Is it possible to stop ordinal inscriptions from being added to Bitcoin blocks? Can we put an end to non-financial transactions?

Well, the answer is no. Adding encoded arbitrary data has always been possible – before SegWit and Taproot, and before blocks were even full. If the Bitcoin nodes collectively reject a certain type of encoding in a transaction, it’s only a matter of time until another entirely different type of encoding becomes popular to insert arbitrary data. It’s a game of whack a mole that, if started, only leads to more centralization and a lot of disappointment.

Non-financial transactions will always compete for block space and will always be expensive. Bitcoin needs this competitive fee market to pay the miners to secure the network in an honest way, and higher fees also accelerate the adoption of second layers.

To learn more about the game theory of the Bitcoin network, listen to the Bitcoin Takeover podcast 🎧

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