The Bitcoin Ordinals Debate: To Fork or Not to Fork?

The latest update of Bitcoin Core, version 27, aims to remove Ordinals from the Bitcoin blockchain. Those in favor of this change should split off into their own separate chain.

Bitcoin Ordinals supporters should call for a fresh Bitcoin fork.

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Bitcoin Ordinals, the hot topic of 2023, have caused quite a stir in the Bitcoin community. This debate over non-fungible tokens (NFTs) on the Bitcoin blockchain has divided enthusiasts, reminding us of the great Bitcoin block size debate of 2016. But what exactly are Ordinals, and why are they causing such a fuss?

What are Bitcoin Ordinals?

Bitcoin Ordinals are NFTs that exist on the Bitcoin blockchain. They represent unique digital assets, ranging from artwork to collectibles, and are seen by some as a form of innovation in the space. However, not everyone shares this enthusiasm.

The Divide in the Bitcoin Community

Just as Wall Street prepares to introduce Bitcoin ETFs, the Bitcoin Ordinals debate threatens to splinter the community. On one side, Bitcoin maximalists argue that Ordinals undermine Bitcoin’s function as a store of value or medium of exchange. They see Ordinals as a bug in the system, or even as an attack on the protocol itself.

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Proponents of Ordinals, on the other hand, believe that these unique digital assets are a result of protocol changes made by core developers. They point out that upgrades like Segregated Witness (SegWit) and Taproot have enabled the existence of Ordinals in the first place. To them, Ordinals represent innovation and progress.

The Proposal: To Fork or Not to Fork?

With the divide growing wider, some Bitcoin Ordinal supporters are considering a hard fork of Bitcoin as a way to maintain their NFT dreams without risking their collectibles being nullified by Bitcoin core developers. A hard fork occurs when a blockchain splits into two, with the original chain continuing as it is and a new fork emerging with protocol changes.

In the case of Bitcoin Cash (BCH) and Bitcoin SV (BSV), these forks were driven by a belief that increasing the block size was necessary for scalability. Both communities argued that this was the only path forward, and they rebranded themselves as the “real” Bitcoin.

The Role of Bitcoin Core Developers

Bitcoin core developers have not stood idly by during the Ordinals debate. They plan to release Bitcoin Core v27, which would make it impossible to add new Ordinals to the Bitcoin blockchain. This move aims to repair what they perceive as a bug in the protocol. However, existing Ordinals would still remain intact.

This situation highlights that developers and nodes, rather than Ordinals buyers and miners, hold the ultimate power over Bitcoin’s protocol. It’s a reminder that the community’s influence doesn’t solely rest on the popularity of a specific concept or asset.

The Forking Solution: A Bitcoin Ordinals Chain

Instead of fighting against the general consensus of the Bitcoin community, the proponents of Bitcoin Ordinals could follow the examples set by Bitcoin Cash and Bitcoin SV. By forking and creating a separate Bitcoin Ordinals chain, they can preserve their vision without worrying about the core developers nullifying their efforts.

Both Bitcoin Cash and Bitcoin SV opted for hard forks because the Bitcoin community was against drastic changes to the protocol. This is an opportunity for the Bitcoin Ordinal camp to create something of their own, just like their predecessors did.

The Future Outlook for Bitcoin Ordinals

As the Ordinals debate continues, the Bitcoin community finds itself at a critical juncture. The infighting not only displays a level of immaturity but also jeopardizes the core principles of Bitcoin, such as decentralization and financial sovereignty, as institutional money pours into the space.

Now is the time for unity. Now is the time for another hard fork, not to spark yet another heated debate over block size, but to preserve Bitcoin as the world’s digital gold and electronic cash. A Bitcoin Ordinals chain has a higher chance of success and acceptance, especially considering the transaction fee increase experienced by miners as Ordinals gained popularity.

Q&A

Q: Are Bitcoin Ordinals only digital artwork?

A: No, Bitcoin Ordinals can represent any unique digital asset, from digital artwork to collectibles and more.

Q: What are the key differences between Bitcoin Cash, Bitcoin SV, and Bitcoin Ordinals?

A: Bitcoin Cash and Bitcoin SV are both forks of Bitcoin. Bitcoin Cash focuses on increasing the block size for better scalability, while Bitcoin SV further builds on the ideas set by Bitcoin Cash. Bitcoin Ordinals, on the other hand, represent a specific type of unique digital assets existing on the Bitcoin blockchain.

Q: Is there a specific date for the release of Bitcoin Core v27?

A: The exact release date of Bitcoin Core v27 has not been announced yet. It is currently in development, which demonstrates the ongoing efforts of developers to shape Bitcoin’s protocol.

Conclusion

The Bitcoin Ordinals debate has sparked heated discussions within the Bitcoin community. The question now is whether to fork or not to fork. While Bitcoin maximalists see Ordinals as a threat to Bitcoin’s core principles, supporters argue that they represent innovation.

In this crucial moment, unity is key. By creating a separate Bitcoin Ordinals chain through a hard fork, the community can preserve the ideals of decentralization and financial sovereignty. However, the success of such a venture depends on cooperation and acceptance from both sides.

The Bitcoin Ordinals debate is far from settled, but with open dialogue and a willingness to explore different possibilities, the Bitcoin community can continue to evolve and adapt in the ever-changing landscape of digital assets.

📚 References:

1. NFTs Make a Comeback in 2024: Link
2. The Great Bitcoin Block Size Debate: Link
3. Bitcoin Price Regains Strength, BTC to Remain in Range in 2024: Link
4. Bitcoin SV (BSV) Ushers in 2024 with a 110% Bang: Link
5. Bitcoin Miner Core Scientific Completes $55M Equity Offering: Link
6. Standard Chartered Tips $200K for Bitcoin Late 2025 if ETFs Are Approved: Link

🗣️ What are your thoughts on the Bitcoin Ordinals debate? Do you think a hard fork is the right solution? Share your opinions in the comments below and join the conversation! Don’t forget to share this article with your friends and followers on social media. Let’s spread the knowledge and ignite the discussion!

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