Charles Hoskinson, the creator of Cardano, has joined the ongoing discussion about Bitcoin Ordinals, which is an exciting new development in the world of cryptocurrencies.
During a recent Q&A session on YouTube, the tech entrepreneur, Charles Hoskinson, expressed his opinion on Bitcoin Ordinals, stating that they would be more suited for the Cardano ecosystem.
Hoskinson emphasized the superiority of Cardano’s ecosystem, highlighting that it provides a stronger framework. Bitcoin Ordinals involve labeling and adding extra information to each small unit of Bitcoin, known as satoshis. This process, also called “inscription,” enables the tracking and differentiation of individual satoshis as they are exchanged within the digital realm.
Bitcoin Ordinals have a special feature that allows them to hold various types of data, like text, images, or even secret codes, directly on the Bitcoin blockchain. You can create Bitcoin Ordinals by including this data in a transaction, and then you can buy, store, or even give them as presents. It’s important to note that when using Bitcoin Ordinals, the information you add must fit within a specific size limit. Unlike simple links, Bitcoin Ordinals themselves contain the actual information you want to store on the blockchain.
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Peter Schiff, who has been critical of Bitcoin for a long time, is now partnering with artist Market Price to create an NFT art collection on the Bitcoin blockchain. This collaboration represents a change in Schiff’s negative view of the cryptocurrency industry and highlights the increasing popularity of Bitcoin Ordinals.
Bitcoin Ordinals were initially created for the Bitcoin blockchain, but they can also be adapted for use on different blockchains, such as Ethereum or other blockchains that have originated from Bitcoin.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
