcoin Using Hive: How That Would Change Things"
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vote details (2)
@rzc24-nftbbg ·
$0.07
Joining BTC and HIVE and benefitting from each other's strengths. Blessing to the SpkNetwork team. Hopefully, such an idea would materialize in months to come. I think you mentioned three problems that will be addressed once this idea has been implemented:

- Solution for Hivers like me who struggle to have access to BTC
- Solution in case access to fiat currency will be shut down  
- Solution to BTC's slow transaction with the speed and the incentive mechanism that Hive can provide.
πŸ‘  ,
properties (23)
authorrzc24-nftbbg
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root_title"Wrapped Bitcoin Using Hive: How That Would Change Things"
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vote details (2)
@taskmaster4450le ·
$0.02
It is a major benefit to all of us.

We will have to see what happens.

Posted Using [LeoFinance Alpha](https://leofinance.io/@taskmaster4450le/re-rzc24-nftbbg-ljgbogen)
πŸ‘  
properties (23)
authortaskmaster4450le
permlinkre-rzc24-nftbbg-ljgbogen
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vote details (1)
@rzc24-nftbbg · 
Yes, I am excited too to see the impact of such a change.
properties (22)
authorrzc24-nftbbg
permlinkre-taskmaster4450le-2023522t83134698z
categoryhive-167922
json_metadata{"tags":["leofinance"],"app":"ecency/3.0.31-vision","format":"markdown+html"}
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@soneyatoma · 
That is an excellent idea! Is anyone developing something like that yet that you are aware?It is great that SPKNetwork is working in the direction of accessing Bitcoin through Hive on a sidechain, these expansions all strengthen
properties (22)
authorsoneyatoma
permlinkre-taskmaster4450-2023521t202820766z
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json_metadata{"tags":["hive-167922","leofinance","bitcoin","spknetwork","ctp","archon","mancave","neoxian","proofofbrain"],"app":"ecency/3.0.31-vision","format":"markdown+html"}
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@takhar · 
This will be a great feature for Hive to have. It would solve the issue of high fees for transacting BTC and the shortcomings of the lighting network. Many things can be built on top of it.
properties (22)
authortakhar
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json_metadata{"tags":["hive-167922","leofinance","bitcoin","spknetwork","ctp","archon","mancave","neoxian","proofofbrain"],"app":"ecency/3.0.31-vision","format":"markdown+html"}
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@thebighigg ·
$0.07
That is an excellent idea! Is anyone developing something like that yet that you are aware?
πŸ‘  ,
properties (23)
authorthebighigg
permlinkre-taskmaster4450-rv0hwm
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vote details (2)
@taskmaster4450le · 
SpkNetwork is working on it.

Posted Using [LeoFinance Alpha](https://leofinance.io/@taskmaster4450le/re-thebighigg-21om61awx)
properties (22)
authortaskmaster4450le
permlinkre-thebighigg-21om61awx
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created2023-05-21 22:03:09
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@thelogicaldude ·
$0.63
Hive Engine has the swap.BTC token already… I can deposit and withdraw BTC from there, withdrawals just require like .01 to withdraw so that’s why I use the swap.LTC
πŸ‘  
properties (23)
authorthelogicaldude
permlinkre-taskmaster4450-rv1ekv
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vote details (1)
@topworlds · 
liquidity is the key the more liquid a market is the more investors it attracts
properties (22)
authortopworlds
permlinkre-taskmaster4450-2023522t11727473z
categoryhive-167922
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@torran · 
!PGM
!PIZZA
properties (22)
authortorran
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@soneyatoma · 
Yeyamiii
properties (22)
authorsoneyatoma
permlinkre-torran-2023521t202852363z
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