Post
Topic
Board Development & Technical Discussion
Re: Can't NFTs work on Bitcoin?
by
BlackHatCoiner
on 18/12/2021, 18:07:53 UTC
Well, the big difference here is that with BTC there's no 'enjoying' / joy in looking at an address
There's obviously a huge difference between watching arbitrary characters and videos, but I'm just saying it's the same analogy. You don't own bitcoins if you don't provide a proof; you don't own the video if you don't have a proof.

NFTs are basically (exclusive?) rights to an image (or something else) but instead of being a written contract, it's on a Blockchain. In both cases however, people can steal / copy your owned object of course. That's why the NFT (or contract) exists: to allow you to go to court, prove the ownership and have the stolen item / image taken down / returned.
Again, the exact same thing happens with Bitcoin. You can't use bitcoin legally as there's no law referring to it (in most countries). You don't pay your taxes using bitcoin. Only people who have acknowledged its significance use it. Same goes for NFTs; only people who have come into an agreement that the block chain is their holy bible and therefore, says the truth, use it.

It reminds me of this:
Quote from: satoshi
It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.

Everything comes with interest. It remains to be seen if it'll continue succeeding as I have my doubts. I still cannot comprehend what distinguishes other cryptos from Bitcoin in this part. It makes you wonder if it's, indeed, just a hype...