Image: Bitcoin is moving away from its legacy concept, and Bitcoin maximalists are sceptical
Can we keep Bitcoin’s core values intact while adapting to new tech demands? Humankind’s history tells us that it is challenging to make changes that everyone can agree on
The first cryptocurrency, Bitcoin (BTC), has come a long way since its
As Bitcoin’s network grows, new solutions like layer 2s, Runes, and Ordinals, among others, are popping up. These additions aim to empower the network to handle more transactions and become more inclusive towards its diverse users’ needs.
However, not everyone in the Bitcoin community is happy about these changes.
The Promise of Layer 2 Solutions
Layer 2 solutions have been a big step forward for Bitcoin–and a big promise. They work on top of the existing Bitcoin network to speed up transactions and make them more efficient without changing the system's basic rules–a method set to reduce traffic and speed up the whole process.
The main benefit of layer 2 solutions is that they allow the Bitcoin network to handle more transactions every second than it could before. This is critical to extending Bitcoin's adoption as a way of doing daily transactions globally.
The
Ordinals: A New Twist for For The Network
Ordinals are a fresh addition to the Bitcoin network. They offer a way to assign unique numbers to individual satoshis—the tiniest part of Bitcoin. This lets users add extra details to satoshis, turning them into non-fungible tokens on the Bitcoin network–‘Bitcoin NFTs’.
For example, Ordinals can help in creating secure digital IDs, and making online sign-ups, log-ins, and interactions safer and quicker. They can also turn real-world assets into tokens on the blockchain, making buying and selling more straightforward and efficient.
However, introducing ordinals comes with challenges. Adding extra data could make Bitcoin's blocks bigger and slow down transactions, especially when the amount of users is constantly growing.
Runes: A Different Direction to Bitcoin’s Legacy Approach
Bitcoin Runes has revolutionised the network's use. With Runes, users can easily launch their decentralised communities (DAOs), using tokens to represent items in games or initiate new memecoins.
Runes are simpler than the
Plus, Runes is compatible with Bitcoin’s Lightning network, which provides efficient and inexpensive transactions, thus relieving the main Bitcoin network and helping attract more users.
Where Bitcoin Maximalists Stand
Bitcoin maximalists stick closely to Bitcoin’s legacy concept and are sceptical of new changes like Ordinals or Runes. They argue that Bitcoin’s creator, Satoshi Nakamoto, initially intended the blockchain to be a simple, decentralised way for people to send money to each other without needing a middleman. Over the years, Bitcoin has even become a way to protect money from inflation, earning it the nickname "digital gold."
Maximalists believe that adding layers like Ordinals could make Bitcoin too centralised, with too much power in the hands of a few. They also argue that these extras water down Bitcoin's main concept as a safe, straightforward place to keep value.
While some think new features are essential for Bitcoin to stay relevant, others want to keep it pure and simple. Can we keep Bitcoin’s core values intact while adapting to new tech demands? Humankind’s history tells us that it is challenging to make changes that everyone can agree on.
Moving Forward
Despite 2022 being one of the coldest crypto winters ever, Bitcoin and the biggest cryptocurrencies have already started making steps forward. New concepts, including
Bitcoin’s future is rather ambiguous. It has the potential for massive growth while facing many challenges. Its future success will depend on its ability to address challenges and grab opportunities while remaining true to its original nature.