Is it just me or does bip 119 completely mess the fungibility of bitcoin. If the idea of covenants is that you can create bitcoin that can only be sent to certain addresses, doesnt that make two classes of bitcoin? The unrestricted ones and the restricted ones. Are these bitcoin not differentiable from each other? Coz if they are, wouldnt they get priced differently? Just like kyc and non kyc bitcoin. But atleast kyc isnt a feature of bitcoin itself.
Am I missing something? What is the need for bip 119 on bitcoin? Like the primary motivation. What use cases is it wanting to implement through this?
I might have made mistakes in my logic above. But can someone explain why bip 119 is even needed in bitcoin?