How the Ordinals movement will benefit the Bitcoin blockchain

MARKET_WATCH Blockchain

The increasing popularity of Bitcoin NFTs, or Ordinals, will positively impact the Bitcoin network’s security and attract developers to the ecosystem, according to Ordinals proponent Udi Wertheimer. 

 

According to independent developer Udi Wertheimer, Bitcoin non fungible tokens (NFTs) will positively impact the ecosystem by improving its security and incentivizing developers to build on the network. 

 

The number of newly created Ordinals has been spiking in recent weeks, causing a surge in transaction fees and average block size on the Bitcoin blockchain. 

According to Wertheimer, Bitcoin NFTs are going to be beneficial for Bitcoin’s security budget. By driving up transaction fees, the creation of Ordinals will incentivize miners to secure the network while the revenue from mining rewards will decrease with each Bitcoin halving.

“Because the block space is scarce and because there’s demand for stuff like inscriptions, there’s a lot of hope that we will get enough people who want to pay fees in order to keep the Bitcoin network secure,” Wertheimer explained in a recent interview with Cointelegraph.

Image

Top 100 2023

 

Cointelegraph launches the Top 100 list of crypto heroes and villains, 2023 edition

 

Also, Wertheimer noted, Ordinals provide a new use case to make building on Bitcoin commercially profitable.

“With all of that interest around Ordinals and inscriptions, I expect that there is going to be a very big ecosystem that is built around that,” he said.

Wertheimer dismisses the notion held by some Bitcoin core developers that creating NFTs is not an appropriate use case for Bitcoin. According to him, in recent years, Bitcoin core developers “have ignored what actual Bitcoin users want.“

To learn more about Ordinals and how they impact the Bitcoin network, watch the full interview on our YouTube channel and don’t forget to subscribe!

 

Source : [How the Ordinals movement will benefit the Bitcoin blockchain](cointelegraph.com/news/how-the-ordinals-movement-will-benefit-the-bitcoin-blockchain) by Cointelegraph By Marco Castrovilli - 36Cointelegraph.com News by Cointelegraph By Marco Castrovilli / February 20, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.