SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Bitcoin network experiences greatest shock due to NFT transaction

Bitcoin network experiences greatest shock due to NFT transaction

In the last four months, the Bitcoin network recorded its largest block.

Initial research revealed that the large transaction within the block did not incur any fees,which is an unusual result. Reports say that an NFT project called Taproot Wizard handled the transaction.

Much more impressive is that the data sent through the Bitcoin blockchain was an NFT sent in its entirety as a JPEG image.

In the past, the Bitcoin blockchain could only hold very small amounts of transaction data. If you send a whole JPEG NFT, the amount of data you send will be a lot more.

Bitcoin network is looking into how NFTs can be useful

Due to block size limits, the Bitcoin network has never been able to handle as many transactions or as quickly as it could. The transaction has been linked to Taproot Wizard, an NFT project that is trying out new ideas on the Bitcoin blockchain.

The same reason why Bitcoin’s block size hasn’t changed is because Bitcoin’s core has opposed those experiments. To add support for NFT features, it may be necessary to use larger block sizes.

This may present the network with new challenges, such as decreased security. Experts believe that larger blocks may compromise the anti-censorship properties of the network.

The transaction spoofed Bitcoin investors?

Since the beginning of this month, Bitcoin hasn’t been able to keep going up. This happened around the same time that the limit on the size of a block grew. Some people thought that the event might have been an attempt to attack a network.

This kind of speculation is what brings back FUD in the market, which may have made some investors worried.

From its all-time high of $24,258 to its current price of $23,129, Bitcoin has lost almost 5%. Even so, there is an interesting fact that could help predict the next big price move.

Content Source: ambcrypto.com

Bitcoin network experiences greatest shock due to NFT transaction

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts