Welcome to another exciting episode of cryptocurrency discourse! Today, we are diving deep into the recent frenzy surrounding Bitcoin, particularly the hype around Ordinals and BRC-20 tokens. As per the latest updates, Bitcoin’s price has taken a downward slide, currently standing at a modest $26,723. But that’s not all that’s happening in the cryptosphere. Let’s unravel this story with the help of JAN3 CEO, Samson Mow.
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Bitcoin’s New Buzz: Ordinals and BRC-20 Tokens
Recently, the Bitcoin community has witnessed a surge in activities around Ordinals and BRC-20 – a revolutionary crypto technology enabling users to mint fungible and non-fungible tokens on the Bitcoin blockchain. This increased activity, however, is causing an unprecedented spike in transaction fees and consequently, clogging the Bitcoin network.
Unsustainable Trend: Samson Mow’s Take on the Matter
In an exclusive interview with Cointelegraph, JAN3 CEO Samson Mow expressed his views on this recent trend. According to Mow, this hype is short-lived and is set to “fade away in a matter of months.” He further points out that the massive fees generated by these activities are directly benefiting the Bitcoin miners, and such a trend cannot be sustained in the long run.
Ordinals: A Roadblock or a Boost?
While a significant part of the Bitcoin community sees Ordinals as a potential use-case to increase Bitcoin adoption, Mow begs to differ. He refers to them as spam that’s clogging the network and views them as short-term money grabs, akin to activities on competing chains like Ethereum and Solana.
Bitcoin’s Mass Adoption: A Different Perspective
Samson Mow envisions Bitcoin’s mass adoption differently. He believes Bitcoin will be widely accepted because of its use case as a savings technology and a medium of exchange. In his opinion, the so-called “people minting JPEGs and sticking them in the chain” will not contribute to Bitcoin’s long-term growth and acceptance.