To remain relevant and adapt to the ever-evolving blockchain space, it must continually reinvent itself. The introduction of Bitcoin ordinals has brought about a series of significant changes and improvements to the Bitcoin network.
In this article, we will delve into the top ten reasons why ordinals are good for Bitcoin.
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Adds Web3 Functionality, Which Was Ethereum’s Edge
Ethereum’s Web3 functionality, which allows decentralized applications (DApps) to interact with blockchain networks, was a distinguishing feature. However, Bitcoin ordinals have now brought this functionality to the Bitcoin network.
NEW: Ordinals "2.0" could unlock 3D video games on #Bitcoin
These so called "Recursive Inscriptions" allow inscriptions to request and use data in other inscriptions. It promises to reduce the data stored on-chain and to allow new expressive smart contract functionality. pic.twitter.com/tfnjmfxRIL
— Bitcoin News (@BitcoinNewsCom) June 12, 2023
This enhancement opens up new possibilities, enabling developers to create DApps, enabling Bitcoin to compete directly with Ethereum, while also retaining its position as the most secure and decentralized blockchain network.
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$57M Paid to Miners to Secure the Network
Ordinals have introduced a novel mechanism that pays Bitcoin miners a substantial amount of money to secure the Bitcoin network.
gm everyone🌞
crazy to think in the 9 short months since launching
Bitcoin Ordinals has achieved
– $500M in trading volume
– 1,950 BTC paid to miners ($50M)
– 27M inscriptions
– 176,000 unique users (addresses)
– Over 54% of Bitcoin transactionsWe're just getting started pic.twitter.com/hFqjMuVOa8
— trevor.btc (@TO) September 2, 2023
This financial incentive not only rewards miners for their contribution but also enhances network security by increasing miner participation and reducing the risk of potential attacks.
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Caused People to Actually Use BTC as a Currency
One of Bitcoin’s long-standing criticisms was its limited functionality as a currency. With the advent of ordinals, Bitcoin can be used as a practical means of exchange, rather than just a store of value.
BTC’s adoption growth was driven by the #Bitcoin Ordinals protocol. This enabled NFTs and fungible tokens to be minted on the $BTC network. Strong interest from institutional investors also contributed to the increase in BTC’s adoption. pic.twitter.com/jkZK8FnSaz
— Crypto.com (@cryptocom) August 4, 2023
The new features enable faster and cheaper transactions, making Bitcoin a more viable option for everyday transactions.
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Helping to Change the Toxic Maxi Culture
The cryptocurrency space has had its fair share of toxic maximalism, where followers of one blockchain disparage all others. Bitcoin ordinals have ushered in a new era of cooperation. Bitcoin enthusiasts and developers are more open to exploring and integrating with other blockchain projects.
Ordinals is the new era of Bitcoin Maximalism where people, businesses and markets have decided it's time to use Bitcoin as more than just digital gold.
Bitcoin is money, tooling, and a global trade network.
— Ordinals Wallet (@ordinalswallet) May 3, 2023
This cultural shift promotes collaboration, innovation, and the overall growth of the cryptocurrency ecosystem.
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Developers Pouring into Bitcoin
Ordinals have sparked a renewed interest in Bitcoin development. Developers are increasingly drawn to the possibilities offered by Bitcoin’s evolving capabilities.
While everyone is focusing on floor prices and market conditions, Ordinals developers continue to innovate.
I don't think people have any idea what Bitcoin is capable of.
The next six months for Ordinals are going to be insane. https://t.co/DA5Ulpi1nV
— Leonidas (@LeonidasNFT) July 2, 2023
This influx of talent and creativity will likely result in a surge of innovation and improvements to the Bitcoin ecosystem.
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Large Influx of New Users and Activity
The introduction of ordinals has not only attracted developers but also a large influx of new users. As Bitcoin becomes more versatile and user-friendly, more people are entering the cryptocurrency space.
NEW: Trade Ordinals on @MagicEden with @Xverseapp
🪄A seamless Bitcoin NFT marketplace experience!
– Over 70 Ordinal Collections
– Over 1.5M daily usersBuy/sell today with our guide below. 🧵🧡https://t.co/MXsOq9pEe6 https://t.co/3Kkwt7ahDu pic.twitter.com/ODlpiVEpoP
— Xverse – Bitcoin Wallet for Web3 (@xverseApp) March 21, 2023
This heightened user activity strengthens the network and contributes to its long-term sustainability.
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Ends 6 Years of Stagnation
For the past six years, Bitcoin has been criticized for its lack of significant updates. The introduction of ordinals marks the end of this stagnation, breathing new life into the network.
With a roadmap for future upgrades, Bitcoin is poised for continued growth and development.
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High Fees Force the L2 Ecosystem to Mature
Bitcoin’s scalability issues have been a long-standing concern. Ordinals are pushing the adoption of Layer 2 (L2) solutions to address these issues.
Ordinals showed new builder interest in Bitcoin 🟧
But there are some things that a layer 2 solution for Bitcoin could help with to enable more use cases for NFTs and Ordinals.
👉 @MegapontNFT Founder Mark Mckenzie on the difference between Ordinals and Bitcoin L2 NFTs. pic.twitter.com/2nYHd0mViY
— stacks.btc (@Stacks) September 25, 2023
As a result, the L2 ecosystem is maturing rapidly, providing users with more efficient and cost-effective ways to transact on the Bitcoin network.
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Rare Sats “Airdropped” to All BTC Holders
The introduction of rare sats, a new concept where unique, limited edition satoshis are distributed to Bitcoin holders, has created excitement and an added layer of value to holding Bitcoin.
TODAY
As the co-founder of @2009_brc20 I am happy to announce that today 93 gmOrdinals will be airdropped for some $2009 holders.
These 93 gmOrdinals are for the culture and are all inscribed by @Ordinal_News on rare sats from block 78 🧡#Bitcoin #Ordinals #gmOrdinals #BRC20 pic.twitter.com/UHIqVsESaP
— KPMoonkey 🐵🛡️⚔️ (@KPMoonkey) June 23, 2023
This airdrop mechanism rewards long-term supporters of the network and encourages new users to get involved, creating a more vibrant and loyal community.
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Teaches NFT People How Bitcoin Works
Ordinals have caught the attention of the NFT (Non-Fungible Token) community. By incorporating NFT-like functionalities, Bitcoin is educating NFT enthusiasts about how Bitcoin works, emphasizing the fundamental principles of blockchain technology.
Huge shoutout to the Ordinals core team for taking the important step of forming the Open Ordinals Institute!@ordinalsorg is a 501(c)(3) non profit organization which will fund development, education, and research around the Ordinals Protocol. pic.twitter.com/39IOgVh9EC
— Leonidas (@LeonidasNFT) August 1, 2023
This crossover between Bitcoin and NFT communities has the potential to increase awareness and understanding of both technologies.
Conclusion
Bitcoin ordinals have brought about a wave of positive changes to the cryptocurrency world. They’ve expanded Bitcoin’s capabilities, improved its functionality, and attracted a new wave of users and developers.
This innovation has ushered in an era of collaboration and transformation, ending years of stagnation and revitalizing the cryptocurrency’s future. As Bitcoin continues to evolve, it remains at the forefront of the blockchain space, setting new standards and paving the way for a more inclusive and sustainable future.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
