📈 Despite being the world's first and most famous cryptocurrency, Bitcoin does not support smart contracts, a function that is a key element of other blockchain platforms such as Ethereum or Solana. We tell you a few reasons why Bitcoin has not included smart contracts in its protocol.

First, Bitcoin is designed with a focus on simplicity and security. Its main goal is to provide a decentralized form of digital finance. Instead of complex smart contract capabilities, bitcoin focuses on providing secure and efficient financial transactions. The addition of smart contracts may entail increased network complexity and security risks.

Second, Bitcoin uses a scripting language that determines how transactions occur. However, these capabilities are limited to prevent potential security threats. The scripts in bitcoin were designed to provide basic functionality, not to execute complex program code as smart contracts do.

Third, changing the underlying Bitcoin protocol requires the consent of the entire bitcoin community. Bitcoin stands on the principles of decentralization and consensus security. Making changes could cause disagreement within the community, which could lead to forks or the creation of alternative branches of the bitcoin blockchain.

It is important to note that Bitcoin and other smart contract platforms have different goals. For example, Bitcoin sees its purpose as a long-term investment. Ethereum, on the other hand, focuses on creating decentralized applications and smart contracts, which provides greater flexibility for developers.

Despite the lack of smart contracts in the underlying protocol, there are several attempts to implement bitcoin-based smart contracts. An example is Rootstock (RSK), a sidechain that uses tokens instead of its own cryptocurrency. However, these solutions have not significantly changed the underlying bitcoin protocol.

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💸 Bitcoin mining experienced an upsurge at the turn of 2024. An interest in Ordinals, expectation of spot ETFs' approval, and halving are the three main components of increased mining profitability due to the growth of the bitcoin exchange rate and its network commissions.

We tell you what and how the mining industry could change in 2024 in our article.