The inner workings of Bitcoin ordinals came under the microscope of Marshall Gerstein partner Cameron Pick in a recent episode of the podcast Law of Code. The podcast, which explores the legal aspects of cryptocurrency, explained how Bitcoin ordinals work, how people interact with and store them, and how they differ from assets stored on smart contract platforms like Ethereum and Solana.
Pick outlined the main use cases for Bitcoin ordinals, including the emergence of new ones.
"Digital assets are going to have more practical use cases in the future," Pick said. "One of the big ones will be real estate. Having real estate transactions on a blockchain would make title[s] a lot easier. And then ticketing. If you can have tickets on the blockchain, you don't have to worry about counterfeiting in the same way that you do now."
Having NFTs on the bitcoin blockchain could also reduce fraud, according to Pick, as people are more easily duped on other platforms into making big purchases when the NFT in question doesn't represent the digital asset they think it does.
"By putting it on the Bitcoin blockchain – where you have, on this public ledger, exactly what the digital asset is – you remove some of those fraud concerns," Pick said.
Pick also shared how he was first introduced to Bitcoin in 2012 and how he was inspired to learn more about it to help clients.
Catch the full episode on Spotify here and on Apple Podcasts here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
