Bitcoin Ordinals burst onto the scene in 2023 essentially as nonfungible tokens (NFTs) on the Bitcoin blockchain. The ensuing debate over Ordinals created a considerable fissure in the Bitcoin community, which had been relatively united since the great Bitcoin block size debate of 2016.

Rather than risk splintering the Bitcoin community into factions just as massive Wall Street firms gear up to issue Bitcoin ETFs, Bitcoin Ordinal supporters might consider a hard fork of Bitcoin (BTC) similar to Bitcoin Cash (BCH) and Bitcoin SV (BSV) so as to keep their NFT on-chain dream alive without the risk of their collectibles being nullified by Bitcoin core developers. 

Hard forks occur when a blockchain splits into two. The original fork continues on as the pre-existing protocol and ledger. In this case, there would be no Ordinals moving forward on the original chain. The new fork changes the protocol in some way–such as an increase in block size–and then rolls it out as a coin oftentimes proclaiming to be the real Bitcoin as Satoshi Nakamoto envisioned.

Related: Bitcoin is evolving into a multiasset network

For instance, Bitcoin Cash forked from Bitcoin, while Bitcoin SV forked from Bitcoin Cash. Both the Bitcoin Cash and Bitcoin SV communities argue that Satoshi saw increased block size as the only way forward for scalability.

The Bitcoin Ordinals debate of 2023-2024

Today’s debate around Bitcoin and Bitcoin Ordinals involves two entrenched factions. In one corner, Bitcoin maximalists argue that Ordinals undermine Bitcoin’s preeminent use as digital gold or electronic currency. They view Ordinals as a bug or even an outright attack on the Bitcoin protocol.

PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Co

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Author: Kadan Stadelmann

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