Bitcoin is basic, right?
Many people think that Bitcoin is basic compared to Ethereum and other cryptocurrencies that have complex applications built into them, such as smart contracts. A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. An example of this would be a smart contract written to execute payment once the price of a particular stock on the NYSE hits a predetermined price which is written into the code of the smart contract. Once the stock hits this price, the transaction is executed.
Bitcoin evelopers have been working on this type of technology for years and are going to start implementing smart contracts and other applications onto the Bitcoin Protocol and Lightning Network (second layer), enabling the Bitcoin Network to scale as users across the world adopt it to save and spend their wealth. Actually, the Lightning Network was developed specifically because the Bitcoin Protocol can only handle a few thousand transactions a day. Satoshi knew this, and anticipated second layer applications to be built onto the Bitcoin Protocol to facilitate more payments with faster finality. Now these second layers are going to be upgraded to include smart contracts and other smart applications.
So, if you are wondering about Bitcoin being a dated technology, think again! We are still very, very early. Start buying some satoshis today!