Topic: Are you ready to join DeFi on Bitcoin? - page 2. (Read 284 times)

1. The only way to store your BTC is into your own wallet i.e. non custodial wallet, any other ways to store BTC is scam because you're either trade your real Bitcoin to fake Bitcoin or giving your money to other person/entity.

2. Nah, it's not even a DeFi, but just a bunch of buzzwords.

3. No, that's scam.

All the new innovation they are bringing to the bitcoin network looks odd to me; they are just going to end up congesting the network more, and few people are going to get rich over the ignorance of others. 
 
Even if I want to invest in a few DeFi projects, I will not risk my bitcoin to staking, as that's not part of the reason I chose to invest and hold Bitcoin in the first place.
 
Altcoins have a purpose that they are developed for, and DeFi and others are part of the reason, so I just don't buy the idea of Bitcoin and Defi, and I will be the last person to give the project a try.

1. I think Bitcoin is the ultimate storage of value. And the best, really. Especially when you compare it to traditional stores of value and their past performances as well as their criticisms.

2. DeFi was always part of Bitcoin. It was just limited due to the way Bitcoin works. Although many could argue that the limited part was the lack of DeFi innovations for Bitcoin. I would agree on both statements. It was a bit of both. But that is changing.

3. Oh yes, I am very interested. I atomic swapped Bitcoin for Monero the other day. I realized we need more Bitcoin-compatible altcoins.

A year ago, Bitcoin's use cases primarily focused on store of value and occasional payments, mirroring Satoshi's vision. Even during the 2020 DeFi boom, Bitcoin remained largely uninvolved. Mentioning "Bitcoin DeFi" often conjured images of scams capitalizing on both trends. However, with advancements in technology and the emergence of Layer-2 solutions, Bitcoin is unlocking new possibilities, including DeFi applications. Platforms like Stacks and Rootstock are reintroducing smart contracts, enabling the development of DeFi DApps on Bitcoin^[1].


Bitcoin's total value locked (TVL) has grown to 2.34B USD^[2], surpassing established chains like Polygon, Avalanche, and Optimism, and currently ranks sixth overall^[3]. Additionally, Tron is developing a Layer-2 solution to integrate Bitcoin with its DeFi ecosystem^[4].


Furthermore, Binance Labs recently invested in Babylon, a novel protocol facilitating Bitcoin staking on PoS blockchains. This innovation presents intriguing opportunities for both BTC holders and PoS ecosystems, offering passive income without complex solutions^[5].

As a Bitcoin enthusiast actively implementing DCA, I personally favor storing my BTC in my own wallet. The complexities of DeFi protocols, particularly regarding security, raise concerns. While the potential for sizable profits through DeFi participation during a potential "summer" is undeniable, the risk of entrusting my Bitcoin to fledgling protocols in the face of evolving cyber threats outweighs the potential rewards at this stage.

I would like to know your views on Defi on Bitcoin:

• What are your thoughts on storing BTC?
• Do you believe DeFi represents an evolution for Bitcoin?
• Are you interested in participating in DeFi with your BTC?

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Refenrences:
[1] Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT
[2] DefiLlama: Bitcoin Total Value Locked
[3] DefiLlama: Total Value Locked All Chains
[4] Tron founder unveils Bitcoin layer-2 solution as BTC DeFi breaks $1.2 billion in TVL
[5] Binance Backs a Bitcoin Staking Solution: The Next Big Thing in Crypto?