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Topic: multi-chain blockchain ecosystem is risky - page 2. (Read 396 times)

legendary
Activity: 1862
Merit: 1209
January 07, 2022, 10:07:36 PM
#2
In addition don't forget address start with tb1 also Bitcoin address, but it's Testnet (no value and only for testing purposes) while the address you mentioned above is Mainnet. Both of bc1p and bc1q are different, bc1p is taproot address and bc1q is segwit address. Almost centralized exchanges still not adding taproot (bc1p), if you using taproot as receipt address... your coins may be lose.

https://github.com/citizen010/bitcoin-prefixes-address-list
legendary
Activity: 1106
Merit: 1337
Lightning network is good with small amount of BTC
January 07, 2022, 08:03:50 PM
#1
When I was reading this, it came from ethereum developer, they started defi project that led to the creation of many bitcoin pegged coins like WBTC and many others. I wonder why they are pessimistic about others but they are right to me, this is why pegged coins are risky than having the real coin.

https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/

There are many ways people are using altcoins but they think that they are having bitcoin, some are on the ethereum network, some are on binance chain, binance smart change, I might not mention some and some will still come up. These are risky, let people know that they are not using bitcoin, they are using pegged coins, they are pegged with bitcoin which makes them to think they are bitcoin, they are not bitcoin but altcoins.

Some people will be thinking of low fee, exchanges like binance also make this confusing and include all pegged coin chain along with bitcoin for withdrawal. If you want to use the bitcoin which is not the altcoins ones, know that bitcoin address only start from 1, 3 and bc1. Other addresses are not bitcoin address, they are pegged coin address which are altcoins.
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