The ability to create NFTs on the Bitcoin network has both proponents and detractors. In recent months, the trading of Ordinals has been on the rise, leading to questions about whether there are common grounds or if a technological solution could emerge to reconcile opposing views.

On one hand, there are those who value the ability to store images, videos, books, or video games on the Bitcoin network. On the other hand, there are those who view it unfavorably and see it as a problem for the network to be burdened with content that does not align with Bitcoin’s original monetary objective. Meanwhile, some individuals have not yet formed a definitive stance on the matter.

The possibility of creating “inscriptions” (NFTs) on the Bitcoin mainnet is very recent. It was developed and introduced by programmer Casey Rodarmor –@rodarmor– in January 2023 on his Twitter account.

These “inscriptions” allow diverse content, such as images or videos, to be associated with a specific satoshi (each Bitcoin is composed of 100 million satoshis). This creates a kind of NFT that will exist on the Bitcoin network permanently.

Regarding the divergent views and potential scenarios surrounding Ordinals, content creator Lunaticoin@lunaticoin-, who has been specializing in Bitcoin education for years, stated that “the emergence of Ordinals has drawn significant attention from the community and miners.”

“On one hand, many people have the feeling that Ordinals are inappropriately taking advantage of the two recent Bitcoin updates -SegWit, implemented in 2017, and Taproot, implemented in 2021- to load data that has nothing to do with BTC transactions, making ‘illegitimate’ use of the blockchain, accelerating chain growth, and increasing transaction costs,” he expressed.

On the other hand, there are those who see positive factors in Ordinals, countering those who consider the content illegitimate and are bothered by it being attached as an appendix to future transactions indefinitely.

“Some people, like Udi Wertheimer –@udiWertheimer-, believe that Ordinals present an opportunity for miners to make more money and for content creators to receive new sponsors,” Lunaticoin shared.

Furthermore, within this optimistic view, it is believed that Ordinals could promote further adoption of BTC. It’s important to consider that many individuals are excited about NFTs but don’t understand the properties of Bitcoin, so Ordinals could serve as a way for these people to discover its capabilities and potentially start accumulating or using BTC. In fact, some people are currently setting up their own nodes to be able to make these so-called “inscriptions.”

“In a middle ground, there are those who believe that Ordinals are a very bad idea but may serve to encourage a change or update in the Bitcoin network,” @lunaticoin stated.

Regarding his personal opinion, Lunaticoin noted that he doesn’t have a completely defined position: “I have a libertarian mindset, so on one hand, it’s hard for me to say that I would censor certain content, although on the other hand, if everything could be used for everything, there would be no order possible.”

Bitcoin was born with the purpose of storing wealth and transferring value without relying on third parties. “All the inscriptions that have already been created will accompany us forever and will be transferable according to the theory of ordinals, regardless of whether people like it or not,” he added.

However, it is worth clarifying that the theory of Ordinals is arbitrary and unrelated to the Bitcoin protocol. “Satoshis do not have an order, and Casey Rodarmor has assigned them an order based on his own criteria, choosing a numerical classification, but it could have been done in colors, for example,” explained the educator.

Amidst the contrasting views, Ordinals, at least for now, continue to increase in popularity. It remains to be seen whether this situation will lead to an update in the Bitcoin network in the future that can reconcile the opposing stances.

Official sources on Ordinals:

Twitter / Website / Handbook 


Content from Lunaticoin:

Twitter / Youtube / Fountain