While many dislike the idea of Bitcoin NFTs congesting the network and being purely a speculative collectible, Bitcoin’s blockspace already has multiple functions besides regular transactions, like coinjoins, lightning channel management, UTXO consolidation, smart contracts etc., and now "digital artifacts“, all network participants have to bid for it in a free market.
Even if you don’t care about digital tokens, if widely adopted the minting might provide a base-demand for blockspace and support miners by stabilizing and increasing the fee-rewards, similar to what ASICs do to help the electrical grid. This could also boost lightning adoption, which is being slowed by the current near free on-chain transactions.
DocumentingBTC / Documenting ₿itcoin 📄
npub1vs…jmsjy
2023-01-30 21:54:17
in reply to nevent1q…48hy
Author Public Key
npub1vsdv3l4pg7xz0qulk7sg2pnkc2rncg42wrrzz6vksckf3psm0chsrjmsjyPublished at
2023-01-30 21:54:17Event JSON
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"content": "While many dislike the idea of Bitcoin NFTs congesting the network and being purely a speculative collectible, Bitcoin’s blockspace already has multiple functions besides regular transactions, like coinjoins, lightning channel management, UTXO consolidation, smart contracts etc., and now \"digital artifacts“, all network participants have to bid for it in a free market.\n\nEven if you don’t care about digital tokens, if widely adopted the minting might provide a base-demand for blockspace and support miners by stabilizing and increasing the fee-rewards, similar to what ASICs do to help the electrical grid. This could also boost lightning adoption, which is being slowed by the current near free on-chain transactions.",
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