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Michael Saylor, the co-creator and CEO of MicroStrategy, has emerged as one of the few influential Bitcoin champions publicly endorsing Ordinals. Ordinals have almost the same concept as Non-Fungible Tokens (NFTs), predominantly operating on Ethereum. The uniqueness of inscriptions is their ability to incorporate non-monetary and arbitrary details, like visuals, into the Bitcoin blockchain. The BRC-20, a tentative framework for devising fungible tokens on Bitcoin using the Ordinals protocol, is an intriguing example of Bitcoin's innovation.
Recently, Ordinals and BRC-20 tokens have been the talk of the town as transaction fees have soared, sparking vibrant debates among Bitcoin enthusiasts regarding the possibility of a network attack and the need to monitor these transactions.
At the recent Bitcoin 2023 conference in Miami, Saylor discussed Ordinals, BRC-20 inscriptions, and the implications of them being unregistered securities in a conversation with Decrypt. Saylor perceives Ordinals as a beneficial addition to the Bitcoin network, but he also remarked that many of the initial applications "don't hold much gravity" and lean towards speculation.
Bitcoin Frogs, a derivative of the Pepe the Frog meme coin frenzy that has swept the NFT community, is among the best-performing Bitcoin Ordinals collections, as reported by CryptoSlam. Saylor argues that there's no reason for concern if these are issued and managed ethically and lawfully. It fundamentally boils down to how these are used and perceived.
Echoing the sentiment of many Bitcoin enthusiasts, Saylor advocates for a laissez-faire approach where individuals should invest in what resonates with them and are at liberty to critique what they deem absurd but should not actively suppress such endeavors.
Despite apprehensions around potential unauthorized security offerings and stern opposition from segments of the Bitcoin community, Saylor stands firmly against regulating Ordinal transactions on the Bitcoin network.
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