Recently, Michael Saylor, the co-founder of MicroStrategy, the largest holder of Bitcoin (BTC), discussed the impact of Ordinals on Bitcoin mining and the power of inscription in a podcast with Patrick Bet-David of PBD Podcast. He stated that the growing interest in Ordinals has served as a catalyst for Bitcoin adoption. According to a CoinGape published description, “Bitcoin Ordinals are digital assets written on a Satoshi, the smallest Bitcoin unit (BTC), enabling the creation of non-fungible tokens (NFTs) on the Bitcoin blockchain.”
Proponents of Ordinals argue that they provide an additional layer of security and help make Bitcoin transactions more centralized. Furthermore, users can mint NFTs using the Ordinals protocol. Top crypto firms have announced their support for Bitcoin Ordinals. Last month, cryptocurrency exchange OKX introduced Ordinals to its wallet and the OKX NFT marketplace, making it the first multi-chain platform to facilitate the viewing and transferring of BTC Ordinals.
OKX users can now import their BTC wallets and view their Bitcoin Ordinals through a single wallet, compared to the previous requirement of managing them separately. Haider Rafique, Chief Marketing Officer at OKX, said, “We had to move fast to welcome the ordinals community and give them an easy way to store, manage, and soon mint ordinals within our wallet services”. Global leading cryptocurrency exchange Binance has also expressed its interest in supporting BTC Ordinals as it seeks to collaborate with more NFT projects.
On the other hand, Saylor acknowledged that there are other catalysts for Bitcoin adoption, such as bank failures, hyperinflation, and regulators referring to assets as commodities. He used the example of a company like MicroStrategy buying another $100 million worth of Bitcoin as another potential trigger for wider adoption. With the ongoing interest in Ordinals, it is evident that this new technology has the potential to greatly impact the crypto space.
While Bitcoin Ordinals are still relatively new and somewhat untested, their growing adoption by major cryptocurrency players highlights the potential they hold in enhancing the capabilities of Bitcoin and bringing in new users. As the crypto landscape evolves, it will be interesting to see how Bitcoin Ordinals develop and whether they can indeed serve as a catalyst for increased Bitcoin adoption or if they will merely serve as a niche player in the space. As with any new technological development, only time will tell if Ordinals can live up to their potential and transform the world of cryptocurrencies as we know it today.
Source: Coingape
