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

Bitcoin Ordinals are ‘positive’ for BTC for two reasons: Grayscale

Bitcoin Ordinals are 'positive' for BTC for two reasons Grayscale

Ordinals have been a controversial topic within the Bitcoin community, but Grayscale, a cryptocurrency investment firm, cites two primary reasons for optimism.

Grayscale, a company that invests in cryptocurrencies, says that Bitcoin Ordinals, which are also known as Bitcoin NFTs by some, could get developers excited about Bitcoin again and raise mining fees.

In a “Market Byte” blog post from April 27, the company said that Ordinals help the Bitcoin ecosystem grow and improve in two important ways.

The first is a significant increase in fees paid to miners since the introduction of the protocol in January, as reported by Grayscale.

“The advent of ordinals has led to an increase in total fees paid to miners […] which could potentially establish a sustainable baseline level of transaction fees to incentivize miners.”

in less than two months after its launch, more than $600,000 was paid to Bitcoin miners, solely as the result of fees generated by Ordinal inscriptions. As of the time of publication, that figure now exceeds the $6.5 million mark.

Bitcoin Ordinals are 'positive' for BTC for two reasons Grayscale

The investment firm also thinks that Ordinals and the “velocity of NFT adoption” could attract new Bitcoin users and stimulate additional network development.

“We believe the emergence of ordinals is likely to promote a development-oriented community and culture in support of the Bitcoin network.”

On April 30, Ordinals set a new record for daily subscriptions by surpassing 300,000. At the same time, blockchain data company IntoTheBlock says that the number of Bitcoin transfers was getting close to levels not seen in years.

Ordinals’ rapid growth has been a controversial topic in the Bitcoin community as a whole. Bitcoin maximalists have criticized Ordinals for going against Bitcoin’s original purpose as a peer-to-peer electronic currency and taking up valuable block space.

One such adversary is Blockstream CEO Adam Back, who has called Ordinals “useless” and stated that he is “more into Bitcoin as a currency.”

Content Source:

About Tina

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *