Crypto Updates

How Bitcoin Is Changing Finance

Bitcoin

For the past fourteen years, Bitcoin has had one job—money.
Scarce, decentralized, and out of the central banks’ control, Bitcoin’s
monetary properties made it an elite alternative to conventional currency.
Bitcoin’s role as a store of value and, to a lesser extent, a medium of
exchange drove the asset from a cypherpunk curiosity to trillions of dollars.

However, 2023 marked a pivotal shift in Bitcoin’s journey.
Enter Casey Rodarmor and the introduction of Ordinals, a breakthrough allowing
Bitcoin holders to inscribe specific satoshis—each Bitcoin can be divided into
100 million satoshis, and now, each satoshi can reference unique data. Soon
someone else built on Ordinals theory to inscribe token balances on individual
sats, and a token economy on Bitcoin was born.

Building on this foundation, Rodarmor unveiled the Runes
protocol this year. Runes offers a cheaper, leaner, and more efficient method
for creating tokens directly on Bitcoin, without the need for off-chain data.
Bitcoin has crossed over from being a “boring rock” to a multi-functional home
for meme coins, stablecoins, utility tokens, and other asset types.

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