Nomic Ethereum Upgrade: Bringing Decentralized Bitcoin to Ethereum

Nomic Ethereum Upgrade: You no longer need a middleman to play with your digital gold (Bitcoin) in this digital playground (Ethereum).

4 min readSep 17, 2024

Bitcoin and Ethereum

Imagine two different digital currencies: Bitcoin, often likened to the digital gold in our digital , and Ethereum, primarily used for smart contracts and creating new financial instruments. Now, what if you could use your Bitcoin directly in Ethereum’s ecosystem without relying on a middleman? This is exactly what the Nomic Ethereum Upgrade achieves, revolutionizing how we interact with these two major cryptocurrencies.

What is Nomic?

Nomic allows Bitcoiners to start thinking of new, fresh ways in which they can employ the cryptocurrency. Think of it as a bridge that connects Bitcoin with other worlds in digital space, like Ethereum. This is a bridge that enables Bitcoin to be moved around in one manner or another, without the use or interference of any type of central authority or middleman.

The Big Upgrade

Recently, Nomic announced a big upgrade that allows Bitcoin to be used directly on Ethereum. That is to say, you will be able to take your Bitcoin and use it with all those fun and useful applications that are built on Ethereum. Before the upgrade, people were supposed to use something called Wrapped Bitcoin, or WBTC, based on the trust of a central company to keep their Bitcoin safe. Thanks to the upgrade performed by Nomic, you won’t have to trust any middleman.

How It Works

Decentralized Custody: With Nomic, no single party — man or organization — holds onto the Bitcoin. It operates on the principle of a network of computers acting in a distributed manner. In the long run, this makes it infinitely safer and highly trustworthy.
nBTC: Your Bitcoin that you send to Ethereum through Nomic gives birth to something called nBTC. These can be used like any other variant of Bitcoin, but now on the Ethereum network.
Smooth Transfers: You’ll be able to move your Bitcoin to Ethereum and back seamlessly, without having to get involved in some fancy, expensive process.

Why This Matters

Greater flexibility: Your Bitcoin is versatile, it can be contributed to lending, borrowing or trading — all in the Ethereum ecosystem.
Cut Down the Cost: Instead of rewarding intermediaries, moving and using Bitcoin is much more economical.
Greater Security: Decentralized custody means that your BTC is less easily targeted by scammers or hackers.

Real-World Example

Imagination: You have Bitcoin, and you want to put it to work earning interest, just like you would by putting dollars into a savings account. With the Nomic upgrade, you can move your Bitcoin onto Ethereum and use it in a lending application to start earning interest, without trusting a bank or a central company.

How Can I Try Using nBTC?

If any of the above excites you enough to get your hands on nBTC, here’s a simplified tutorial to get you started:

Get Bitcoin: First and foremost, you need Bitcoin. If you don’t have any, consider buying from a cryptocurrency exchange.
Nomic Bridge: Go to the Nomic platform and bridge your Bitcoin into Nbtc. Its trouble-free and do not need the requirements of technical skill.
Move to Ethereum: you can move your nBTC onto an Ethereum wallet. You can now use your nBTC on any application that runs on Ethereum.
Explore DeFi: Now that you have nBTC in your Ethereum wallet, you can start exploring all the fascinating stuff that DeFi has in store. You may lend, borrow, trade, or even stake your nBTC for rewards.

Conclusion

Nomic Ethereum Upgrade makes the use of Bitcoin in the Ethereum world easier and safer. It opens new dimensions for the usage of your digital gold in the digital playground while keeping your assets secure and the costs low.

Thank you for reading!

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Note: While we strive to provide the most accurate information, cryptocurrency investments come with inherent risks. Always conduct thorough research before making any investment decisions.