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Bitcoin NFTs: Making the Case to Be Sole Digital Asset Protocol
Non-Fungible Tokens (NFTs) are unique identifiers stored on a blockchain which represent ownership of a particular asset in the digital or physical world. They are typically created and transferred on a smart contract platform such as Ethereum or Solana. However, NFTs have recently come to the Bitcoin blockchain, which is an exciting development for several reasons.
Advantages of Bitcoin NFTs
First, there are groups of people such as Bitcoin maximalists who believe that there should only be one protocol or network for digital assets. This leads to increased networking effects, greater ease of use for users who do not have to keep track of multiple cryptocurrencies, and lower maintenance when everyone is transacting on the same chain rather than using multiple blockchains. With the advent of the Bitcoin NFT, Bitcoin has increased its chances of becoming the sole digital asset protocol.
Second, the Bitcoin blockchain has many advantages over other digital asset protocols. Now these advantages can be applied to NFTs. For example, the Bitcoin blockchain originated in 2009, making it the longest-running blockchain compared to its competitors. The Bitcoin blockchain is also extremely secure. It has never been hacked and currently has a hash rate of about 350 million terahashes per second. That means it would require an incredibly large amount of processing power for a single entity to take over the network, making it nearly impossible. The decentralized and secure nature of Bitcoin blockchain therefore makes it a great place for valuable NFTs.
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