Bitcoin, Ordinals exceed $10 million

• Financial

Ordinals, on Bitcoin, would have exceeded 10 million, as reported by the Dune Analytics. A number that continues to grow exponentially. Also according to data from Dune Analytics, as of April 20, inscriptions amounted to 1,193,102, a number that tripled at the beginning of May, and again up to these days, with a devastating effect on the cost of transactions for the entire network.

Proponents of the new protocol were quick to celebrate the new milestone of the Ordinals, less and less a fad, and indeed a deciding factor for the future of BTC. Many Bitcoin community users have objected to Ordinals clogging up the network in this way, making transactions more expensive.

Ordinals allows you to upload data to the Bitcoin blockchain, exploiting on the one hand the possibility of numbering the individual satoshis, and on the other that of attaching content to them, effectively creating digital artifacts.

Despite having conquered important numbers by competing with the entire non-fungible-token sector on Ethereum, the surge in subscriptions took place around April, when users began to exploit the technology to issue new tokens through the experimental BRC- standard 20.

There is mostly talk of memecoins, but there are already more serious experiments, such as the first stablecoin on BTC Stably USD.

About the Bitcoin

The Bitcoin network allows for the pseudo-anonymous possession and transfer of coins; the data necessary to use one's bitcoins can be saved on one or more personal computers or electronic devices such as smartphones, in the form of a digital wallet, or kept with third parties that perform functions similar to a bank.

The bitcoin wallet has an address identified by an alphanumeric code which has between 25 and 36 characters between numbers and letters. It is the only data to be communicated to receive a payment that will enjoy a certain degree of anonymity, but will be publicly and immutably visible on the blockchain forever.

You must be very careful when transmitting the alphanumeric code as any errors do not allow you to cancel the operation and cause the loss of money. You can receive payments more simply by scanning QR codes. In any case, bitcoins can be transferred across the Internet to anyone with a bitcoin address.

The peer-to-peer structure of the Bitcoin network and the lack of a central body make it impossible for any authority, governmental or otherwise, to block transfers, seize bitcoins without possession of the relevant keys or devalue due to the entry of new currency.