Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Monday, May 8th, and today we're discussing the latest in chain bloat,

Binance halting withdrawals, finance being targeted, and everything else going on in the world of

crypto. Before we get into that, however, if you are enjoying the breakdown, please go subscribe

to it, give it a rating, give it a review, or if you

want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link

of the show notes or go to bit.ly slash breakdown pod. All right, friends, happy Monday. It was

kind of an active weekend in that there was a fair bit of intrigue at the end of last week,

as we'll see. And on top of that, the fee situation on Bitcoin just has absolutely everyone chattering.

Now, if you are hearing about this acronym, BRC 20, and you are seeing these debates on Twitter

going back and forth around whether it's good or whether it's bad that fees are so high,

go check out yesterday's episode

of Bitcoin Builders. I did a complete primer on BRC20 and Ordinals, and I think it'll get you

up to speed so you can at least start to form an opinion for yourself about what's going on.

However, it is relevant for today's episode as well, so the TLDR is this.

Ordinals came out a few months ago, and they were an experiment

that assigned each Satoshi a unique number and used the witness portion of the Bitcoin

transaction to, quote-unquote, inscribe arbitrary data. So that could be text, images, etc.

This is why they are called ordinal inscriptions. People started using them to create what is effectively a version of NFTs on Bitcoin, although

some think they're even cooler than NFTs because the actual data itself is on the Bitcoin

blockchain.

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