News
First it was Bitcoin Ordinals, nonfungible tokens, which are the first bitcoin equivalent of ethereum nonfungible tokens, sometimes referred to as nfts or erc-20 tokens. but these on bitcoin were called brc-20 tokens and referred to as bitcoin nfts.
now the latest nonfungible bitcoin tokens called runes, have been released and the bitcoin blockchain is experiencing growing pains.
increased demand for any limited or finite resource, which block space is; limited and finite, increases it's value or price.
- in a smart move, these are new bitcoin nfts tokens were minted on on bitcoin halving day, a smart marketing move which enabled the developers to ride on the huge publicity news of the halving. thus they got lots of free press coverage and sell the tokens.
deja vu
- personally i had a strong sense of deja vu as bitcoin transaction fees rose to near ethereum like levels, as there was intense competition to publish or mint tokens or include transactions on the 840,000th block which officially marked the halving.
- and while many investors were disappointed at the higher fees and others dis-satisfied because they feel these nfts are a waste of block space. ..
- ... others are calling these nfts graffiti, worthless art created by unknown artists to annoy real bitcoiners.
- it is entertaining to see people who are normally strong proponents of free speech and the freedom of people to use blockchains and their stake free, suddenly turn their backs on these freedom concepts, when they don't agree with the speech or use case of the blockchain by others
- nothing tests your faith in free speech like speech you don't like or agree with..
- important point; i am not judging here, but just saying out loud what i think others are thinking..
- any way...
growing pain
- perhaps a good way to look at this that bitcoin's ecosystem is diversifying it's use cases and source of income.
- perhaps increasing the value and thus cost of block space at exactly the same time that payment by the blockchain was being cut in half is divine intervention or just the market proving proof of bitcoins potential economic viability after all minting of bitcoin stops, because as long as there are transaction there will be blocks make and payment to be earned.
- all in all i think it's good for bitcoin and good for crypto to find out this new use case, this new source of income and to learn that bitcoin is capable of change, and growth... bitcoin is alive, changing and growing, and that is a good thing.
- what do you think?