Bitcoin Hash War Coming: Analyst Shares as Bitcoin NFTs Grow
Bitcoin analyst MDB discusses Bitcoin NFTs' impact, questioning their innovation and potential to stress test the Bitcoin network.
A Bitcoin analyst MDB shared his views on Bitcoin ordinal inscriptions or NFTs, talking about the effects they have on the Bitcoin network. He believes that while these ordinals store data in Bitcoin's smallest unit, "satoshis," they are not majorly used for transactions but are rather for storing images or intellectual property, using Bitcoin's name for marketing.
MDB sees the free market as a good place for such experiments, allowing everyone to use Bitcoin in their own way. He views this trend as a test for the strength of the Bitcoin network, questioning if integrating NFTs is real innovation or just exploiting the Bitcoin brand.
He believes storing intellectual property on the blockchain might lead to new uses and security benefits, which could attract more people to Bitcoin. MDB also mentioned the possibility of a "hash war," where more people storing intellectual property on Bitcoin could test the network's limits.
MDB opposes censorship on the Bitcoin network but recognizes that ordinals might expose some network vulnerabilities.
Despite being new, Bitcoin NFTs have seen significant growth in the market, even surpassing Ethereum NFTs in trading volume in November.
