Wednesday, November 29, 2023

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    Ordinals and BRC-20 Tokens – A Dying Trend or a Sustainable Future? An Exclusive Insight with JAN3 CEO Samson Mow

    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.

    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.

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