Bitcoin Community Erupts In Existential Debate Over NFT Project Ordinals

The protocol’s opponents argue that Ordinals will compete with traditional payment transactions by crowding blocks and driving up transaction fees. Rodarmor disagrees. “To that I say, well, there’s this fee market pricing mechanism that bitcoin has, that lets people pay the amount of fees according to how valuable doing the transaction is to them,” Rodarmor told CoinDesk in an interview. “And that applies both to financial transactions and to inscriptions. And so, the fee market already handles what people pay for transactions, what they think they’re worth and then miners just pick the transactions with the highest fees. So it all sort of fits into Bitcoin’s security and incentive model.”