.fs_insight says while there are concerns about the impact of NFTs on Bitcoin's principles and potential node bloat, the non-zero probability of NFT's fueling BTC's next bull run cannot be ignored. Reporting by willcanny99
has triggered a revival of interest in bitcoin development and has led to an increase in average block size as more users join the network, research firm FSInsight said in a report Friday. to be stored on the Bitcoin blockchain.
NFTs could be a good source of demand for blockspace while the digital asset “travels up the adoption curve as money,” and the probability of these tokens fueling bitcoin’s next bull run cannot be ignored, the report said.from the more dogmatic side of the bitcoin ecosystem , the benefits to the network have become immediately apparent,” wrote Sean Farrell, head of crypto strategy at FSInsight.
One reasonable criticism of bitcoin’s security model is the lack of miner revenue attributable to fees, the note said. Currently, most of the security budget paid to miners to secure the network comes from the block subsidy. The blockchain needs to figure out a way to “create a sustainable demand for blockspace or hope that non-economic miners commit to securing the network,” the note added.
“The excitement surrounding NFTs on Bitcoin has brought new experimentation to the network, increasing average blocks sizes overnight, which translates to higher fees per block,” the report said. FSInsight notes that there are concerns that the inscription of non-fungible data on the blockchain could cause bloat, but says that these concerns seem generally unfounded.
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