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BTC has more than doubled over the last Year now these are impressive gains but They pale in comparison to the Thousand X gains that have been seen by some BRC 20s and ordinals nfts holy wacka moly With the spot Bitcoin ETF fomo at Full Throttle it's likely that many more Cryptos in bitcoin's ecosystem will see Astronomical gains in the near future That's why today we're going to Summarize a report on bitcoin's emerging Ecos system and identify some of the Niches that could explode in the coming Months so if you want to know where These assets are you're going to want to Watch the whole way Through the report we'll be summarizing Today is titled quote state of Bitcoin 2023 developments Data Insights and the Future of BTC it was published by a Bitcoin focused web 3 firm called thesis Last month and we'll leave a link to the Full report in the description if you're Interested now the report begins with a Brief overview where the authors recount How significant 2023 was for Bitcoin They note that there's been serious Innovation on bitcoin and not just BRC 20s and ordinal nfts the lightning Network and decentralized social media Like Noster saw significant Innovation As well not only that but there's even Been Innovation around Bitcoin gaming by Projects like zebede and BTC cash back

Incentives by companies like fold the Key takeaway the authors say is that There are more Builders and more use Cases emerging on bitcoin and that is Bullish for BTC however the authors also Cautioned that quote Bitcoin cannot Compromise on its commitment to Decentralization the ultimate hedge in a Digital future where control censorship And manipulation are constant threats Now we take this as a reference to Central Bank digital currencies or cbdcs And you can learn more about the Difference between crypto and cbdcs Using the link in the description I Digress now in the first part of the Report the authors look at some eye Openening on chain statistics for Starters the number of Bitcoin wallets Holding between 0.01 BTC and 0.1 BTC has Skyrocketed over the last year the Authors take this as evidence that the Average retail investor is starting to Understand Bea C's value at the same Time wallets holding more than 100 BTC Have continued to stack SATs as well What's interesting is that the authors Seem to imply that these wallets which They classify as whales have an outsized Impact on BTC prices with their trading Activity directly affecting buying and Selling in smaller wallets overall Though the trend is clear investors of All kinds are accumulating BTC and of

Course the main place that people are Buying BTC Is on exchanges the result is that the Balance of BTC on exchanges continues to Decline as pointed out by the authors This increases the volatility of btc's Price what's fascinating is that the Authors seem to imply that the low Balance of BTC on exchanges creates an Incentive for BTC whales not to sell That's because if they try and sell when There's not much BTC on exchanges They'll cause the BTC price to crash a Lot resulting in much smaller realized Gains the authors explain that the Restriction in BTC Supply sets the stage For the next bull market but they note That other ingredients are required as Well these include quote expanding Mainstream and institutional Participation we've seen no shortage of This since the spot Bitcoin ETF Applications note that you can find out How high BTC could go when a spot Bitcoin ETF is approved using the link In the description and while you're at It why not smash that like button if You're enjoying the video so far now in The second part of the report the Author's pivot to analyzing bitcoin's Scalability they start by saying that There are multiple different ways of Scaling Bitcoin these include payment Channels like the aforementioned

Lightning Network as well as side chains Such as rsk and stacks the authors also Go into detail on Sovereign and Starkware both of which use ZK rollups To scale Bitcoin now without getting too Technical ZK rollups effectively involve Processing BTC transactions on a side Chain and then submitting these Transactions as a bundle to the Bitcoin Main chain as a single transaction hence Rollup as you might have guessed scaling Solutions which use ZK rollups and Similar Technologies are often quite Centralized if you watched our video About coinbase's layer 2 on ethereum Called Bas you'll know this is because Most layer 2s use a single centralized Sequencer to order transactions the Authors underscore the fact that this is Incompatible with bitcoin's Decentralized ethos which is why there's A push to decentralize the sequencer Layer on its layer twos the authors note The different ways this can be done and I'll quickly note that the same is Starting to be done for ethereum's layer 2s anyway the authors then go on to Explain how RS and stacks work rsk uses Merge mining to create a blockchain that Runs parallel to bitcoin for those Unfamiliar merge mining is a technology That makes it possible to secure and Mine two cryptos at the same time Without additional energy as a fun fact

Doge is merg minded with LTC Dogecoin And Litecoin are literally merged at the Hip now in rsk's case the authors reveal That there's been hesitation by Bitcoin Miners to support support the rsk Network this is simply because it's not Worth the hassle because rsk's adoption Has been low this is due to a lack of Userfriendly interfaces which are now Being introduced as for Stacks the Authors don't explain how it works Instead they focus on applauding the Project for having pumped so much over The last year this is a bit odd but it Makes sense when you realize that Stacks Was backed by a lot of crypto VCS some Of which may be affiliated with the Authors this would explain why the Authors also highlight all of the Technical improvements that have been Made to stacks and the simultaneous Surge in developer experience it seem to Their credit the authors admit that most Of stx's price action was due to Pure Speculation not actual Adoption are you ready for Deals are you ready for trading fee Discounts are you ready to save some Money if the answer is yes then you're Ready for the coin Bureau deals Page yes coin Bureau brings you the very Best deals and promotions in all of Crypto you won't find offers like these Anywhere

Else discounts on the best hardware Wallets Exchange sign up bonuses of up To $40,000 trading fee discounts of up to 60% Coin bureau's brand new altcoin Focus Subscription Service the coin Bureau Deals page is even better for you than This piece of succulent protein Rich Nutritious grilled Chicken head on over to coin.com Deals or click the link in the Description below don't delay check out The coin Bureau deals page today these Deals are so hot I need need to cool [Music] Down Yeah last but not least the authors take A closer look at the lightning Network They note that as of the end of 2023 it Contained over 5400 BTC worth $30 Million for context this is essentially The amount of BTC that can be transacted On the network it must be locked up in Multisig to be used on the layer 2 and It's not just the amount of BTC locked That's been growing either the authors Note that there are now over 70 Lightning Network enabled wallets though It's not entirely clear how many of These wallets emerged over the last 12 Months regardless it is clear that the Layer 2 has been growing Exponentially as always this exponential

Growth has come with its fair share of Issues one of these has been an apparent Increase in Centralization that's because the number Of lightning network channels has been Decreasing while the number of BTC Locked on the layer 2 has been Increasing if you watched our video About the lightning Network you'll know That these channels could someday become Points of centralization with each Channel acting as a de facto Financial Intermediary what's bizarre is that the Authors do not raise this risk despite Their focus on decentralization in any Case after reviewing a few technical Improvements that have been made to the Lightning Network and similar protocols The authors switched to talking about Nosta that decentralized social media App which leverages Bitcoin they note That its BTC tipping feature now has Over 50,000 users they also note that Another Bitcoin feature had to be paused Due to overwhelming demand they admit That this is simultaneously bullish and Bearish bullish because there's immense Demand for Bitcoin related features but Bearish because bitcoin's layer 2 Infrastructure can't support it yet now After praising stripe for supporting BTC Payments on the lightning Network the Authors rotate to reviewing recent Developments in BTC custody as you can

Imagine many of these developments are Extremely Technical and therefore Outside the scope of this video that Said one of these developments has Opened the door to metamask like Functionality on bitcoin for reference Metamask is the most popular wallet used To interact with daps on ethereum and Other evm blockchains a new wallet layer On bitcoin called RGB will make the same Possible on bitcoin the authors also Admit that the fact that 90% of Lightning Network transactions are Taking place on custodial wallets is a Problem they say it reveals the need for Better non-custodial Solutions it goes Without saying that if you don't own the Keys to your wallet you don't truly own Your crypto and I'll quickly note that The coin Bureau deals page has the Biggest discounts on the best hardware Wallets and you can find the link to That in the description anywh who in the Third part of the report the authors Talk about bitcoin's ordinals now we Won't go through the background and the Tech here for the sake of time we also Have a video dedicated to Bitcoins Ordinals and BRC 20s which you can find In the description and definitely watch It when you do have the time now besides Explaining the background and technology Behind ordinals the authors showcase how Explosive the growth of ordinals and

Inscriptions has been by comparing them To nft mints on other blockchains as you Can see Bitcoin blows all the other Layer ones out of the water by a huge Factor the authors estimate that Ordinals nfts saw almost $1 billion Dollar of trading volume in 2023 which Is insan same when you consider how much People have been paying for the Associated transaction fees what's Unfortunate is that the authors don't Explain why ordinals nfts are so popular Well in short they're popular because Bitcoin is the most decentralized Blockchain and has the longest track Record this theoretically makes it the Ideal blockchain to host assets like Nfts that's because it offers the Highest guarantee that the nft will Still be there in 10 or 20 years when Compared with other cryptos Unfortunately the authors practically Provide a tutorial on how to Mint your Own ordinals nfts and even explain What's happening on chain throughout the Minting process they also provide a list Of wallets that support ordinals nfts But seem to have missed the biggest one The unistat Extension obviously the authors spend Quite a bit of time talking about the Controversy around ordinals nfts as well The te ldr is that some argue that they Amount to an exploit of the blockchain

Which is apparently correct from a Purely technical perspective however They have also reignited the excitement Around Bitcoin notably the popularity of Ordinal nfts has created a huge Incentive to develop better layer twos On bitcoin which can be used for more Practical things such as payments the Tradeoff is that it could do serious Damage to the fungibility of BTC and Create other privacy issues that have Yet to emerge now the authors also spend Quite a bit of time talking about BR C20s and I'll repeat that we have a Video dedicated to those so we won't go Into too much detail here all we'll say Is that the price action of BRC 20s is Apparently being heavily driven by Audi The first and largest brc2 token by Market camp this is worth noting because It means that if you want to trade BRC 20s you need to watch what Audi is doing To put things into perspective almost 500,000 brc2 tokens launched on bitcoin Just in November 2023 it's safe to Assume that Audi won't be the only one That hits a$1 billion market cap the Authors applaud the unprecedented growth Of BRC 20s as setting the stage for a Whole host of use cases namely those Related to defi it's safe to assume that Any brc2 projects that are creating Things like dexes and lending and Bor Ing protocols will do well not Financial

Advice do your research now in the Fourth part of the report the authors Talk about a relatively new development On bitcoin and that's tap rot assets as The name suggests tap rot assets make it Possible to create new assets on bitcoin Similar to ordinals and BRC 20s the Difference is that these assets are Compatible with layer twos the authors Stress that this has the potential to Turn Bitcoin into a multi asset Network That can scale and go on to explain the Science behind how Taproot assets make This possible what's funny is that even The authors note that this process is Technical to the point that they don't Give much detail instead they basically Say what I did just now tapro assets are Like ordinals or BRC 20s but much better In addition to being compatible with Layer 2os Tap Root assets shouldn't Cause transaction fees to spike as much On bitcoin due to the way way they're Designed there are also only 65,000 Assets so far the authors foreshadow the Creation of Bitcoin native stable coins Which could serve as the backbone of its Upand cominging defi ecosystem what's Alarming is that they seem to suggest That these stable coins could be backed By usdc a centralized stable coin that Exists on other blockchains probably Nothing you can learn more about Circle's influence on the crypto

Industry using the link in the Description by the way moving On now in the fifth part of the report The authors cover so-called consumer Facing Bitcoin applications all the Stuff that people use to interact with The Bitcoin blockchain and BTC the coin Naturally the authors Begin by talking About crypto exchanges before going on To talk about cards that offer BTC Cashback this part of the report is Practically a catalog of all the Different products and services that Leverage BTC it's a long list that we Won't get into for the sake of time but It is one that's worth checking out if You're interested in adding more BTC to Your life including paying your bills in BTC instead of fear not sure why anyone Would spend an appreciating asset but Hey each to their own and what's awesome Is that the authors even mention a few Bitcoin wallets that offer privacy but You should know that not all of these Wallets are created equal you can check Out our recent video about Bitcoin Censorship if if you want to know what I'm referring to anyhow in the sixth Part of the report the authors explore Quote bringing Bitcoin the asset Beyond Bitcoin the network if you're wondering What this means the authors start with a Groundbreaking example BTC staking this Involves locking BTC on bitcoin to

Secure an external proof of stake chain Now this is more significant than you Think because this method means that Bridging BTC Is not necessary it simultaneously Allows BTC holders to earn a yield on Their Holdings something that Institutional investors absolutely love News flash yields are why institutional Investors love ethereum's proof of stake So much this truly revolutionary Technology is brought to you by a crypto Project called Babylon and it Foreshadows a future wherein proof of State blockchains like ethereum are Secured by BTC some would say that this Is inevitable if BTC becomes one of the World's Reserve currencies On a par with The USD but back to bridging BTC for the Time being BTC bridging continues to be The primary way that people use BTC Outside of the Bitcoin blockchain the Authors go through a few examples of Bitcoin bridging protocols and their Rising popularity something expected Given btc's Safe Haven status within Crypto the seventh part of the report is About the spot Bitcoin ETF which has Been front and center over the last few Months and will likely continue to be For the faal future the authors seem to Make a tongue-in-cheek comment about the SEC cracking down on alts but giving BTC A pass they then go on to review the

Pros and cons of this historic Milestone Namely the fact that btc's price will go Up but that it could also be captured by Institutions the authors argue that the Approval of a spot Bitcoin ETF won't put BTC the asset at risk and fall over Themselves to explain the price Potential they also argue that Institutional investors now see BTC as a Store of value and not a risk asset they Cite the comments by Black Rock CEO Larry think of btc's pump being a quote Flight to Quality as evidence if you've Been keeping up with the channel however You'll know BTC could still be seen as a Risk asset and to be fair the authors Acknowledge this as well quote Institutional investors have taken a More cautious approach with some Choosing to reduce exposure to bitcoin As an asset class so although it is Gaining traction the institutional Sphere has yet to fully accept the idea Of BTC as a form of digital gold in Practical terms this means that BTC may Become more correlated to other risk Assets such as tech stocks when the spot Bitcoin ETF is approved that's because Most institutions will likely lump BTC Into the same basket as these other risk Assets this could delay btc's transition To becoming a truly digital gold in the Final part of the report the authors Discuss another nent Bitcoin technology

And that's the so-called Bitcoin virtual Machine or bit VM logically the bit VM Will make it possible to increase Bitcoin's smart contract functionality Putting it in more direct competition With other virtual machine cryptos like Ethereum now the bit VM was proposed by A Bitcoin developer named Robin limus And it is effectively a special kind of Rollup technology that includes smart Contract functionality the biggest Benefit of the bit VM is that it doesn't Require a soft Fork to implement it Could be easily implemented as Bitcoin Exists Today although some are hailing the bit VM as quote the most exciting Discovery In the history of Bitcoin script others Are skeptical about the unforeseen Issues it could bring to bitcoin so far Though it appears that the critics have No concrete evidence to justify their Concerns and this brings me to the big Question and that's where you can find The next moonshots in bitcoin's Ecosystem the answer is in all of the Technologies that were mentioned above Side chains apps that leverage the Lightning Network defi protocols that Leverage BRC 20s and so much more Besides sides take a second to consider That bitcoin's ecosystem appears to be At a similar stage to ethereum's when it Was getting started what this means is

That the highest quality crypto projects And protocols have yet to be discovered In most cases these crypto projects and Protocols don't even exist yet the good News is that if you pay attention to What's going on in bitcoin's ecosystem Then you should be able to identify the Next Audi the next nft or brc2 that Could 1000x the bad news is that this research Isn't very easy to do and interacting With these Technologies is still Objectively difficult the Silver Lining Though is that if you can stomach the User experience on these early Bitcoin Deps and protocols then you'll be Perfectly positioned to profit in a Weird way you'll be an early adopter of Bitcoin even though BTC has been around For 15 years however it seems that the Growth of bitcoin's ecosystem has only Just begun that means that you have a Second chance to be like those early BTC Holders to get your hands dirty to get Involved in the Bitcoin ecosystem and to Make untold amounts of money in the Coming years all you must do is put in The Work and that folks is all for today's Video so if you learn something new Smash that like button to let us know if You want to keep learning be sure to Subscribe to the channel and ping that Notification Bell if you want to help

Others learn take a second to share this Video with them and whether you're Stacking SATs or trading coins the coin Bureau deals page has something for you It's got trading fee discounts of up to 60% along with signup bonuses of up to $40,000 on the best crypto exchanges Only for the viewers of this channel Again the link is down in the Description thank you all so much for Watching and I'll see you in the next One this is Guy signing off [Music]


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