Bitcoin NFTs: How Ordinals Proved Bitcoin Can Evolve With the | Crypto Retro
Bitcoin NFTs: How Ordinals Proved Bitcoin Can Evolve With the Times
While the true identity of Satoshi Nakamoto, the pseudonymously named creator of Bitcoin remains unknown, his primary purpose of creating the flagship cryptocurrency has never been a mystery. He created Bitcoin as a peer-to-peer version of electronic cash to take back financial control from institutions serving as trusted third parties to process electronic payments.
The goal was crystal clear: create a trustless system of electronic transactions. The study of the Bitcoin whitepaper further shows that Bitcoin was designed to focus purely on financial transactions.
In fact, Nakamoto had previously opposed the addition of other use cases to the leading cryptocurrency. In 2011, the pseudonymous creator of Bitcoin rejected the idea of integrating a domain name system (DNS) into Bitcoin called BitDNS, saying that combining all proof-of-work consensus systems into one dataset would not be scalable.
"The primary goal behind the creation of Bitcoin was to serve as a medium of value transfer," Sebastian Jan Menge, co-founder of FitBurn, said in a comment. However, this goal has evolved many times over the past decade.
The first Crypto enthusiasts mostly bought in on the idea that Bitcoin's canonical hard cap of 21 million coins would make it a hedge against inflation. This led to the cryptocurrency gaining some reputation as "digital gold," or a sound store of value.
Even Goldman Sachs put forward the “store of value” thesis for Bitcoin. However, that narrative failed just recently when Bitcoin plunged 75% despite inflation soaring to record high levels.
