Bitcoin Ordinals! Are They Here to Stay or Just a One-Trick Pony?
The Bitcoin world is always buzzing with new trends and innovations, and the latest one that’s got everyone talking is Bitcoin ordinals — NFTs that are inscribed directly on the Bitcoin blockchain. It’s like the Bitcoin block is getting a digital tattoo!
But is this trend here to stay or just another passing fad? Let’s dive in and find out!
So, what the heck are Bitcoin Ordinals?
Bitcoin Ordinals are digital assets written on a Satoshi, the smallest Bitcoin unit (BTC).
1 BTC = 100,000,000 Satoshis
1 Ordinal = 1 Satoshi (image) + 9,999 Satoshis (Postage)
But wait, How is it possible?
I mean, changing a piece of Bitcoin’s code is as difficult as trying to solve a Rubik’s cube with your eyes closed! But it turns out, it was made possible through the ingenious concept called “Ordinal Theory.” It’s like a magic trick that allows digital assets to be inscribed on a Satoshi within the Bitcoin network. Ta-da!
Wanna know what’s even more impressive?
The “Ordinal Theory” allows the tracking and transfer of individual Satoshis, which means you can collect them! It’s like a digital treasure hunt, but instead of gold coins, you’re collecting Satoshis.
ANDDDD
These inscriptions don’t require a sidechain or a separate token, thanks to the “Taproot Upgrade” that launched on November 14, 2021. High five to that!
But hold up, if this happened almost a decade ago, why the sudden hype now?
It all started on January 21, 2023, when a software engineer named Casey Rodarmor launched the Ordinals protocol, which allows users to inscribe their own NFTs onto the Bitcoin network. It’s like a whole new way to express yourself in the crypto world!
And guess what? It’s been gaining traction in the cryptocurrency community like wildfire.
As of April 24, 2023, more than 1.6 million inscriptions have been made! From a copy of Doom to a CryptoPunks-inspired collection, people are going crazy over these Bitcoin NFTs. In fact, over $5 million has been spent in mining fees for these bad boys.
Yep, that’s some serious dough!
Check it out, how the graph is moving like a rocketship.
But here’s the thing — these prices are based on bids and listings on Telegram and Discord channels, of all places.
Yep, you heard that right — good old Telegram and Discord, the OGs of internet forums
I mean, who would have thought that these internet forums would be the go-to place for buying and selling digital assets worth tens of thousands of dollars? It’s like trying to buy a Picasso on a street corner! Not exactly the most legit setup, right?
Also, The Maxis are angry….like REALYYY ANGRYYY
They’re arguing that these Bitcoin NFTs are an affront to the sacred principles of Bitcoin. It’s like a clash of crypto titans!
And let’s talk about the elephant in the room, shall we?
On the day that the Ordinals protocol was released, Bitcoin fees shot up to the moon! Yep, you heard that right. Transaction fees reached all-time highs, thanks to the massive amount of data that Ordinals and inscriptions add to each block.
It’s like a traffic jam on the Bitcoin highway!
But hey, let’s not get carried away by the hype. Sure, Ordinals may be the hot new thing right now, but let’s not forget that they’re still in their early days. We’ve seen crazes come and go in the crypto world before.
Even though established NFT marketplaces like Yuga Labs have jumped on the Ordinals bandwagon, it’s still too early to tell if this is the real deal or just another fad.
But hey, let’s enjoy the ride while it lasts! Who knows, maybe one day we’ll be proud owners of rare and valuable CryptoCats or cheeky DogeOrdinals.
So for now, let’s keep calm, hodl on, and keep our eyes peeled for what the future holds for Bitcoin Ordinals — and the exciting world of crypto as a whole!.
And me? Well, I’ll be keeping an eye on Telegram and Discord, waiting to see what wild Ordinal Inscriptions pop up next!
Disclaimer: The opinions expressed in this piece are solely those of the author and do not constitute financial or investment advice. Always do your own research and consult with a qualified professional before making any financial decisions. Remember, the crypto market can be volatile, and trends can change faster than a Bitcoin transaction confirmation!
