Bitcoin's ordinals inscriptions nearly doubled in a week
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Bitcoin's ordinals inscriptions nearly doubled in a week

written by John Murphy | May 9, 2023

The number of Bitcoin’s ordinals inscriptions nearly doubled in a week from 2.5 million to 4.78 million. This surge can be attributed to the favor of the BRC-20 token standard. It allows users to create fungible tokens using text-based inscription.

Take Aways

  • The number of ordinal inscriptions on the Bitcoin Network has almost doubled in just one week.
  • The text base inscription has been the most popular form of Ordinals inscription, with more than 2.8 million text-based inscriptions.
  • The rise of the BRC-20 token has been the primary cause of the recent uptick in Ordinal’s inscription on the Bitcoin blockchain.
  • The surge in Ordinal’s inscription has led to a significant increase in Revenue for miners due to the associated transaction fees.

The emergence of Text-Based Inscriptions 

Users of the Ordinals protocol discovered they could also use text-based inscriptions to create fungible tokens. This creation led to the creation of the BRC-20 token standard. On 5th May, more than 2.8 million text-based inscriptions started on the Bitcoin Network. Furthermore, they are making them a more popular form of Ordinals inscription.

 Rise of BRC-20 Token

The creation of the BRC-20 token has been the leading cause of the recent uptick in Ordinals inscriptions on the Bitcoin blockchain. According to bra-20.io, there are currently 14,200 new tokens hosted on the Bitcoin blockchain.

The total market cap of the BRC-20 token is around $700 million, with a digital asset investment firm. Therefore, this firm, known as Galaxy Digital, predicts that the market for Bitcoin NFTs may reach $4.5 billion by 2025.

Impact of Ordinals

The rise has sparked debate among Bitcoin proponents. Some argue that Ordinals offer a wider spread of financial use cases for Bitcoin. However, others believe they stay from Satoshi Nakamoto’s original vision of Bitcoin as an electronic, peer-to-peer cash system.

Miners Enjoy a Surge in Revenue

The surge in Ordinal inscriptions on the Bitcoin network has led to an influx of Revenue for miners due to the transaction fees associated with the increased activity.

Do You Know That?

  • The surge in Ordinals inscriptions is mainly due to the popularity of the BRC-20 token standard. 
  • It allows users to create fungible tokens using text-based inscription.
  • The total market cap of BRC-20 token currently hovers is around $700 million.
  • The rise of ordinal inscriptions has sparked debate among Bitcoin proponents, with some welcoming the broader spread of financial use cases and others remaining skeptical.
  • They believe it deviates from Satoshi Nakamoto’s original vision of Bitcoin as an electronic peer-to-peer cash system.

Conclusion

Bitcoin’s ordinals inscriptions nearly doubled in a week is primarily attributed to the popularity of the BRC-20 token standard and the emergence of text-based notes.

While some Bitcoin proponents welcome the broader spread of financial use cases, others remain skeptical, believing that it deviates from the original vision of Bitcoin. Regardless of the debate, the surge in Ordinals inscriptions has increased Revenue for miners due to the associated transaction fees.

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