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First it was Bitcoin Ordinals, nonfungible tokens, which are the first bitcoin equivalent of ethereum nonfungible tokens, sometimes referred to as nfts or erc-20 tokens. but these on bitcoin were called brc-20 tokens and referred to as bitcoin nfts.
now the latest nonfungible bitcoin tokens called runes, have been released and the bitcoin blockchain is experiencing growing pains.
increased demand for any limited or finite resource, which block space is; limited and finite, increases it's value or price.
- in a smart move, these are new bitcoin nfts tokens were minted on on bitcoin halving day, a smart marketing move which enabled the developers to ride on the huge publicity news of the halving. thus they got lots of free press coverage and sell the tokens.
deja vu
- personally i had a strong sense of deja vu as bitcoin transaction fees rose to near ethereum like levels, as there was intense competition to publish or mint tokens or include transactions on the 840,000th block which officially marked the halving.
- and while many investors were disappointed at the higher fees and others dis-satisfied because they feel these nfts are a waste of block space. ..
- ... others are calling these nfts graffiti, worthless art created by unknown artists to annoy real bitcoiners.
- it is entertaining to see people who are normally strong proponents of free speech and the freedom of people to use blockchains and their stake free, suddenly turn their backs on these freedom concepts, when they don't agree with the speech or use case of the blockchain by others
- nothing tests your faith in free speech like speech you don't like or agree with..
- important point; i am not judging here, but just saying out loud what i think others are thinking..
- any way...
growing pain
- perhaps a good way to look at this that bitcoin's ecosystem is diversifying it's use cases and source of income.
- perhaps increasing the value and thus cost of block space at exactly the same time that payment by the blockchain was being cut in half is divine intervention or just the market proving proof of bitcoins potential economic viability after all minting of bitcoin stops, because as long as there are transaction there will be blocks make and payment to be earned.
- all in all i think it's good for bitcoin and good for crypto to find out this new use case, this new source of income and to learn that bitcoin is capable of change, and growth... bitcoin is alive, changing and growing, and that is a good thing.
- what do you think?
Posted Using InLeo Alpha
Interesting what you wrote. Bitcoin is evolving, but for me it still remains an unusable payment method for daily transactions. In my opinion coins like HIVE or HBD should get more attention from people. These are coins that could be used every day
I agree with you, that Bitcoin is difficult to use as money for many reasons. While it is possible to run to use lightening to transfer money, that requires running a lightening node, a bitcoin node and technical know how and exchange relationships to make it work just as a money transfer system.
I also agree with you that Hive Backed Dollars have much better infrastructure to transfer money and use as a medium of exchange. I believe somene buying Hive could use their liquidity to increase the size of the avialble Hive Backed Dollars and use it as a money transfer system and medium of exchange, the rails exist, they are global and functioning.
I am working on the concept now of helping people change their HBD into dollars, but it is complex and would require trust, so I am researching a way to make it trustless.
So BItcoin will suffer from the same growing pains as ethereum a few years back, but it already has the lightening network. Will that save it?
Probably not. But time will tell if LN shortcomings can be overcome. Very centralized right now.
Thanks for the Alpha.
Your welcome
this was well explained thank you.
Your welcome
#hive #posh
Thank you