Bitcoin on Nostr: Bitcoin's Ongoing Debates: Ordinals and the Future of Transactions The Bitcoin ...
Bitcoin's Ongoing Debates: Ordinals and the Future of Transactions
The Bitcoin community faces a new divide over the use of ordinals and BRC-20 tokens, as the network grapples with the evolving purpose of transactions. These new uses, considered by some as 'spam,' challenge traditional views of Bitcoin's intent as a financial network. The pressure on block size and transaction fees intensify, leading to a clash between financial and non-financial utilization of the Bitcoin blockchain.
- As Bitcoin's mining rewards diminish over time, transaction fees become crucial for miner compensation, with current high fees driven by the demand to record ordinals.
- Critics of ordinals argue that Bitcoin should maintain low transaction fees to compete with central bank digital currencies, while supporters believe ordinals are key to ensuring Bitcoin's future security budget.
- Amidst contention, some mining pools offer a choice between blocks that support ordinals and BRC-20 tokens and those with a minimal non-financial transaction focus, reflecting the community's mixed sentiments.
https://www.forbes.com/sites/digital-assets/2023/12/26/the-debate-on-bitcoin-ordinals-is-a-fight-over-bitcoins-future/
The Bitcoin community faces a new divide over the use of ordinals and BRC-20 tokens, as the network grapples with the evolving purpose of transactions. These new uses, considered by some as 'spam,' challenge traditional views of Bitcoin's intent as a financial network. The pressure on block size and transaction fees intensify, leading to a clash between financial and non-financial utilization of the Bitcoin blockchain.
- As Bitcoin's mining rewards diminish over time, transaction fees become crucial for miner compensation, with current high fees driven by the demand to record ordinals.
- Critics of ordinals argue that Bitcoin should maintain low transaction fees to compete with central bank digital currencies, while supporters believe ordinals are key to ensuring Bitcoin's future security budget.
- Amidst contention, some mining pools offer a choice between blocks that support ordinals and BRC-20 tokens and those with a minimal non-financial transaction focus, reflecting the community's mixed sentiments.
https://www.forbes.com/sites/digital-assets/2023/12/26/the-debate-on-bitcoin-ordinals-is-a-fight-over-bitcoins-future/