Bitcoin This altcoin will explode and bring smart contracts to BTC

• Chris Burniske has tipped Stacks along with the Lightning Network as the next big push for Bitcoin’s growth.
• The smart contract capabilities of Stacks increase the attractiveness of Bitcoin as a blockchain.

The beacon of hope may be shining on Stacks (STX), a layer-1 blockchain solution designed to bring smart contracts and decentralized applications (DApps) to the Bitcoin blockchain as it was recently. acknowledged by top crypto market veteran Chris Burniske.

The veteran analyst with deep ties to Place Holder VC and Ark Invest identified Stacks and the Lightning Network as the only two protocols that help power the functionality of the Bitcoin blockchain. He compared this to the abundance of opportunities on Ethereum.

“Lots of highly valued L2 competition on Ethereum, while Bitcoin really only has stacks and lightning in the overall L2 race (so far).”

A lot of highly valued L2 competition on Ethereum, while Bitcoin really only has stacks and lightning in the general L2 race (so far) 🤔

— Chris Burniske (@cburniske) 19 February 2023

Stacks’ recommendation has helped push the altcoin to a new lease of life with its price rising 9.09% to $0.6474. The growth in the price of STX reinforced a related uptrend that the altcoin has posted over the past 7 days. The token has jumped by more than 127% within this time frame.

Investors recognize and embrace a symbol for its innovative technology in the short term. However, in the long term, the majority of supporters do so when they are convinced that there is a potential use for the protocol. Stacks has a defined goal, and this is to build on the attractiveness of the Bitcoin blockchain. This they hoped to do by increasing the growth of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) on the protocol.

Bitcoin is still considered the most blockchain network in existence today, especially in terms of its technology and token distribution. According to onchain data, the top 100 Bitcoin holders control approximately 14% of the total digital currencies in circulation. This figure compares to that of Dogecoin (DOGE) whose top 100 holders control approximately 67% of the circulating supply.

The Future of Bitcoin

A big trend among analysts is that Bitcoin is headed for a unique future. As a stand-alone blockchain protocol, Bitcoin has been favored as the next major conduit for the global financial revolution. Top institutional investors included Black stone and MicroStrategy Incorporated is realizing this and getting the smart money to move to bet on the coin.

Should Stacks advance and succeed in its attempt to bring Bitcoin additional usability through DeFi applications and NFTs, BTC could effectively remove any form of competition from key protocols such as Ethereum, Cardano, Avalanche, and Solana among others.

For the two protocols that drive the same agenda on Bitcoin, the Lightning Network has gained more popularity over the years. Although Stacks has lagged behind in its overall relevance, it is not in competition with the Lightning Network. The latter is designed for payment improvement so that Bitcoin can be used by more people in the fastest and cheapest way.

Overall, both protocols’ synergistic efforts to grow the Bitcoin network are poised to work in their favor in the medium to long term.

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