So I was just thinking about the rise of stuff like ordinals and BRC-20 tokens on the Bitcoin network. Made me wanna revisit the Bitcoin white paper to see if I missed anything back in the day. Seems like there’s a lot going on right now, and I’m curious if it’s all good or bad for Bitcoin.
Here’s what I think. The blockchain size plus the total UTXO is just skyrocketing. It's definitely not a good thing overall. A lot of the projects you mentioned seem to have a more negative impact, tbh.
Yeah, the mempool is getting stuffed for sure. It’s a mess. Users might just bail and use other chains or even go back to cash, which just creates this endless cycle of congestion. I mean, it’s like mining difficulty, right? It self-adjusts.
Some projects do bring value like sidechains, RSK and all that. They let you play around with new features without messing up the main Bitcoin chain. But then you have stuff like Ordinals that's just pushing data around but not really helping.
Not to be harsh, but I don’t see Bitcoin NFTs and these other schemes as part of the actual Bitcoin Blockchain. They’re just kinda using it for their own gain. Not core to Bitcoin like ETH tokens are to Ethereum.
The main issue isn’t that they’re just junk. It's more like they are exploiting Bitcoin. Bitcoin isn’t a way to store random data or anything. It’s a payment system. Using it for Ordinals and similar stuff just causes problems. Plus, price doesn't even matter in this context.