NFTs make Bitcoin even more of a household word
- As Bitcoin Ordinal Sales Propel Bitcoin blockchain to number two in NFT sales, many are wondering if we are in the early stages of a bull market.
- As Bitcoin NFTs appear to be little more the overpriced JPEGs just like their Ethereum counterparts I get a feeling of deja vu …
- I start to feel some strong FOMO..
- Perhaps not unlike the feeling that crypto OGs get at the start of a Bitcoin Price run, and similar to the feeling I got when Pepe price and MarketCap went up by a factor of ten, one hundred and ten thousand.
- That feeling was of course ; rats! I missed it again.
- What the puck?
Bitcoin Ordinals
- For the uninformed these are basically Bitcoin NFTs or BEPs not unlike Etheteum NFTs or ERCs
- They are now referred to as Digital Collectibles to avoid being associated with the now discredited Over Priced JPEGs called NFTs 🤣😂😅
- These are of course cryptocurrency tokens minted on the Bitcoin blockchain, but they are not bitcoin, they are not fungible tokens, they are nonfungible tokens used to represent art, and other unique assets on a blockchain.
- And in this case they are representing JPEGs because the size limitations of a Bitcoin block, which some thought would make NFTs impossible, has been circumvented by human ingenuity.
- Thus Bitcoin NFTs, which were something which couldn’t be done, were born .. humans.. given a challenge, they rise to meet it and defeat it.
- And the Bitcoin NFTs are increasing activity on the Bitcoin blockchain, and this demand for something, of course drives up the price of something. So this increased activity is driving up the price of a transaction on the Bitcoin blockchain, and increasing the consternation of the Bitcoiners who feel this is not the proper use of the Bitcoin blockchain.
- In reality the Bitcoiners should thank the NFT creators. Why? Because they have increased the value of transactions on the Bitcoin blockchain by making space on a block, the record of transactions processed by Bitcoin miners valuable.
- We should not forget that once Bitcoin stops minting bitcoin… once the Bitcoin blockchain mints the last Bitcoin at bitcoin 21 million, the only way miners get paid is by transactions sending bitcoin from wallet to wallet.
- This is something which won’t support the thousands of miners on the Bitcoin network or collection of computers who maintain the security of the ledger.
- However a thriving NFT market creates hundreds if not thousands of transactions and suddenly we have something Bitcoin lacked: another use case. This is called utility and it is the lifeblood of a cryptocurrency blockchain.
- So the creators of these Bitcoin Ordinals should say to the Bitcoiners complaining about this as a corruption, you’re welcome. I hope the complainers will one day decide to say Thank you.
@shortsegments
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Posted Using LeoFinance Alpha
It's a good addition to the blockchain overall. In some way, it has upgraded the Bitcoin network. There's a new set of utilities and more transactions.
I agree that growing the blockchain involves change and new opportunities.
Yo spitting facts like Eminem his mothers' spaghetti.
LOL!
Yup
It is good maybe for the miners but nothing news about NFTs. We live in a world of fast speculation to make a quick buck!!!
True. Just called them a new name doesn’t change what they are, and all the pluses and minuses are still there.