Smart Contracts

What are Smart Contracts on the Blockchain? Smart contracts are self-executing agreements consisting of the conditions of an arrangement amongst peers. The smart contract performs on the Ethereum blockchain's decentralized system. The contracts help with the exchange of cash, shares, residential property, or any type of asset. Watch our smart contracts video tutorial to find out what smart contracts are on the Ethereum network and how smart contracts work to perform complex sets of rules. Learn more about DeFi Yield Farming here or go to our main website BEES.Social

Can Bitcoin Do Smart Contracts?

A lot of people don't know a lot about Bitcoin and smart contracts. For the most part, because the Bitcoin network is relatively constrained with three to four transactions per second globally, a lot of the smart contract activity are done on the lightning network connected blockchain that's connected to the blockchain network of Bitcoin.

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So most of the smart contracts for Bitcoin are running on the Lightning network. So if you're looking for smart contracts, if you're looking for information that runs across a network that allow you to do things in Bitcoin, you would definitely take a look at the Lightning network.

The Bitcoin blockchain is notoriously conservative. There's a tremendous amount of value being stored on that blockchain, there's not a lot of appetite for massive change. So that's why a lot of the changes in the innovations you see happening are off the Bitcoin blockchain and working back and forth with the Bitcoin blockchain. So that's the answer that we have based upon our research, there may be a vast amount of information that we haven't covered, because things are developing, and people will say that there are things that are happening on these blockchains.

But some of those things are in development and some of those things aren't real. So when we talk about things that are working, we're talking about things, we're talking about networks, we're talking about things that are being used by average consumers on a regular basis, or regular businesses on a regular basis.

So that's the net of blockchain, the blockchain of Bitcoin and smart contracts. Hopefully, that's helpful. I'm sorry, I can't give you a huge, comprehensive definition. Our expertise is more on the Ethereum blockchain, but people do ask about Bitcoin and smart contracts. And that's my answer.

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