Newsletter Subject

🥛 Are Ordinals DOOM for Bitcoin?

From

milkroad.com

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newsletter@mail.milkroad.com

Sent On

Wed, Feb 15, 2023 02:13 PM

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PLUS: The SEC found their next target...

PLUS: The SEC found their next target...                                                                                                                                                                                                                                                                                                                                                                                                                 February 15, 2023 | [Read Online]( GM, we’re the Milk Road. We’re the crypto newsletter that’s like the bacon in a BLT; without us, there’s no sandwich. Here’s what we’ve got for you today: - The rise of the Ordinals - Crypto firms, you can’t sit with hedge funds anymore -SEC - Binance users withdraw a net $831M - NEW: We found some cül Web3 jobs for ya THE RISE OF ORDINALS NFTS Bitcoin Ordinals have been the talk of crypto town lately. No, it’s not a new DAO sports team or indie rock band led by JPEGs. It’s a new protocol that’s bringing NFTs to the Bitcoin blockchain. And today we’re gonna cover wtf an Ordinal is and why everyone is talking about it. ”Alexa, start a timer for 90 seconds” What is it? Ordinals protocol allows users to inscribe data (like images, videos, etc.) on the Bitcoin blockchain. In simple terms, NFTs on the Bitcoin blockchain instead of Ethereum. Why are Ordinals making so much noise? Many are pointing out that this is the first time in Bitcoin’s history that it’s being used for something else other than the classical peer-to-peer monetary transfers. Before Ordinal, the Bitcoin blockchain was a ledger of all the transactions on the network. It was just a bunch of letters and numbers, that’s it. (i.e wallet x98348 sent 2 BTC to wallet x238974) After Ordinal, the Bitcoin blockchain is now a mix of transactions and “digital artifacts”. Not only does it still have the record of every single transaction, but the blockchain also contains images, videos, files, etc that have been inscribed onto it. You can think of it like when the cavemen used to inscribe random ass pictures and letters onto stone to record history. As of now, there have been over 88,500 inscriptions on the Bitcoin blockchain. It’s been a mix of: - NFT clones - Bitcoin Punks, Bitcoin Rocks, etc - Messages of text - Dan + Emma have already professed their love [on the Bitcoin blockchain](. (We’ll check back in with them in a few years to see if its still Dan+ Emma or Dan

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