Bitcoin (BTC) NFTs will have a positive impact on the Bitcoin ecosystem by improving its security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer.
The number of newly created Ordinals, also referred to as “patterns,” has skyrocketed in recent weeks, causing transaction fees and average block size to increase on the Bitcoin blockchain.
According to Wertheimer, Bitcoin NFTs will be beneficial to Bitcoin’s security budget: by increasing transaction fees, the creation of Ordinals will incentivize miners to secure the network while mining revenues will decrease as each Bitcoin is halved.
“Because of the scarcity of block space and because there is a demand for things like tokens, there is a lot of hope that we will get enough people willing to pay a fee in order to keep the Bitcoin network secure,” Werthermer explained in a recent interview with Cointelegraph. .
Wertheimer also notes that Ordinals provides a new use case that would make building on Bitcoin commercially viable.
“With all this interest in arrangement and inscriptions, I expect there will be a very large ecosystem built around that,” he said.
Wertheimer rejects the notion, espoused by some core Bitcoin developers, that creating NFTs is not an appropriate use case for Bitcoin. According to him, in recent years, Bitcoin’s core developers have ignored what actual Bitcoin users want.
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