Features TheBitTimes.com

While the impact of Inscriptions are still notably high, data from crypto analytics platform Glassnode revealed that the impact of these new innovations is reducing gradually. The data showed that the percentage of Bitcoin Transaction Fees originating from Inscription transactions remains elevated at 26%.  advertisement The data provider highlighted that there are only 12 out of a total of 111 trading days that recorded a larger relative share. This accounts for 10.8% of all the trading days. Glassnode also points to the fact that the current fee dominance remains significantly lower than its peak, where Inscriptions were responsible for a staggering 62% of all the transaction fees on the network. The percentage of #Bitcoin Transaction Fees originating from Inscription TXs remains elevated at 26%, with only 12 / 111 (10.8%) trading days recording a larger relative share. However, the current fee dominance remains significantly lower than its peak, where I...

Luke Dashjr, one of Bitcoin Core’s developers, has proposed to ban bitcoin NFTs and the BRC-20 by extending spam filtration to Bitcoin’s recently introduced Taproot transactions. Taproot was one of the most significant upgrades in the Bitcoin network and was agreed upon by most miners. It made Bitcoin more efficient and private by introducing multisig wallets. The upgrade also came with the possibility to inscribe text and images or add data to single satoshis, and now even single tokens, with a new Bitcoin protocol called BRC-20. These ‘permanent’ inscriptions, known as Bitcoin ordinals, have created a new NFT market. However, the popularity of Bitcoin ordinals has led to unexpected aberrations in the Bitcoin network, such as very high transaction fees and even network latency.  Bitcoin devs are trying to cancel ordinals pic.twitter.com/FOYCIKTcIS — Frank (@frankdegods) May 9, 2023 Crypto users are torn about Bitcoin Ordinals — some, like NFT histori...