© Reuters.
The cryptocurrency community is witnessing a surge in discussion around the Bitcoin Ordinals protocol, which has gained notable support from industry figures while facing some skepticism due to potential impacts on the network. Key advocates like Udi Wertheimer and Michael Saylor have recently voiced their support for the protocol, highlighting its innovative approach and possible benefits for the Bitcoin ecosystem.
Wertheimer encouraged experimentation with the protocol, suggesting it could lead to new developments in space. Saylor, known for his bullish stance on bitcoin, praised Ordinals for its ability to attract new talent and reinvigorate mining operations. This praise comes as the protocol sees a significant increase in value since its introduction in early 2023.
However, the protocol is not without criticism. Jimmy Song, a prominent representative of the cryptocurrency community, expressed concern that Ordinals is taking advantage of Bitcoin’s credibility. He also highlighted potential issues that could arise from its use, such as network congestion and increased transaction fees. These concerns have given rise to speculation about a possible fork of the Bitcoin network in 2024, although the community remains divided on the likelihood and potential impact of such an event.
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