The most important Ordinals/BRC20/LTC20 thread you will read. This will set you ahead if you can understand this. This is why LTC and BTC will reach an inconceivable level (for real). This is also why I forked BRC20 to LTC20 on Litecoin ordinals.
1🧵/ Ordinals, by themselves, have made BTC and LTC competitive with standard NFT-crazed blockchains like Ethereum. The concept begins on the BTC and LTC base layer, where ordinal "inscriptions" are data stored and attached to the lowest forms of BTC and LTC (satoshis & litoshis)
Why is this important for BTC and LTC? Well, there are a few reasons, along with some downsides that have solutions.
The sheer number of transactions causing 1000+ satoshis per byte transaction fees has provided miners with more incentives and improved profitability compared to mining a block. But, they are building the network and enhancing the security of the network significantly.
Pros:
🔥Transaction mining incentives for miners, attracting more miners and creating more job opportunities.
🔥Increased security through more nodes and miners working on the network, theoretically enhancing security.
🔥Transaction mining incentives for miners, attracting more miners and creating more job opportunities.
🔥Increased security through more nodes and miners working on the network, theoretically enhancing security.
🔥BTC and LTC can compete with chains like Ethereum for NFTs, tokens, developers, and jobs.
🔥Transactions occur off exchanges, confirming actual network usage by miners and nodes.
🔥Endless opportunities for artists, DAOs, businesses, financial groups, and DeFi.
🔥Transactions occur off exchanges, confirming actual network usage by miners and nodes.
🔥Endless opportunities for artists, DAOs, businesses, financial groups, and DeFi.
Cons:
😭The high number of BTC transactions has caused some transactions to be dropped during bear markets. However, 🔥LTC hasn't encountered similar issues and handles them well with its 2.5-minute block time and lower transaction fees.
😭The high number of BTC transactions has caused some transactions to be dropped during bear markets. However, 🔥LTC hasn't encountered similar issues and handles them well with its 2.5-minute block time and lower transaction fees.
😭BTC fees can reach astronomical amounts for days on end during bear markets.
😭Current congestion creates a form of block spam.
In a bull market, there may be issues with base layer transactions.
😭Current congestion creates a form of block spam.
In a bull market, there may be issues with base layer transactions.
Note: "Many of these cons are not severe, but LTC seems to handle large amounts of transactions, fees, and clutter at a faster and more reliable rate, resulting in 100% uptime and no slowdown."
Things to take into account:
✅Bitcoin will probably maintain dominance. The number of ordinals on BTC to date exceeds 4 million, while Litecoin has approximately 1 million ordinals.
✅Bitcoin will probably maintain dominance. The number of ordinals on BTC to date exceeds 4 million, while Litecoin has approximately 1 million ordinals.
✅Litecoin can handle ordinals/LTC20 on a larger scale than BTC due to its base layer protocols. Litecoin processes these faster, cheaper, and has the capacity to handle this even in a bull market, whereas BTC may struggle significantly in a bull market.
Additionally, on May 9, 2023, Litecoin briefly surpassed Bitcoin as the most used network. This event further emphasizes the growing importance and adoption of Litecoin's network capabilities.
This achievement highlights the efficiency and reliability of Litecoin's base layer, making it a promising platform for ordinals, BRC20, and LTC20, and solidifying its position as a formidable contender in the cryptocurrency space.
Overall, the combination of ordinals, BRC20, and LTC20 is set to revolutionize BTC and LTC, opening up new opportunities and driving them to unprecedented heights in the coming year.
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