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Will Bitcoin NFTs Break Network? Analyst Warns of Stress, Hash War

Published 12/17/2023, 03:59 PM
Updated 12/17/2023, 04:15 PM
© Reuters Will Bitcoin NFTs Break Network? Analyst Warns of Stress, Hash War
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  • An analyst claims Bitcoin ordinal inscriptions are leveraging the Bitcoin brand for marketing purposes.

  • Yet, he sees this trend as a valuable stress test for the Bitcoin network.

  • He raised the possibility of a scenario akin to a “hash war,” where more individuals store intellectual property on the Bitcoin blockchain.

In a recent tweet, a renowned Bitcoin analyst with X username “MDB” shared a mixed perspective on the growing trend of Bitcoin ordinal inscriptions, otherwise called NFTs, arguing potential stress test and hash war.

According to MDB, Bitcoin ordinals, which grant users the ability to store extra data into the smallest unit of Bitcoin, “satoshis,” are not leveraging Bitcoin as a medium of exchange. He argued they merely utilize Bitcoin nodes to store images or any intellectual property, leveraging the Bitcoin brand for marketing purposes.

Nonetheless, MDB noted that the free market is the ideal space for such experimentation and that everyone should be allowed to utilize Bitcoin for their needs.

The post Will Bitcoin NFTs Break Network? Analyst Warns of Stress, Hash War appeared first on Coin Edition.

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