Ordinals: Beneficial or Detrimental for Bitcoin?

Honestly, I think ordinals are kind of a mixed bag for Bitcoin. On one side, they spark innovation and let users explore new ways to use the Bitcoin blockchain beyond just basic money transfers. Folks are getting creative with art, NFTs, and even storing data right on-chain, which some argue adds a new layer of value to Bitcoin. But there’s a downside too. Ordinals are taking up more block space and making transaction fees go up, which might end up pushing away everyday users who just want to send or receive BTC. Plus, it raises questions about whether Bitcoin is losing sight of its original goal as a peer-to-peer cash system. So, are they a net positive or a negative? Honestly, it really comes down to how much you prioritize innovation over tradition. Some think it’s Bitcoin evolving, while others see it as a distraction. The discussion is definitely ongoing, and that’s probably a good sign. It shows the community still really cares about the direction we're headed.

There's nothing good with the new invention aka ordinal to Bitcoin ecosystem, it just fulfill the satisfaction of the developer who create this experiment, without thinking about the harm they created. It's not only make the transaction fee more expensive, it harms the Bitcoin's utility to be a currency, a currency must be fungible. Bitcoin is fungible, there are no difference between this coins and that coins, the value is same.

Ordinals are good for developers to make money while some novices will suffer the losses just like other altcoins pump and dump schemes. You will see their prices go up and later go down than expected. You can check the price of Ordi, Sats and Rats to confirm this. That is the fungible part. For the nonfungible part which are the NFTs, I do not know much about them, but what I know is that the NFTs and the BRC20 spammed the network until their prices fell and their trading volume significantly reduced. Maybe if bitcoin developers can have two separate mempools. One for bitcoin and the other for the tokens, maybe they can be good. But as for how it is with one mempool, I do not think they are good for bitcoin.

Let me start sigh bitcoin network should be left at it is. I know most people will argue that ordinals actually fills up bitcoin network and this generates more incentives for the bitcoin miners but bitcoin network isn’t only about making miners happy alone even though they are strong element in the ecosystem. Having ordinals on the bitcoin network actually increases the transaction fee, causing scalability issue and discouraging P2P transactions which was the reason for bitcoin at first, this actually drives away genuine users from the bitcoin network. Ordinals might have been put out to actually add innovation to the network as they claimed but that’s just not true it is just a way to promote another scam like we had with hard forks because at the end most of the ordinal users are simply here to spam the network and make quick money from there art sales. For me I don’t mind having ordinals or any inscriptions but it shouldn’t be on bitcoin network. Bitcoin network should be left alone like it was first designed and only soft forks to make it more scalable for bitcoin transactions should be made

It's not innovative or new. Older protocol/idea such as OmniLayer and Colored Coins already let you create token or NFT. And to store data, people already can do it using OP_RETURN directly. People could just one of Bitcoin layer 2 or sidechain for those purposes (NFT, token, data storage and other non-financial usage), so i would say it leans towards bad.

I have read somewhere that Ethereum type of dapps to be developed into bitcoin's network to be having tokens into bitcoin ecosystem. I am not sure about its development but you are sounding like similar to that. Moreover what is Ordinal? I am sure this is the first time I am seeing that the term ordinals is being used in crypto space referring to side chain type of developments. I do not think that bitcoin needs any further development beyond its current state. It means, I wish bitcoin to stay as a currency or asset and nothing more than that. If you allow room for innovation within bitcoin ecosystem, then bitcoin network will look like something which is for tech people whereas I wish bitcoin to remain like a SWIFT network where banks and governments participate. I mean bitcoin is into finance world but you ask for bitcoin to be computer programmers'. I agree bitcoin was developed by tech people but it is for financial world and should not stay for technological experiments.

I doubt that would ever happen. Dev can't be that stupid right? Right? Let's leave Dapps and the likes for Ethereum and it's counterparts Bitcoin should be simple and secured. Let them improve on what it already has first before thinking of going off the rail Specialization has its strength.   The truth is everything comes with a cost. What we weigh is if the cost is what the returns And in the case of ordinals the sentiment is divided and subjective.

I do say this, there are times we just have to look more critically over a situation before drawing on a conclusion, instead we need to consider other factors that may help us find more from what we anticipate for before drawing on a conclusion, let's say if the disadvantage of this is because it affects the cost to making a transaction as a result of competitiveness on which to get there first, we should also look on the benefits on increasing in the utility for the block space, than when it has been left alone, so everything works together for good.

Entire ordinal ecosystem is like meme, just speculation without any meaningful usage, the fee was spiking everytime there's minting event because people thought they could multiply their money and willing to get ahead of others and this trigger chain reaction. Now that the bitcoin's blockchain fee is already very cheap after ordinal loses its hype. The blockchain become functional again. Personally I think it's bad, don't know about other people.

I think since 2017, most people only use Bitcoin for large transactions and thats about it. Most people have moved on to Ethereum and when that got expensive they moved on to L2 networks like Arbitrium or Polygon or even Solana. Making a transaction on Solana is super fast, same with Arbitrium and it costs about a penny. And this is what most people want who do micro transactions or trading onchain. So I think Ordinals are good but I just dont see there being much demand really.

I'm not that familiar with Ordinals to be honest, however, isn't it what it cause the network to be congested about the same time last year and continue to do so early in January? So it leave a bad taste for Bitcoin enthusiast although it might have exposed some loophole on the system (I remember this is their reasoning for taking advantage of the network). But they're gone now, so it was just another hype job and Bitcoin networks right now have low fees, even lower than Ethereum. And with that, I can only say that they are bad for our ecosystem and I don't think that they really add any value to the Bitcoin ecosystem. And I'm just wondering though why suddenly we have this kind of thread as they have been forgotten already.