Dear Subscribers, As bitcoin halving approaches, this week we come with the origin story of ordinals and the part they play in the blockchain ecosystem. Launched on the bitcoin main network by developer Casey Rodarmor on January 2023, ordinal NFTs represent the latest method for creating NFTs within the bitcoin ecosystem. Ordinals function as a mechanism for generating bitcoin-based NFTs by associating data, such as images and videos, with individual satoshis on the fundamental bitcoin blockchain. While some advocate for Bitcoin's primary use in secure financial transactions, others view the emergence of ordinal inscriptions as a cultural phenomenon, potentially enriching the bitcoin blockchain with memetic and cultural value beyond financial transactions. However, there are concerns that the proliferation of ordinal inscriptions may unnecessarily occupy blockspace and drive up transaction fees. Since ordinals are currently supported by existing bitcoin software, any decision to discontinue their creation would necessitate a protocol update. Therefore, the bitcoin community holds the responsibility to collectively determine the fate of ordinals within the ecosystem. As a reader of our newsletter we would like to ask you a special favor: Please leave feedback on this article, so that we can learn whether it is an interesting complement to the content you are used to from us. We will strive to use your input to make the most out of the website’s “Swissblog” and share it with you here. Lastly, we recommend you follow our specialized news Telegram group ahead of the halving to enjoy a timely news flow curated by the Swissblock team, sourced from across all the major (and many minor) crypto news sites. You're currently a free subscriber to Swissblock Insights. For the full experience, upgrade your subscription. |
Wednesday, April 17, 2024
The Numismatic Value of Bitcoin Ordinals
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