- 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 #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,…
— Luke Dashjr (@LukeDashjr) 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.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.