ordinals Ordinals, Nostr continue to dominate Bitcoin conversation – BitTalk#7 Ordinals, Nostr continue to dominate Bitcoin conversation – BitTalk#7 Liam ‘Akiba’ Wright · 14 hours ago This week’s episode of BitTalk talks about the continued interest in Bitcoin Ordinals and the rise of Nostr development 19 min watch Updated: February 24, 2023 at 9:02 am Episode 7 of CryptoSlate’s podcast, Bittalk, discussed the potential risks and benefits of introducing new changes to Bitcoin.The hosts, Akiba from CryptoSlate, James from CryptoSlate’s research team, and Nick from Mercury Wallet, touched on various topics related to Bitcoin’s current state, including developments of Bitcoin infrastructure and the Nostr Improvement Protocols (NIPs) and the Lightning network.The podcast also covered Ordinals, a database that allows users to write a chunk of data on Bitcoin, and whether Bitcoin could be considered a security in the future.One of the main points made in the discussion was the potential use cases for Nostr, including Zapper, a micro-payment system across Nostr, and others.The Lightning network is also set to benefit from Nostr’s developments, with increasing node numbers and exponential growth in network capacity.One of the major talking points was the fear of change among Bitcoiners, with some believing that adding things like ordinals could muddy the purest form of a hard money digital asset.Nick noted that the history and complexity of the consensus layer could be a significant factor behind this fear.Bitcoin has had bugs in the past, and changing its protocol could pose risks, just like changing an engine mid-flight on an airplane.
The conversation also touched on the controversy surrounding the need for inflation fees for miners to secure the network.While some experts like Peter Todd have suggested that some sort of inflation fee is necessary, Nick argued that Bitcoin is still in its early stages, and adding inflation now is not a good idea.
He added that we could have a layer of lightning channels that could provide enough security to justify enough fees to justify mining.The hosts also discussed the growing interest in ordinals and NFTs, with some even buying ordinals via lightning.Nick noted that although many of the NFT Ethereum guys were into Bitcoin for NFTs, they would likely stay for lightning.The BitTalk podcast is now weekly, with Akiba set to join the podcast from Denver for the next episode.Although BTC made a new low on the day the podcast was recorded, the hosts still saw great potential for Bitcoin’s future.Latest Episodes Ordinals, Nostra continue to dominate Bitcoin conversation – BitTalk#7 Liam ‘Akiba’ Wright · 20 seconds ago This week’s episode of BitTalk talks about the continued interest in Bitcoin Ordinals and the rise of Nostr development 19 min watch Updated: February 23, 2023 at 9:54 pm Episode 7 of CryptoSlate’s podcast, Bittalk, discussed the potential risks and benefits of introducing new changes to Bitcoin.
The hosts, Akiba from CryptoSlate, James from CryptoSlate’s research team, and Nick from Mercury Wallet, touched on various topics related to Bitcoin’s current state, including developments of Bitcoin infrastructure and the Nostr Improvement Protocols (NIPs) and the Lightning network.The podcast also covered Ordinals, a database that allows users to write a chunk of data on Bitcoin, and whether Bitcoin could be considered a security in the future.One of the main points made in the discussion was the potential use cases for Nostr, including Zapper, a micro-payment system across Nostr, and others.The Lightning network is also set to benefit from Nostr’s developments, with increasing node numbers and exponential growth in network capacity.One of the major talking points was the fear of change among Bitcoiners, with some believing that adding things like ordinals could muddy the purest form of a hard money digital asset.
Nick noted that the history and complexity of the consensus layer could be a significant factor behind this fear.Bitcoin has had bugs in the past, and changing its protocol could pose risks, just like changing an engine mid-flight on an airplane.The conversation also touched on the controversy surrounding the need for inflation fees for miners to secure the network.
While some experts like Peter Todd have suggested that some sort of inflation fee is necessary, Nick argued that Bitcoin is still in its early stages, and adding inflation now is not a good idea.He added that we could have a layer of lightning channels that could provide enough security to justify enough fees to justify mining.The hosts also discussed the growing interest in ordinals and NFTs, with some even buying ordinals via lightning.Nick noted that although many of the NFT Ethereum guys were into Bitcoin for NFTs, they would likely stay for lightning.
The BitTalk podcast is now weekly, with Akiba set to join the podcast from Denver for the next episode.Although BTC made a new low on the day the podcast was recorded, the hosts still saw great potential for Bitcoin’s future.
Latest Episodes Bitcoin Bitcoin Continues To Record Blocks Above The 3.75 MB Range As Ordinal Inscriptions Near 150,000 As Ordinal inscriptions approach the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range.Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, the average fee has remained the same over the last few weeks and is currently coasting along at $1.77 per transfer.
Ordinal Inscriptions Close in on Reaching 150K Milestone On Feb.19, 2023, the number of Ordinal inscriptions is approaching 150,000 after a significant increase in demand since the end of January.A week ago, Bitcoin.com News reported that blocks larger than 3 MB are now commonplace and are being mined regularly.This has increased the average block size, which is calculated by adding up the total of all block sizes mined in a day and dividing the total by 144, which is the average number of blocks mined daily.
Statistics from ycharts.com show that the average block size reached a high of 2.525 MB on Feb.12, 2023.The average block size has decreased and was 2.114 MB on Feb.18, 2023.
Along with the blocks larger than 3 MB, there are also an increasing number of blocks near the 4 MB range being mined.According to statistics from blockchair.com, a long list of blocks that are 3.75 MB or larger has been mined.For example, block heights #774,628, #777,302, #776,310, #777,320, and #777,303 are all 3.93 MB or larger.All of the blocks larger than 3.75 MB have been mined in February.
Average onchain fees for Bitcoin have remained stable after a 122% increase in average fee costs during the first week of Feb.2023, and have continued to be within the range of $1.7.On Feb.15, 2023, BTC fees did increase to a high of $2.465 per transfer.As of Feb.
18, 2023, median-sized fees are roughly 0.00003 BTC or $0.744 per transfer.Median fees on Bitcoin have also remained stable after the initial increase during the first week of February.Only four days ago, the number of Ordinal inscriptions hit 100,000, and now it is steadily approaching 150,000.As of the time of writing, there are approximately 145,630 Ordinal inscriptions embedded into the Bitcoin blockchain.Tags in this story Bitcoin, Block Size, Blockchain, Blockchain Explorer, Consensus, Cryptocurrency, Cryptography, Decentralized, Demand, Digital Asset, Digital Currency, Economy, encryption, Finance, Hardware, Innovation, investment, market, Marketplaces, mining, minting, network, NFTs, nodes, on-chain fees, Ordinal inscriptions, ordinal marketplace, ordinal support, Ordinal Trend, ordinals, ordinalsbot.com, Peer-to-peer, Scalability, Security, Software, technology, trading, Transaction, volatility, Wallets What do you think about Ordinal inscriptions coming awfully close to reaching 150,000? Share your thoughts in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons 1 Ordinals Bitcoin Ordinal Inscriptions Surge Past 100,000 Mark, Spurring Development Of Supporting Infrastructure According to the latest statistics, more than 100,000 ordinal inscriptions have been added to the Bitcoin blockchain since the start of the trend.Amid the growing popularity, people have launched supporting marketplaces and tools that allow individuals to inscribe without a full node.
Additionally, a decentralized Ordinal exchange is reportedly in the works.100,000 Inscriptions and Growing: Increased Ordinal Inscriptions Lead to Record Bitcoin Metrics Roughly nine days ago, there were fewer than 10,000 Ordinal inscriptions on the Bitcoin (BTC) blockchain.Since then, inscriptions have increased by 1,434%, surpassing the 100,000 mark.At the time of writing, there are approximately 109,988 Ordinal inscriptions hosted on the decentralized network.Since the inscriptions trend has swelled, a number of individuals and organizations have been building infrastructure to promote more adoption.
For instance, gamma.io and ordinalsbot.com have created tools that allow people to mint Ordinal inscriptions onchain for an added fee on top of the network fee.Tools such as these have appeared in more recent times and are allowing users who do not operate a full node to mint inscriptions.The Bitcoin wallet Xverse has launched Ordinal support, and people have been discussing two Ordinal marketplaces that allow users to buy and sell inscriptions.The decentralized Ordinals Marketplace is coming 👀 pic.twitter.com/AiMVNMZNdO — Hell Money (@hellmoneypod) February 6, 2023 Furthermore, a decentralized Ordinal marketplace is reportedly coming, according to a recent tweet and a clip from the Hell Money Podcast.People have even built a handy calculator that estimates the current cost to inscribe on the Bitcoin blockchain.
Prior to the Ordinal inscription count reaching 100,000, people were discussing how early they were and how many minters hoped to inscribe their messages before reaching the 100K milestone.Muneeb Ali, the co-founder of Stacks, a Bitcoin layer for smart contracts, tweeted about a new bitcoin web wallet that’s on the horizon and noted that it will support Ordinals, NFTs, and Bitcoin Layer 2 solutions, in addition to native Bitcoin.
“New Bitcoin web wallet release almost ready,” the Stacks co-founder said.Since the surge in Ordinal inscriptions, the Bitcoin network has registered the largest increase in Taproot usage in months and the highest transaction fees in over a year.Additionally, block sizes above the 3 MB range have become commonplace on the Bitcoin network.Tags in this story 1 Ordinals, adoption, Bitcoin, Bitcoin (BTC), Bitcoin Inscriptions, Bitcoin web wallet, block sizes, Blockchain, BTC inscriptions, Calculator, co-founder, Cryptocurrency, Decentralized network, Development, Ecosystem, Full Node, gamma.io, Hell Money Podcast, infrastructure, Layer 2 Solutions, Marketplaces, minting, NFTs, Ordinal inscriptions, ordinal marketplace, ordinal support, Ordinal Trend, ordinals, ordinalsbot.com, record usage, Smart Contracts, Stacks, Surge, Taproot, Tools, Transaction Fees, Xverse What do you think the future holds for the development of the Ordinal inscription trend on the Bitcoin network? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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