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Will Bitcoin lose it's status of "Store of Value" Due to "Bitcoin Ordinals"?

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by COINS NEWS 87 Views

Will Bitcoin lose it's status of "Store of Value" Due to "Bitcoin Ordinals"?

As a frustrated Bitcoin enthusiast, I am deeply concerned about the impact that "Bitcoin Ordinals" are having on the world's most popular cryptocurrency. The problem with Bitcoin Ordinals is that they clog up the blockchain and create a backlog of unconfirmed transactions, which in turn causes a surge in transaction fees. This surge in fees makes it virtually impossible for regular users to send Bitcoin transactions, as the fees are simply too high.

Huge backlog of unconfirmed transactions

source: https://mempool.space/

This has left many users frustrated and unable to use Bitcoin for its intended purpose: as a decentralized, peer-to-peer digital currency.

Frustrated users complaining about Bitcoin network clogging

source: https://twitter.com/satoshinair/status/1655208977674764289

source: https://twitter.com/nanoseagull/status/1654853419268558850

In recent weeks, the impact of Bitcoin Ordinals has become particularly acute. Users have reported waiting for days to have their transactions confirmed, and some have even given up on Bitcoin altogether. This is a worrying trend, as it suggests that Bitcoin is losing its status as a reliable and efficient digital currency.

source: https://ycharts.com/indicators/bitcoin_average_transaction_fee

What's particularly frustrating about Bitcoin Ordinals is that they serve no useful purpose. They are simply a way for bad actors to clog up the network and artificially inflate transaction fees. This is in direct contrast to Bitcoin's intended purpose as a decentralized currency that is free from manipulation by central authorities.

Popular Bitcoin Ordinals marketplace

source: https://magiceden.io/ordinals

If Bitcoin is to maintain its status as a viable digital currency, something needs to be done about Bitcoin Ordinals. Developers need to find a way to prevent these transactions from clogging up the blockchain and inflating transaction fees. Failure to do so will only serve to further erode Bitcoin's reputation as a reliable and efficient "Store Of Value". If we continue to allow the blockchain to become cluttered with meaningless transactions, the only title that comes to mind is "Store of Junk". It maybe sounds harsh, but if we don't act on time, this could easily happen.

submitted by /u/ProudBitcoiner
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