How the Ordinals movement will benefit the Bitcoin blockchain
According to independent developer Udi Wertheimer, Bitcoin’s (BTC) non-fungible tokens (NFTs) will positively impact the ecosystem by increasing its security and incentivizing developers to create a network.
In recent weeks, the number of newly created ordinals has skyrocketed, driving up transaction fees and the average block size on the Bitcoin blockchain.
According to Wertheimer, Bitcoin NFTs will be beneficial for Bitcoin’s security budget. By increasing transaction fees, the creation of ordinals will incentivize miners to secure the network, while mining reward income will decrease with each bitcoin halving.
“Because there is little space on the block and there is demand for things like inscriptions, there is great hope that we will have enough people who are willing to pay a fee to keep the Bitcoin network secure,” Wertheimer explained in a recent interview with Cryptooshala. .
Additionally, Wertheimer noted, ordinals provide a new use case to make Bitcoin commercially viable.
“Given all this interest in serial numbers and inscriptions, I expect a very large ecosystem will be built around this,” he said.
Wertheimer dismisses the view of some Bitcoin core developers that creating an NFT is not an appropriate use case for Bitcoin. According to him, in recent years, Bitcoin core developers have “ignored what real Bitcoin users want.”
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Credit : cointelegraph.com