1:21BSo it’s funny you ask because last year we were helping at Bitcoin Miami with handing out the purple CKBTC, like little QR codes for people to sign up for OpenChat. So we were with Kyle Langham, William Lawrence, Michelle Lord, and I think Aaron Bremser and Blockchain Boy, Joshua Jake. Or yeah, Joshua, Jake, we were all out there, you know, handing out CKBTC, like little $10 slips that people could sign up for OpenChat. So people were liking it. It was free Bitcoin, but they were like confused by it at the time because it’s like, this isn’t Bitcoin, you know?
2:03ARight. They’re like, is this paper Bitcoin?
2:05BYeah. They’re like, yeah. So like, they’re like, this isn’t, you know, orange. And like, so They’re like, this isn’t natural Bitcoin. This is something new. And we’re like, yeah, it’s a trustless bridge. So, it’s 1-to-1 in the smart contract. And it gets technical, which I’d rather not explain right now.
2:23AThat’s all right.
2:24BBut it was just eye-opening. Like, this was the first time that we integrated something to ICP. So, the Bitcoin integration allows us to transact Bitcoin at ICP speeds. So it’s like 1.5 to like 3-second finality, something like that. So it allows us to move it faster, right? So think about it. When we were in New York, and sorry to jump over the place, but there was a bar that accepted Bitcoin as a payment, right? So you’re thinking about paying for a beer, right? You’re going to pay a network fee every time you do that.
3:03ARight. Right.
3:03BAnd ICP limits that network fee.
3:06ARight.
3:06BRight. And not only that, you’re not waiting for that transaction to process through the mempool, which could be 30 minutes, could be a day, depending on the mempool congestion.
3:18AOf course.
3:19BSo ICP helps to solve that issue. And think about it this way now. So like if you’re getting a transaction paid in 1.5 seconds, Like, that’s already there. That owner of that business can use it right away. They’re not waiting for it to kind of like go through the mempool, right? They can use it right away.
3:38AExactly.
3:39BIt’s already there and then it’ll go through the mempool.
3:41ASo yeah, it makes you wonder about the Lightning Network. Does the Lightning Network, from your understanding, see cKBTC as a competitor to them or do they feel as though it’s complementary or?
3:53BI mean, I definitely wouldn’t be the best to to speak on that.
3:56AYeah.
3:57BBut I do think ICP is not -- it’s not like trying to compete with Bitcoin. It needs to integrate so that people can use Bitcoin faster. And I know Lightning is solving an issue, but I think if we really want to use it in daily transactions, swiping a credit card, all that, You like the daily transaction that you’d normally do. Like, we need to do something as fast as CKBTC. High-volume transactions can really, in my opinion, only be done with something like CKBTC.
4:35ARight.
4:36BSo I think it’s going to be interesting to see how people like start to appreciate that in Nashville this year.
4:43ARight.
4:43BBecause now we’ve seen other layer 2s form around Bitcoin. So, ICP isn’t just a new Bitcoin layer 2.
4:54AOh, okay.
4:54BIt’s been around for over a year now. So, it’s, I think it’s proved itself with its trustless nature that it is something that is sustainable. And now it just needs more awareness around it so that people can build more useful projects around a Bitcoin L2 or a sidechain, if you want to call it that. Sometimes Bob Bodily will say that. But yeah, it’s going to be interesting to see this year’s comparison. This year compared to last year, I think it’s going to be more receptive.
5:27AYeah, I would think so too. I would hope so. I think once again, sometimes in this, I mean, I’m not just picking on Bitcoin folks here, but sometimes dogma gets in the way of Oh, hey. Realizing that another network can actually improve your network and once again essentially make it better. And that’s what I see CKBTC is doing. And I thought it was very cool. You know, just the concept of orchestrating transactions on the Bitcoin network through ICP. And like you said, taking away that transaction fee. Taking away that waiting time, or response time, I guess, for that transaction to go through. And I’m just really looking forward to Ethereum fully being integrated and a few other networks too. I’m not going to keep naming names, but that’s just one of the great things that ICP has to offer.
