Bitcoin Ordinals: Controversial, but here to stay
Among the cryptocurrency community, Bitcoin Ordinals, which allow users to store data permanently on the Bitcoin blockchain, have become a contentious issue of discussion. The architects of Bitcoin-focused firms and CEOs of such companies see promise in the technology, despite some people’s concerns about blockchain congestion and offensive material.
Several people attending the Advancing Bitcoin London conference noted the possibility of an abstract meta-layer on top of Bitcoin that registers Sats and has its own state or mapping into the blockchain. This potential was discussed during the conference. Ordinals have been used for a variety of purposes, including storing data in the form of an image or jpeg, as well as executing older computer games such as Doom.
Still, some people have voiced concerns about the possibility that Ordinals could cause the blockchain to become bloated, while others have expressed criticism over the possibility that inappropriate information could be entered into the blockchain. Ordinals provide a new use for the Bitcoin network that extends beyond peer-to-peer monetary transactions, despite the difficulties mentioned above.
Ordinals can offer a storage solution that is both permanent and censorship-resistant for data and events of cultural significance. Those who wish to maintain permanent records of important events or data, such as in the Doom game discussed before, will find this of great interest. The blockchain’s resistance to censorship also enables the preservation of material that might otherwise be suppressed or removed. This is a significant advantage.
Although a number of prominent Bitcoin commentators have referred to Ordinals as “useless”, others believe that the technology has the ability to add something of value to the Bitcoin network. The fact that miners have been able to generate even more money per block since the introduction of Ordinals is proof of the potential utility of the technology.
Overall, despite the debate surrounding Bitcoin Ordinals, it appears that the technology will be available for the foreseeable future. Ordinals provide a new method of interacting with and approaching the Bitcoin network, which is something that Bitcoin developers and CEOs of Bitcoin-focused firms continue to explore as potential use cases.
