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What are Bitcoin NFTs? | Bloomberg Crypto
Posted
February 27, 2023
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February 27, 2023
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16:25Now PlayingIn a major twist in the digital-assets world, Bitcoin has added nonfungible tokens (NFTs) to its blockchain. The new protocol that makes them is called “Ordinals ().” And just like anything in crypto, fierce debate has ensued about this on social media.
Bitcoin NFT proponents call the move a game-changer. Naysayers worry about potential pitfalls of Bitcoin NFTs — like rising transaction costs and environmental concerns. Higher fees could push Bitcoin away from its primary use as a decentralized currency. Plus, some hard-core Bitcoiners are also concerned that these NFTs could clog up the blockchain.
Bloomberg reporters Emily Nicolle & David Pan join this episode and consider how the integration of NFTs impacts the network, Bitcoin and the broader crypto ecosystem.
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Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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