– Bitcoin core developer Luke Dashjr argues that Ordinals are a vulnerability that is driving up transaction costs and needs to be removed.
– Fixing the vulnerability would remove Ordinals from the BTC blockchain, eliminating spam from inscriptions.
– BTC price rallied nearly 11% in the past week, driving Bitcoin to $44,700 on Friday.
Bitcoin community on the internet is embroiled in a debate on whether Ordinals are a vulnerability to the BTC blockchain.While Bitcoin core developers like Luke Dashjr consider inscriptions as spam, they are being considered an evolution of the BTC blockchain by others, on the social media platform X.
Also read:
Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
Ordinals are now identified as a vulnerability
Luke Dashjr told his 83,300 followers in a recent tweet on X that inscriptions are exploiting a vulnerability in
Bitcoin Core to spam the blockchain.Since 2013, Bitcoin Core allows users to set a limit on the size of extra data in transactions that they relay.Inscriptions bypass this limit and this makes them a “vulnerability.”
Dashjr says that
Bitcoin Core is still vulnerable in the upcoming v26 release and the developer hopes to finally fix the issue before v27 next year.
PSA: “Inscriptions” are exploiting a vulnerability in— Luke Dashjr (@LukeDashjr)
[#Bitcoin]Core to spam the blockchain.Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`).
By obfuscating their data as program code,… [December 6, 2023]
The developer argues that miners are expected to be honest and not malicious, however allowing inscriptions on the Bitcoin blockchain racks up the transaction fees.While it is beneficial to miners, it is an attack on the BTC blockchain network.
Inscriptions are considered a technical vulnerability that could influence Bitcoin users in the long term as a result of its impact on the network’s security and integrity.
At the time of writing, Bitcoin price is $43,694 on Binance.The asset yielded nearly 11% gains for BTC holders on Binance, in the past week.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments.
This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States.This time around, the NFP data is expected to cause a dip in the value of BTC.
More Bitcoin News
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price.The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
More Ripple News
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness.Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
More Ethereum News
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval.
Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
More Cryptocurrencies News
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market.All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market.As it turns out, FOMO is not enough anymore.
Read full analysis.
