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Bitcoin (BTC) NFTs will have a positive impact on Bitcoin ecosystem by improving its security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer. The number of newly created Ordinals, also referred to as "inscriptions", have been spiking in recent weeks, causing a surge in transaction
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Over time, I see a situation emerging in which Bitcoin functions as a kind of uber-anchor for everything. Its role will be to be a kind of ultimate “layer 0” record of truth. Meanwhile, Ethereum and other smart contract platforms could take on higher-level functionality, with each specializing in different
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Bitcoin (BTC) miners have earned nearly $600,000 in two months from a new controversial NFT protocol called Ordinals that has triggered a surge in user activity.What are Bitcoin Ordinals? Ordinals allow users to inscribe data in the form of images and other media types in newly mined blocks on the Bitcoin
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The launch of Bitcoin nonfungible tokens (NFTs) — known as Ordinals — has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode.In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin’s
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Interest has skyrocketed following the first Ordinals transaction on Dec. 14. Source
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One reasonable criticism of bitcoin’s security model is the lack of miner revenue attributable to fees, the note said. Currently, most of the security budget paid to miners to secure the network comes from the block subsidy. The blockchain needs to figure out a way to “create a sustainable demand
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Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with
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Only days after the launch of the Bitcoin (BTC)-based Ordinals protocol, its creator had to deal with their first shock pornographic image, which has been inscribed into the blockchain. On Feb. 2 at around 12:15 am UTC, an unsavory image known as “goatse” was inscribed onto the Bitcoin blockchain via
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Ordinals, a new way of using and getting content using Bitcoin, are enabling creators to harness the utility of NFTs (non-fungible tokens) directly from the blockchain, essentially creating native Bitcoin NFTs. This has stirred the pot in some circles, which are now discussing if this is the way in which
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The protocol’s opponents argue that Ordinals will compete with traditional payment transactions by crowding blocks and driving up transaction fees. Rodarmor disagrees. “To that I say, well, there's this fee market pricing mechanism that bitcoin has, that lets people pay the amount of fees according to how valuable doing the
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