A Beginner’s Guide To The Controversy Over Bitcoin NFTs
https://www.forbes.com/sites/granteasterbrook/2023/03/01/a-beginners-guide-to-the-controversy-over-bitcoin-nfts/?sh=309b6ec24fb3
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If you’ve been paying attention to the crypto industry for the last few weeks, you’ve probably seen headlines related to the controversy over NFTs on the Bitcoin blockchain. Some passionate members of the Bitcoin community are upset over this development and are strongly opposed to NFTs hosted on the Bitcoin blockchain.
In order to explain this dispute, it is first necessary to provide some background on how Bitcoin and blockchain databases work. A traditional bank spends massive amounts of money maintaining a database of their customer’s assets and transactions. For example, the Bank of America IT department maintains a database that tracks all of the money held by the firm’s 54 million customers. (...)
In order to explain this dispute, it is first necessary to provide some background on how Bitcoin and blockchain databases work. A traditional bank spends massive amounts of money maintaining a database of their customer’s assets and transactions. For example, the Bank of America IT department maintains a database that tracks all of the money held by the firm’s 54 million customers. (...)