Ordinals, Inscriptions And BRC-20 Can’t Break Bitcoin
By Roy Sheinfeld Roy Sheinfeld discusses three recent developments in the Bitcoin space: Ordinals, inscriptions and the BRC-20 protocol. Ordinals provide unique identifiers for individual satoshis, inscriptions allow data to be written onto satoshis and the BRC-20 protocol enables the minting and distribution of tokens on the Bitcoin blockchain.
These developments have sparked controversy and debates about their impact on Bitcoin's future. Sheinfeld explains that while they are not entirely new concepts, they introduce additional use cases for Bitcoin beyond currency transactions. He addresses concerns about transaction fees and argues that high on-chain fees incentivize miners, ensuring the network's security.
He also states that Bitcoin remains money despite these new features, as people are using it for payments and circulation.
Sheinfeld concludes that while these developments may not be top priorities for everyone, they have beneficial side effects and reinforce the case for the Lightning Network as a low-fee solution for small transactions. Overall, he sees these developments as a part of Bitcoin's evolution and remains optimistic about Bitcoin's future. | 