Bitcoin Ordinal inscriptions have tapered off markedly since September 24, 2023, following a historic peak on September 15. This deceleration emerges as inscriptions nestled within the Bitcoin blockchain verge on the notable 35 million milestone. A Look at Bitcoin’s Recent Inscription Decline as 35 Million Milestone Looms The flurry of Ordinal inscriptions on the Bitcoin…
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Ordinal inscriptions have quickly consumed Bitcoin’s available block space since their debut last year, a study by blockchain analytics firm Glassnode found. These text and image files act as “packing filler,” filling any remaining space in blocks after higher-value transactions are added, the study showed. Bitcoin’s Block Space: Monetary Transfers Overpower Inscriptions Though there’s been…
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Inscriptions have been acting more as a “packing filler,” stuffed into any remaining space once higher-value monetary transfers are packed into blocks, said the firm. Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest inscriptions are taking blockspace away from higher-value Bitcoin (BTC) monetary transfers. “There is minimal evidence that…
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Bitcoin Ordinals appear to be alive and kicking with nearly 85% of network activity dominated by inscriptions and BRC-20 minting on Aug. 21. Ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week despite the cryptocurrency’s recent price decline and suggestions that the hype around Bitcoin NFTs have “died.” On…
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Previously unrecognized Ordinals inscriptions will be indexed by the protocol following the upgrade, which will allow them to be traded. Developers behind the Bitcoin Ordinals protocol have rolled out a new upgrade that aims to cure over 71,000 invalid or “cursed” inscriptions — allowing them to be traded. “Cursed inscriptions” was the name given to…
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Currently, over two-thirds of voters on a Twitter poll said the missed inscriptions should be added at a later date instead of there being a retroactive reshuffling. A few solutions are being discussed to fix a code bug found in the Bitcoin (BTC)-native Ordinals protocol which has prevented over 1,200 inscriptions from being validated. While…
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The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens and transfer tokens. A new daily all-time high has been recorded for the number of Ordinals inscribed on the Bitcoin (BTC) network due to a recently launched “token standard” for the blockchain. Bitcoin Ordinals reached 58,179 inscriptions on April 2, smashing the…
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On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and tracking solution for Bitcoin-based Ordinal inscriptions. Moreover, users can use Bitgo’s Ordinal inscription storage system to inscribe their own inscriptions onto the Bitcoin blockchain. Bitgo’s New Solution Allows for Safe Sending of Ordinal Inscriptions Bitgo has announced a new storage solution…
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As the number of Bitcoin-based Ordinal inscriptions nears the 300,000 mark, Galaxy Digital’s research team published a report on the subject that says the market size of non-fungible tokens (NFTs) built on Bitcoin could reach $4.5 billion over the next two years. The researchers at Galaxy think that new use cases stemming from the inscription…
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Galaxy’s estimation was based on the rapid uptick of interest in Bitcoin NFTs, currency market infrastructure, and the potential to take some market-share away from Ethereum. In a “base case” scenario, Galaxy Digital’s research unit has tipped the burgeoning Bitcoin nonfungible token (NFT) market to hit a $4.5 billion market cap by March 2025. Bitcoin…
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