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 known as "signups," has skyrocketed in recent weeks, causing transaction fees and the average block size on the Bitcoin blockchain to rise.
According to Wertheimer, Bitcoin NFTs will be beneficial to the Bitcoin security budget: by increasing transaction fees, the creation of Ordinals will incentivize miners to protect the network, while mining reward revenue will decrease with each reduction to half bitcoin.
โBecause block space is at a premium and there is demand for things like signups, hope is very high that we will have enough people willing to pay fees to keep the Bitcoin network secure,โ Wertherimer explained in a recent interview with Cointelegraph. .
Furthermore, Wertheimer noted, ordinals provide a new use case that will make building on Bitcoin commercially profitable.
โWith all that interest around ordinals and inscriptions, I hope there's a really big ecosystem that gets built around that,โ he said.
Wertheimer dismisses the idea, held by some core Bitcoin developers, that NFT creation is not an appropriate use case for Bitcoin. According to him, in recent years, Bitcoin's core developers "have ignored what real Bitcoin users want."
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