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Cardano's Hoskinson Shares His Take on Bitcoin Ordinals

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Sun, 28/05/2023 - 12:38
Cardano's Hoskinson Shares His Take on Bitcoin Ordinals
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Cardano founder Charles Hoskinson has thrown his hat into the increasingly frenzied discourse surrounding Bitcoin Ordinals, a fresh innovation in the cryptocurrency industry.

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The tech entrepreneur shared his perspective during a recent YouTube Q&A session, suggesting that Bitcoin Ordinals would be better off in the Cardano ecosystem. "We have a much better ecosystem," the crypto luminary stressed.

The system that supports Bitcoin Ordinals allows each satoshi to be tagged with a distinct label and additional data, a process often referred to as "inscription." This enables each tiny Bitcoin piece to be distinguished from the others and to be tracked as it moves around in the digital realm.

Bitcoin Ordinals have the ability to carry different kinds of data, such as text, images, or even coded language, right on the Bitcoin blockchain.

They can be set up through a transaction and then bought, kept safe, or given away as gifts. When using Bitcoin Ordinals, the information added to the Bitcoin blockchain needs to fit within a certain size limit, but they are not just links — they are the actual information itself.

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As reported by U.Today, Peter Schiff, a long-standing Bitcoin critic, is launching an NFT art collection on the Bitcoin blockchain in collaboration with artist Market Price. The collection has marked a shift in Schiff's previously dismissive stance toward the cryptocurrency industry, a fact that underscores the growing popularity of Bitcoin Ordinals.

Bitcoin Ordinals were designed for the Bitcoin blockchain, but they are versatile enough to be adapted for use on other blockchains, like Ethereum or any other that has branched off from Bitcoin.

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