Post
Topic
Board Development & Technical Discussion
Re: NFTs in the Bitcoin blockchain - Ordinal Theory
by
Wind_FURY
on 20/06/2023, 14:20:31 UTC

And isn't it ironic that we like to compare the penetration of Bitcoin to the Internet, smartphones, tv, etc and we tend to forget every single one of them become widespread when it became affordable for the average Joe?


By "we", you mean who? I don't think everyone has the same definition, opinion or understanding of Bitcoin. Bitcoin for some people, and the way it's designed, is a kind of tool that can weaken and break down political strongholds, not a tool for personal finance like PayPal.

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Much unlike a 20$ tx!


Please pardon me, what's the context of that? Can you explain the $20.00 tx reference and how it connects to widespread penetration of smartphones, TV, and other electronic goods?


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2. On long term, would usage of Ordinals have good impact on Bitcoin price?


The question perhaps should be, "Would Ordinals usage increase and therefore increase the demand for block space"? If the answer is "Yes", then I believe the demand for Bitcoin would also increase.


Another question, "Would high fees (caused by usage of Ordinals and other similar protocol) lead to decreased usage of Bitcoin on another aspect (buy goods, paid for service, etc.)?"


It would definitely lead to decreased usage of Bitcoin for financial transactions onchain, which could be pushed offchain, leaving Ordinals users the more willing onchain participants to pay for the high fees that the miners require to secure the network.