The month of February 2023 marks the move towards the adoption of NFTs on the Bitcoin network, with Ordinals technology, which has generated high fees for miners in the ecosystem.
Even flagged as an uninteresting digital currency technology by bitcoin maximalists, the adoption of the novelty continues to capture the attention of collectors.
For example, in recent days, the Bitcoin Punks Collection has issued 10,000 NFTs on the world’s largest blockchain for the first time.
The fees paid to include NFTs in bitcoin blocks exceed $600,000 and are beneficial to miners
At the end of January 2023, NFT collectors had spent less than $5,000 to list their artwork on the bitcoin network using Ordinals technology.
However, in February, as of this Tuesday (14), more than $630,000 has been spent to record the collectible assets on the largest blockchain.
That is, miners got extra value to validate transactions that record NFTs, which has been growing at an accelerated pace in recent days.
And another situation that attracts the attention of movement on the network is the issue of the size of valid blocks. This is because the data collected by the live coins show that the size has exceeded 2 megabytes, while the adoption of Ordinals has grown.
According to information from ycharts, based on February 13, 2023, the size of blocks on the Bitcoin network grew by 138% compared to the same date in 2022.
What’s wrong with controversial NFTs?
Bitcoin is a decentralized digital currency, created to allow the sending of values over the internet in an instant. Since miners are paid fees for survival, the more transactions the better for them.
However, for end users of the network, who need bitcoin in many countries to avoid monetary censorship in their country, the arrival of NFT Ordinals is not cool at all.
This is because fees on the bitcoin network have increased costs for those who need to send values, while others only validate digital “monkeys and aliens”.
This Tuesday, during the rise of Ordinals, Bitcoin developer Luke Dash said the new NFTs are dangerous to the digital currency ecosystem, far beyond simple spam attacks.
“Ordinals is not just another spam attack; they are also an attack on Bitcoin fungibility and, if accepted, would at least break Lightning and CoinJoin.”
PSA: Ordinals are not _just_ a spam attack; they are also an attack on Bitcoin fungibility, and if accepted would at least break Lightning and CoinJoin. https://t.co/600PvSl74C
— @LukeDashjr@BitcoinHackers.org on Mastodon (@LukeDashjr) February 14, 2023
Part of the developers are working on a way to contain the alleged attack, which is getting bigger.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
