Total Bitcoin fees exceed 6k in ordinals
The commissions paid through the Ordinals protocol in Bitcoin have surpassed 6,000 BTC, equivalent to over $257 million at the current exchange rate, according to information from Dune. This was the total fees collected for minting inscriptions using Bitcoin’s non-fungible tokens (NFTs) Ordinals protocol. With a staggering 59 million inscriptions in total, the average fee per serial inscription stands at 0.0001 BTC, amounting to around $4.37.
Bitcoin’s ordinal system allows for the unique identification and ordering of each Satoshi, the smallest unit of Bitcoin (0.00000001 BTC). By following the principles of ordinal theory, it becomes possible to assign an identifier to each satoshi based on when it was mined and the order of its transfer. This feature is crucial in creating the non-fungible property required for developing NFTs on the Bitcoin blockchain.
Despite the buzz surrounding Ordinals, there are skeptics who question the technology’s viability. In December 2023, the U.S. National Vulnerability Database (NVD) highlighted the potential cybersecurity threat posed by “inscriptions” created using the Ordinals protocol on the Bitcoin network. The warning stated that certain versions of Bitcoin Core and Bitcoin Knots were susceptible to BRC-20, which could bypass transaction data restrictions by disguising it as code.
Even prominent Bitcoin developer Luke Dashjr raised concerns about BRC-20 tokens, which exploited a vulnerability in the code to overload the Bitcoin network. According to Dashjr, these tokens congest the blockchain, prompting the network to plan a series of updates that would effectively phase out BRC-20 and Bitcoin-based NFTs.
In related news, NFT sales on the Bitcoin blockchain reached record levels in December 2023. Stay updated by following us on Google News.
