- Bitcoin ordinals and inscriptions are allegedly filling up block space quickly.
- Inscriptions use a higher portion of the total space available in each Bitcoin block.
- The formal debut of Ordinals took place on January 21, 2023.
According to a recent post, Bitcoin ordinals and inscriptions are quickly filling up block space due to a recently introduced and somewhat controversial use case for Bitcoin. Reportedly, this is made feasible because users may arbitrarily store data on-chain.
According to the article, this was previously achievable with text by using the OP RETURN function. However, these new “inscriptions” may be anything from jpegs to brief sound recordings or even simple games.
On the other hand, the consensus among Bitcoin experts is that inscriptions are longer files, and as a result, they use a higher portion of the total space available in each Bitcoin block. Users generating inscriptions must pay the required costs for sending their transactions.
However, inscriptions are included in witness data, and due to the SegWit soft fork in 2017, there is a modest reduction in the fees associated with this data.
The formal debut of Ordinals took place on January 21, 2023. Pierre Rochard, vice president of research at Riot Platforms, said that inscriptions already occupied more than half of the space in Bitcoin’s blocks less than three weeks after launch.
In particular, Bitcoin Magazine reports that when demand for on-chain transactions is strong, users are more likely to pay higher fees to ensure that their transactions are included in the next block. When demand is low, and consumers do not need their transactions verified quickly, the charge rate decreases.
The current Bitcoin exchange rate is $23,198.68, and the 24-hour trading volume is $26,604,857,455. According to Coinmarketcap, Bitcoin prices have risen 1.12% in the previous 24 hours.
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