Why Ordinals and Inscriptions Are Here to Stay
One of the most controversial aspects of Bitcoin is no fad.
Non-members can read the full story here.
The advent of ordinals and inscriptions, a.k.a. “Bitcoin NFTs”, has added utility to the chain previously mocked for lacking smart-contract functionality.
It’s a concept that has divided the Bitcoin community — hardcore maximalists dislike the idea and believe it deviates from Satoshi’s original vision in the Bitcoin whitepaper, which is for BTC to be used as a “peer-to-peer (P2P) electronic cash system” in Satoshi’s words.
Others with more open views towards Bitcoin see its positive side: extra use cases on its blockchain that could help it “compete” with Ethereum.
Before you beat me to it, Bitcoin doesn’t have to compete with Ethereum because it has different objectives and will most likely exist for different purposes, i.e., Bitcoin being used for P2P payments and as a digital store-of-value rather than for dApps on Ethereum.
What are ordinals and inscriptions?
Ordinals refers to the numbering system for satoshis (i.e., 1/100,000,000th of a BTC) to track them in real time. The name relates to ordinal…
