How the Ordinals movement will help the Bitcoin blockchain
Udi Wertheimer, Ordinals proponent, said that the increasing popularity of Bitcoin NFTs (or Ordinals) will have a positive impact on the security of Bitcoin and attract developers to the network. Cointelegraph YouTube Subscribe Own this piece Of History Collect this article as a NFTBitcoin(BTC) NFTs will have positive effects on Bitcoin ecosystem by improving its security, incentivizing developers and encouraging them to build on it, according to Udi Wertheimer, an independent developer. In recent weeks, the number of new Ordinals, also known as “inscriptions”, has been rising, leading to a spike in transaction fees and an increase in block sizes on the Bitcoin blockchain. Wertheimer believes that Bitcoin NFTs will be beneficial to Bitcoin’s security budget. By driving up transaction fees, Ordinals will encourage miners to secure the network, while the revenue from mining rewards will decrease with each Bitcoin halving. Wertherimer stated that “because the block space is limited and there’s demand to stuff like inscriptions,” there is a lot of hope that enough people will pay fees to keep the Bitcoin network safe. Wertheimer also noted that Ordinals offer a new use case, which will make it economically viable to build on Bitcoin. He said that he expects there to be a large ecosystem built around Ordinals and inscriptions because of all the interest in them. Wertheimer dismissed the notion that NFTs are not a suitable use case for Bitcoin, as held by some Bitcoin core developer. According to Wertheimer, Bitcoin core developers have “ignored what actual Bitcoin users want” in recent years. Watch the full interview on YouTube to learn more about Ordinals and their impact on the Bitcoin network. Don’t forget your subscription!