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/
Bitcoin /
npub1dw…ds9g9
2023-12-26 19:57:46
Author Public Key
npub1dwegu7taqadap2pzw6dszulc6r7gwmldawjpdrersuykxxlyzfeskds9g9Published at
2023-12-26 19:57:46Event JSON
{
"id": "ad4bc683ecbc176c2345fab3a352a9cc3f844be1b0b0f0403043f005fb73afdf",
"pubkey": "6bb28e797d075bd0a822769b0173f8d0fc876fedeba4168f238709631be41273",
"created_at": 1703620666,
"kind": 1,
"tags": [
[
"r",
"https://www.forbes.com/sites/digital-assets/2023/12/26/the-debate-on-bitcoin-ordinals-is-a-fight-over-bitcoins-future/"
]
],
"content": "Bitcoin's Ongoing Debates: Ordinals and the Future of Transactions\n\nThe 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.\n\n - 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.\n \n - 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.\n \n - 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.\n\nhttps://www.forbes.com/sites/digital-assets/2023/12/26/the-debate-on-bitcoin-ordinals-is-a-fight-over-bitcoins-future/",
"sig": "ce4096900e5e22586b64bbab41ae6d35ed092eff21b379e9971f6b5b532ad5f3d3484f5f169558c65de95461f2a0e3144cde3a422d95de2b26e0a58fd44e1340"
}