Why Bitcoin's adoption of Ordinals and BRC-20 is saving it from irrelevance
Nic Carter from Castle Island Ventures and Elizabeth Olson, an Ordinals educator, discussed how the adoption of Ordinals and BRC-20 is saving Bitcoin from irrelevance in a recent panel titled “Bitcoin Renaissance” at Consensus, which took place today.
“I would actually argue to say that Ordinals and these fungible token standards, like runes, these are actually saving Bitcoin,” Olson said.
She pointed out that Bitcoin Ordinals, alongside runes and BRC-20, have incurred over $160 million in fees paid to miners, helping to secure the Bitcoin network.
Olson also mentioned the potential of OP_CAT , a protocol proposed by Satoshi Nakamoto himself, which could bring recursive covenants and a permissionless bridge with a two-way peg to Bitcoin by the end of the year.
Carter argued that Bitcoin’s success is not predetermined and that it needs to adapt to stay relevant.
“Bitcoin changes at an extremely slow rate. We don’t even know how to make changes now,” he said.
Carter believes that small incremental changes to Bitcoin, such as adding new opcodes like OP_CAT and Zk, could massively enhance its usability.
When asked about investments in the Bitcoin space, Carter mentioned that Castle Island Ventures is an investor in Babylon and three other Bitcoin L2s. He cautioned that while there has been a surge of interest in Bitcoin L2s, some projects may be opportunistic and lack the technological enabling factors to deliver on their claims.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Celestia Foundation secures $100M funding led by Bain Capital Crypto
Solana $180 price prediction faces risks as bull trap looms
5 US economic events that could impact Bitcoin this week
Bitget's wallet upgrade and suspension of deposits and withdrawals announcement
In order to provide a better user experience, Bitget will upgrade the wallet at 10:00 AM on September 25, 2024 (UTC+8), for an expected duration of 15 minutes. Please note that during this period, the effects will be as follows: 1. Suspension of deposits and withdrawals for all coins. 2. Addresses