Bitcoins Ordinals Surpass 150k
The number of newly created Bitcoin’s popular NFTs, Ordinals, has increased in recent weeks, causing an increase in transaction fees and the average block size of the Bitcoin blockchain.
Since the launch of Ordinals in January 2023, over 150,000 Ordinals have been entered, according to data from Dune.
Ordinals improve Bitcoin’s security
Independent developer Udi Wertheimer said the NFTs would improve the network’s security and encourage developers to build on it.
By increasing transaction fees, Ordinals will encourage miners to secure the network while profits from mining will decrease with each Bitcoin halving.
“Because the block space is scarce and because there’s a demand for things like inscriptions, there’s a lot of hope that we’ll get enough people willing to pay fees to keep the Bitcoin network secure,” Westheimer said in an interview with Cointelegraph.
The ordinal protocol enables users to transfer and receive satoshis, the smallest unit of bitcoin, in the form of unique inscribed data such as images and videos.
Ordinals by type as of 21 February Source: Dune
Unlike Ethereum and Solana NFTs that use smart contracts, Ordinals are incremented directly on individual Satoshis. The process takes place exclusively on the Bitcoin network and does not require a sidechain or additional token.
The Bitcoin NFT Controversy
Several projects have attempted to bring NFTs to Bitcoin, the first and largest cryptocurrency. Although NFTs have been in the Bitcoin system since 2014, some enthusiasts still don’t see the point. Some Bitcoin core developers believe that creating NFTs is not an appropriate use case for Bitcoin.
However, Werthheimer rejected the idea, saying that for years Bitcoin core developers “have ignored what actual Bitcoin users want.” He added that Ordinals provide a new application to make building on Bitcoin commercially viable.
Casey Rodarmor, creator of Ordinals, says the controversy surrounding Bitcoin NFTs helps his cause.
“I actually love the haters. I mean, they do more to get people to find out about the project than anyone else. I don’t know why they think when they have a massive audience and they say, “This is an attack on Bitcoin” – it seems like you don’t want to do that if you don’t want people to use the thing. ”
Rodarmor, former Bitcoin core contributor
Ordinals are still in their early stages and lack many key features that will sustain long-term growth. These include how to enter ordinary numbers without having to link the entire Bitcoin blockchain, marketplaces and wallets that allow creators to see their schemes.
Vincent Munene is a freelance writer and a big blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return he enjoys educating people and keeping them updated on all things blockchain. He is a biochemist by profession and also loves to play the piano.
