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1/ Debunking the Myth: Did Ordinals & BRC20 Break Bitcoin? ๐๐ก Let's dive into the facts and debunk some common misconceptions surrounding the impact of these protocols on the #Bitcoin network. ๐ง๐
2/ Chess Game Analogy: ๐ฒ Just like in a game of chess, players have different strategies & motives. Some spread fear, uncertainty, and doubt ๐จ, while others promote their own solutions. It's crucial to critically analyze the claims made by both sides. ๐ต๏ธโโ๏ธ #crypto
3/ State-Level-Attack: ๐ We've seen that a state-level attacker might need about $2 billion to come close to stifling the Bitcoin network. The network can adapt & grow, but this is definitely a concern. ๐ฌ #BitcoinSecurity
4/ Lightning Network & Channels: โก๏ธ The Lightning Network and payment channels have proven less effective for retail, trapping people's funds. The statement โBitcoin is 24/7โ doesn't hold true with Lightning. ๐ #LightningNetwork
5/ High Transaction Fees: ๐ธ With increased usage, transaction fees may rise, making Bitcoin less suitable for everyday payments. Without other solutions, the "fair cost" of a transaction when Bitcoin is actually used is around 10-20 USD. ๐ #BitcoinFees
6/ Tail-End Emissions & Uncapped Supply: ๐ Bitcoin's finite supply (capped at 21 million coins) could be slightly increased by tail-end emissions, potentially helping with fees. This likely won't harm Bitcoin's value proposition. ๐ #BitcoinSupply
7/ Block Size Debate: ๐ฌ The block size debate has been ongoing for years, with some advocating for larger blocks to accommodate more transactions. This debate will spark up again. ๐ฅ #BlocksizeDebate
8/ Centralization & Lack of Agility: ๐ Bitcoin's decentralized nature ensures that no single entity can control its development. However, this also means that "fast fixes" are not possible. ๐ #Decentralization
9/ In conclusion, Ordinals & BRC20 have not broken Bitcoin. The network continues to grow, adapt, and improve, addressing challenges along the way. ๐ฑ Stay informed and beware of baseless claims & misinformation. ๐ก๏ธ๐ง #BitcoinStrong
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