Ordinals surpasses 6k Bitcoins in total fees

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The entire quantity of Ordinals commissions paid exceeded 6,000 Bitcoins (BTC).

In response to Dune, the full charges for inscriptions minted utilizing the Bitcoin non-fungible tokens (NFTs) Ordinals protocol exceeded 6,000 BTC, greater than $257 million on the present fee.

Ordinals surpasses 6k Bitcoins in total fees - 1
Supply: Dune

Moreover, with over 59 million inscriptions, the typical payment per serial inscription is 0.0001 BTC, or $4.37.

Bitcoin’s ordinal system permits every Satoshi, or 0.00000001 BTC, to be ordered and uniquely recognized. Following the ordinal idea, assigning an identifier to every satoshi is feasible relying on when it was mined and in what order it was transferred. This creates the non-fungible property wanted to develop NFTs in Bitcoin.

Regardless of the hype surrounding Ordinals, some stay skeptical concerning the expertise. Thus, in December 2023, the U.S. Nationwide Vulnerability Database (NVD) flagged “inscriptions” created within the Ordinals protocol as a cybersecurity menace to the primary cryptocurrency community. In response to the warning, in some variations of Bitcoin Core and Bitcoin Knots, BRC-20 can bypass restrictions on the quantity of knowledge transferred by way of a transaction by disguising it as code.

Even Bitcoin developer Luke Dashjr criticized BRC-20 tokens, which took benefit of a vulnerability within the code to overload the Bitcoin community. In response to Dashjr, such tokens clog the blockchain of the primary cryptocurrency. Resulting from this, the community is planning a sequence of updates that can finish BRC-20 and Bitcoin-based NFTs.

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