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Kurt Wuckert Jr. appeared on the Morgan Report to discuss Ordinals and Bitcoins role in revitalizing the non-fungible token (NFT) market. Of course, he covered more ground than that in this latest interview.

NFTs on BTCthanks, Casey Rodarmor!

Morgan begins by noting that Wuckert was the most requested guest to return to the podcast by viewers. He says he intentionally held off on having him back as he wanted to make the podcast as valuable as possible and was waiting for the right moment.

Wuckert dives right in, saying that the NFT craze is the big thing that made Ethereum blow upsome of them were selling for millions of dollars. He points out that, on Ethereum, users cant store theirNFTswhich have to sit on separate servers due to the technical limitations of that blockchain.

After the frenzy, people presumed the NFT market had gone away, and in many ways, it did, Wuckert says. However, theres a lot of potential utility to NFTs that this immature market hasnt yet explored.

More recently, BTC developerCasey Rodarmor came up with Ordinals inspections on the BTC blockchain. He realized he could inscribe artwork directly on satoshis, storing it on the blockchain and making it immutable.

Now your artwork is as immutable as the blockchain itself, he says, noting that this has caused a huge stir, and many are asking fundamental questions about tokens, NFTs, and whats possible on Bitcoin again.This is causing tensionbetween those whosee BTC as digital goldand those who are interested in what else it can do.

A brief look at the wider digital currency industry

Morgan then asks Wuckert for his thoughts on the recent BTC price move upwards and the value of XRP. He is interested in both and wants to hear Wuckerts opinion.

Handling the BTC price move first, Wuckert believes its a suckers rally. He cant see where the money is coming from to kick off a bull market when interest rates are so high, BRICS nations are attacking the dollar, and were on the precipice of a major global conflict. In short, the macro conditions arent favorable to a new bull market right now, and the maximalists calling for it have a track record of being wrong.

What about XRP? Wuckert notes that Ripple (the company) preceded Bitcoin and was even mentioned by Satoshi Nakamoto in the early days. However, while he thinks Ripple has some interesting technology, he doesnt see the need for XRP, which has done little other than enrich Ripple executives,hence the lawsuit with the SEC. He says that Bitcoin should try to compete with Ripple in the areas they are interested in, such as remittances, settlements, and small payments.

Having said this, Wuckert notes that BTC is incapable of competing with Ripple in the aforementioned areas. Hes a miner onBitcoin SV, which has much faster payments with lower fees. If any blockchain can compete, its BSV, and Wuckert is betting with his reputation and his money that it will.

Are the regulators taking crypto-friendly banks down?

Morgan notes the recent failure of banks like Signature, Silvergate and Silicon Valley Bank and wonders if theres a conspiracy to get crypto out of the way.

Wuckert asks a return question, who are the banks? He notes that there are factions, and banks like JP Morgan (NASDAQ: JPM) can hardly be classified as the same as the others. He notes that the same factions exist within the regulator camps, with different agencies stating different opinions. For example, theCommodity Futures Trading Commission (CFTC) has said Ethereum is a commodity, whereas the SEC is leaning towards classifying it as a security.

Wuckert also points out that, as the traveling circus of crypto goes from town to town, robbing people blind, it makes it more difficult for libertarians such as himself to make a case for a light-touch or relatively hands-off approach to the industry. Likewise, as the years roll by, the chance forBitcoin to disrupt paymentsand create change is slipping away; whereas it was compelling in 2008, its now facing competition from a multitude of apps like Venmo.

Speaking briefly oncentral bank digital currencies(CBDCs), Wuckert says they have only entered the conversation because Bitcoin has failed to disrupt payments meaningfully. For him, CBDCs are the worst of both worlds.

On the pointlessness and absurdity of maximalism

Morgan states his opinion that maximalism of any kind is pointless. He wants to know Wuckerts thoughts on it.

Wuckert says hes a Bitcoin maximalist, but not in the typical way. In fact, many typical BTC maximalists would consider him a Judas and a traitor. He views Bitcoin as a valuable attestation tool and source of truth.

However, he agrees that BTC maximalism is absurd. The vision some of them promote is dystopian and cant exist unless the world collapses, and thats not to anyones benefit.

In summary, Wuckert says weve wasted a lot of time, but theres still time to pull off theBitcoin revolution. Hes deeply invested and hopes it works out, but he says its important to hedge and remember you might be wrong. In closing, he encourages everyone to invest in themselves and their skills because that way, youre never really out of the game.

Watch: On the very start of Bitcoin

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

Link:

Bitcoin and NFTs collide: Kurt Wuckert Jr. talks to the Morgan Report - CoinGeek

In today's fast-paced and ever-changing world, achieving financial freedom is a dream that many aspire to. With the rise of digital currencies, such as Bitcoin, a new investment strategy has emerged: holding Bitcoin for the long term. This article will explore why holding Bitcoin can be the key to financial freedom and how it can revolutionize your approach to wealth-building.

Understanding Bitcoin

Bitcoin, often referred to as a digital or cryptocurrency, is a decentralized form of currency that operates on a peer-to-peer network. In 2009, it was created by an unknown individual or group using the pseudonym Satoshi Nakamoto. Based on blockchain technology, it aims to ensure transparency, security and immutability of transactions.

Over the years, Bitcoin has gained widespread adoption and has shown significant growth in value. As of this article, Bitcoin has reached an all-time high in terms of its market capitalization, surpassing traditional financial institutions and gaining recognition from major companies and investors.

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Concept of holding Bitcoin

Once you buy Bitcoin with a credit card, there are various approaches, including short-term trading, day trading or long-term holding. While short-term trading can be lucrative for some, it requires constant monitoring, technical analysis and a high tolerance for risk. On the other hand, holding Bitcoin for the long term can offer a more passive and strategic approach to building wealth.

Holding Bitcoin involves purchasing Bitcoin with the intention of keeping it for an extended period, typically years, rather than frequently buying and selling based on short-term market fluctuations. This strategy is based on the belief that Bitcoin has the potential for long-term appreciation in value, driven by its scarcity, utility and growing acceptance worldwide.

Why holding Bitcoin can offer potential benefits for long-term investment and wealth-building strategies

One of the main reasons why holding Bitcoin can be the key to financial freedom is its unique characteristics as a store of value. Unlike traditional fiat currencies, such as the U.S. dollar or the Euro, which can be subject to inflation and depreciation, Bitcoin's limited supply may offer protection against inflation and depreciation of fiat currencies. With a limited supply of 21 million Bitcoins, its scarcity and mathematical scarcity make it an attractive option for hedging against inflation and preserving wealth.

While short-term trading can be lucrative for some, it requires constant monitoring, technical analysis and a high tolerance for risk. On the other hand, holding Bitcoin for the long term can offer a more passive and strategic approach to building wealth. Bitcoin may offer potential benefits as part of a diversified investment portfolio, but investors should also consider the potential risks and uncertainties associated with this emerging asset class. These risks may include market volatility, regulatory uncertainty and potential security breaches, among others.

In addition, holding Bitcoin can offer diversification benefits to an investment portfolio. Traditional investment assets, such as stocks, bonds or real estate, are subject to market fluctuations and risks that can affect the overall performance of a portfolio. By adding Bitcoin to a diversified investment portfolio, investors can reduce the risk of over-reliance on traditional assets and potentially enhance their overall returns.

Overcoming common misconceptions about Bitcoin

Despite its growing popularity, Bitcoin still faces misconceptions and skepticism from some individuals. Concerns about its volatility, risks and legitimacy are often cited as reasons to avoid holding Bitcoin. However, it's important to note that Bitcoin has come a long way since its early days and has gained significant mainstream acceptance.

While it's true that Bitcoin can experience short-term price volatility, especially in an emerging and relatively unregulated market, its long-term trajectory has been positive. Many experts argue that the risks associated with Bitcoin can be mitigated through careful planning, education and risk management strategies. At the same time, it is important for investors to acknowledge that Bitcoin has faced criticism and concerns from some investors and regulators. It is crucial for investors to educate themselves about the potential risks and uncertainties of investing in this asset class. Some concerns may include its volatile price movements, the potential for fraud or market manipulation and the lack of a clear regulatory framework in some jurisdictions.

Conclusion

Holding Bitcoin can be the key to financial freedom, offering the potential for wealth accumulation, diversification and a hedge against inflation. Despite misconceptions and risks associated with Bitcoin, its growing acceptance, increasing institutional adoption and historical price appreciation make it a compelling investment option for those looking to achieve financial freedom. By educating yourself, developing a strategic plan, practicing risk management and taking a long-term investment approach, you can unlock the potential of holding Bitcoin and embark on a path toward financial freedom.

This content is for informational purposes only and should not be construed as financial advice.

Lee Enterprises newsroom and editorial were not involved in the creation of this content.

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Exploring the benefits of holding Bitcoin for long-term investment - The Daily Progress

According to Michael Saylor, the co-founder and Executive Chairman of MicroStrategy, the company is not only aware of Ordinals but also intrigued by the protocols potential to spark software innovation. Saylor emphasized that the protocol, which has generated significant excitement within the Bitcoin community, has caught MicroStrategys attention as a possible catalyst for groundbreaking advancements in software development.

During an exclusive interview at Bitcoin 2023 in Miami, Michael Saylor revealed that MicroStrategy is actively examining Ordinals and evaluating its potential impact on application development. Saylor emphasized the companys focus on assessing how Ordinals could be leveraged to drive advancements in the field of software development.

Ordinals, which debuted in January, have gained popularity as a means to create Bitcoin-based assets similar to NFTs. Although the community has not fully embraced the protocol, it has sparked a fresh wave of experimentation with the original cryptocurrency, encouraging new possibilities and avenues for exploration.

A recent advancement in the field involves the utilization of Ordinals to develop a pioneering framework for constructing tokens on the Bitcoin network. This innovative approach was first introduced by an anonymous on-chain data enthusiast named Domo in early March. Since then, numerous other tokens known as BRC-20 tokens have emerged, with thousands being created in a short span of time.

The surge in transactions, partly attributed to the utilization of Ordinals, has contributed to increased transaction fees on the network. This development has proven advantageous for Bitcoin miners, as they earn transaction fees for securing the network. However, many community members have expressed concerns that these high fees hinder the use of Bitcoin as a peer-to-peer electronic cash system, as originally intended by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.

According to Saylor, the dialogue surrounding Ordinals holds significance because the long-term success of Bitcoin miners is crucial. Furthermore, he highlighted that the development of applications leveraging capabilities has the potential to enhance the overall adoption of the cryptocurrency by individuals, businesses, and even governments.

Although Michael Saylor did not explicitly mention the specific use cases that MicroStrategy is exploring with Ordinals, he acknowledged that the ability to store data on Bitcoins blockchain beyond traditional transactions holds immense potential for various applications. Saylor highlighted the concept of burning data on the blockchain, which opens up possibilities such as storing digital signatures, registrations, or even hashed documents.

This indicates that MicroStrategy is considering diverse applications that leverage the capability of Ordinals to incorporate and authenticate different types of data on the Bitcoin blockchain.

When discussing corporate security, Michael Saylor referred to DocuSign, a platform that enables secure agreement signing using electronic signatures for businesses and individuals. However, Saylor pointed out that such mega corporations currently rely on a proprietary database for their operations.

Saylor highlighted the disparity in security levels between enterprises and Bitcoin, stating that the existing security measures in enterprises are comparatively weaker. He suggested that innovative applications utilizing the worlds largest cryptocurrency could potentially introduce an unprecedented level of security, providing companies with enhanced protection that is currently unavailable to them. This implies that Bitcoin-based solutions have the potential to revolutionize corporate security and offer novel security measures not presently in existence.

Saylors recent statements follow his previous characterization of Ordinals as a catalyst for Bitcoin adoption during an episode of the PBD Podcast just a week ago. However, he also recognizes that Ordinals have been utilized for various frivolous purposes.

During the Miami event, Saylor emphasized the importance of allowing criticism for things that are considered silly, but without resorting to censorship. He suggested that while certain applications of Ordinals may not be widely appreciated, it is crucial to maintain an open dialogue and refrain from stifling innovation in the cryptocurrency space.

Saylor refrained from making predictions about the eventual triumph of any particular protocol. However, he strongly expressed his opposition to modifying Bitcoin in a way that would enable censorship of specific uses. This sentiment was in response to the actions of a group of core Bitcoin developers, led by Luke Dashjr, who considered Ordinals as spam and sought to filter them out of transactions.

According to Saylor, altering the Bitcoin protocol to restrict certain individuals from utilizing the cryptocurrency goes against the fundamental values of the community. He firmly believes in the concept of having rules without the need for rulers, emphasizing the importance of maintaining the decentralized and inclusive nature of Bitcoin.

Originally posted here:

Michael Saylor Highlights Bitcoin Ordinals' Role In MicroStrategy's App Development Vision - TronWeekly

The rise of meme coins in the crypto space has been a fairly recent phenomenon, and Shiba Inus (SHIB) latest achievement of overtaking Bitcoin (BTC) in trending searches highlights their growing significance. DogeMiyagi (MIYAGI) is another meme-inspired cryptocurrency that is coming up in the ranks despite its new entry.

Meme coins are essentially cryptocurrencies that are inspired by internet memes and often have no practical use case. Despite this, they have captured the attention of many investors due to their low prices and potential for significant gains.

Shiba Inu continues to dominate the crypto space with its latest achievement of claiming the top spot in LunarCrushs Top 10 Trending Searches, surpassing both PEPE Coin and Bitcoin. This meme-inspired cryptocurrency has been gaining popularity, and its active community on social media platforms has played a significant role in its success.

Meanwhile, Bitcoin, one of the most well-known and established cryptocurrencies, was placed in the third spot on the list. Bitcoin was created in 2009 by an unknown individual or group under the pseudonym Satoshi Nakamoto. It was designed to be a decentralized digital currency that can be used for peer-to-peer transactions without the need for intermediaries like banks or governments.

Despite BTCs popularity and widespread adoption, its value has been known to fluctuate significantly, with some investors considering it to be a volatile asset. Shiba Inu, on the other hand, has been gaining attention due to its relatively low price and potential for significant gains.

Meme coins have gained popularity due to the hype generated by their active communities on social media platforms. For instance, Shiba Inu has a large and active community on Twitter and Reddit, which has played a significant role in its recent success. The communitys efforts have been directed towards promoting the coin and getting it listed on various exchanges, which has helped to increase its value.

The success of Shiba Inu and other meme coins demonstrates that investors are looking beyond traditional cryptocurrencies like Bitcoin and Ethereum and are willing to invest in newer and more speculative assets. This trend can be attributed to the growing interest in the crypto space, which has attracted new investors who are looking for the next big thing.

DogeMiyagi is a meme-inspired cryptocurrency that is making waves in crypto space. It is an ERC-20 token that operates on the Ethereum blockchain and offers two primary services: the Killer Swap Machine and DogeMiyagi NFTs.

One of the most exciting things about DogeMiyagi is its potential to replicate the success of Shiba Inu. Both cryptocurrencies are meme-inspired and have gained significant attention from investors due to their low prices and potential for significant gains.

However, DogeMiyagi has a unique edge over other cryptocurrencies. Its Killer Swap Machine is a decentralized exchange tool that allows for instantaneous transfers between multiple ERC-20 tokens and Ethereum. This tool allows users to link their decentralized wallets, such as MetaMask, and exchange tokens effortlessly. The DogeMiyagi team is also developing a private NFT club that will provide members access to exclusive benefits and an immersive experience.

The rise of meme-inspired cryptocurrencies like Shiba Inu and DogeMiyagi highlights the growing interest in the crypto space and the willingness of investors to invest in newer and more speculative assets.

Overall, the potential for DogeMiyagi to replicate the success of Shiba Inu is promising. With its unique services and growing community, it has the potential to become a leading meme-inspired cryptocurrency in the market. Investors and enthusiasts alike should keep an eye on DogeMiyagis development and see how it will impact the crypto space.

DogeMiyagi:

Website: https://dogemiyagi.com

Twitter: https://twitter.com/_Dogemiyagi_

Telegram: https://t.me/dogemiyagi

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Shiba Inu Surpasses Bitcoin In LunarCrush's Top Trending ... - Analytics Insight

The emergence of the Ordinals protocol has transformed Bitcoin from a somewhat stale single-asset chain into something much more exciting.

However, this newfound excitement has sparked pushback from laser-eyed purists, who argue that BTC was not intended for non-monetary transactions some going as far as calling the protocol a spam attack on the network.

Brushing aside the protests, Ordinals Capitalists say a permissionless system also includes the liberty to utilize Bitcoin in any manner one chooses. They accuse purists of attempting to spoil their fun.

The divergent viewpoints have set the stage for a potential chain split which ultimately serves no ones best interest.

The Taproot soft fork was rolled out in November 2021. At the time, it was primarily regarded as an upgrade to improve network security, efficiency, and scalability. However, it also enabled executable commands and the implementation of certain scripts thus laying the foundation for Ethereum-like functionality such as smart contracts and dApps.

In January, the impact of this additional Ethereum-like functionality began to take shape as developer Casey Rodarmor released Ordinals. This protocol allows for each of the 100,000,000 satoshis in a Bitcoin to be inscribed with additional metadata, including text, images, video, and code.

By February, the Ordinals protocol was used to write a wizard jpeg into the blockchain, opening the door to a Bitcoin NFT market. But as a square peg, round hole use of the technology, acquiring and trading Bitcoin NFTs was a cumbersome and technically challenging feat, requiring knowledge of node synching and trusting a third party to release the NFT upon payment.

Recently, supporting wallets, including Ordinals Wallet, Xverse, and Hiro Wallet, have rolled out to address these pain points, making the process more like the standard experience NFT buyers are used to.

Before Ordinals NFTs went live, the average block size was hovering around 1.2 MB, but since its rollout, subsequent blocks have more than doubled on average negatively affecting speed and scalability. Additionally, higher transaction fees and chain bloat, through a backlog of unconfirmed transactions, have added to useability problems.

Things stepped up in March when anonymous developer Domo launched BRC-20 tokens bringing a fungible token standard to Bitcoin. By attaching a JavaScript Object Notation (JSON) to satoshis, details of the BRC-20 tokens characteristics, including its minting and distribution values, are preserved in the network.

Spurred by meme coin season, BRC-20 tokens saw a peak market cap valuation of $1 billion on May 8. However, wider market uncertainty and the prevalence of meme coin rugs have since seen a significant drawdown falling to $574 million at the time of press.

Per KuCoin, the booming popularity of BRC-20 has worsened the problems seen with NFTs, causing significant network delays, with some users reporting 4-hour confirmation times. In addition, BRC-20 tokens have further contributed to rising transaction fees.

Despite useability issues, miners are reaping the benefits with on-chain metrics, including Miner Hash Price, which measures miners income relative to network contribution, and Miner Percent Mined Supply Spent, which looks at the rate miners sell mined coins, pointing to a reinvigoration of the Bitcoin mining space.

CryptoSlates analysis concluded that if the momentum continues at its current pace, miners will experience boosted profitability and a greater sense of confidence in the network, leading to a preference to hold onto mined coins.

Prominent members of the Bitcoin community have voiced their support of Ordinals. For example, MicroStrategy Chair Michael Saylor said the protocol was responsible for flipping sentiment bullish adding that if he was a miner, he would be ecstatic.

Moreover, he pointed out that the technology will lead to many new applications in the long term, some of which could solve critical societal issues giving the example of inscribing a will on the blockchain.

I could also inscribe my last will and testament, and if my last will and testament is moving a billion dollars from me to you, how much is it worth to you to have that burned onto the blockchain and cryptographically verified?

Meanwhile, Willy Woo expressed a more pragmatic view, saying there are good and bad points to consider. While additional transaction fees provide strong incentives for miners, which will become more critical in the future as block rewards dwindle with each halving, this comes at the cost of more centralization due to fewer people being willing to run higher bandwidth nodes.

For now, given that decentralization is not anchored in, Woo said Ordinals, and the associated boon for miners, arrived too soon for his liking.

I would have preferred the impact of ordinals to have been a lot later when the security budget becomes more pressing, it would be at a time when decentralisation is already anchored.

Jan3 co-founder Samson Mow played down the significance of Ordinals. He said congestion and high fees are nothing to worry about, as paying massive fees to miners is unsustainable over the long term.

Its a question mark on how long they can do that for. Maybe its a few more days. Maybe its a week. But definately its not a sustainable model to throw money away.

Clarifying his position, Mow explained that Ordinals is a largely hype-driven market fueled by short-term money grabs. Whats more, he predicts the sector will disappear once the token issuers have made enough money.

They exist to get some gullible people to pay attention to them by doing some crazy antics

But like most projects that are in the blockchain space, they fade away in relevance once the issuers of the tokens have made their money.

Satoshi Nakamoto cannot express an opinion on whether Ordinals are good or bad for Bitcoin. But people have turned to his Bitcointalk forum posts to try and work out his perspective on the matter.

In a December 2010 post, Nakamoto supported the idea of keeping the blockchain lean and free from bloat with a view to maximizing scalability.

Piling every proof-of-work quorum system in the world into one dataset doesnt scale.

Nakamoto spoke of segregating non-monetary transactions onto a separate chain called BitDNS which was conceived as a sidechain or layer 2 using the Domain Name System internet protocol. Later, this project became an altogether separate alt chain, rebranding to Namecoin.

Bitcoin and BitDNS can be used separately. Users shouldnt have to download all of both to use one or the other. BitDNS users may not want to download everything the next several unrelated networks decide to pile in either.

Based on this, it seems Nakamoto wanted to keep the mainchain exclusively for monetary transactions and for a sidechain/layer 2 to handle large data features.

The Bitcoin core devs also seem to have adopted the purists stance, as indicated by @frankdegods, who publicized dev plans to extend Taproot spam filters to remove Ordinals altogether.

In a throwback to 2017 and the Bitcoin Cash hard fork, the question of whether Bitcoin should increase its block size to accommodate Ordinals has ignited debate within the community.

Given the lack of consensus on the best path forward, the possibility of a further chain split looms increasingly likely. But, of the 105 BTC forks to date, its worth noting that all have faded into obscurity.

The most successful fork, Bitcoin Cash, is down 98.9% against Bitcoin from its 0.43 peak in November 2017. This suggests that an Ordinals fork would likely face significant challenges, making a split futile.

There is no shortage of alternative layer 1s offering tokenization with the added benefit of more sophisticated features, such as event logic handling. Moreover, these alternative layer 1s can operate at a larger scale and lower cost than Bitcoin making Ordinals something of a dinosaur in comparison.

Yes, Ordinals has breathed new life into Bitcoin, particularly from a novelty and mining sustainability point of view. But other chains are better at tokenization.

Moreover, to date, the protocols primary use case is meme coin investing, which lacks utility, has no collective benefit, and does not contribute to the goal of doing away with the corrupt fiat money system.

Ordinals are bad for Bitcoin because it impedes the objective of revolutionizing money.

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Op-ed: Why Ordinals, BRC-20 is bad for Bitcoin - CryptoSlate