{"id":194198,"date":"2023-09-27T07:39:55","date_gmt":"2023-09-27T07:39:55","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194198"},"modified":"2023-09-27T07:39:55","modified_gmt":"2023-09-27T07:39:55","slug":"bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/","title":{"rendered":"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode"},"content":{"rendered":"

Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest inscriptions are taking blockspace away from higher-value Bitcoin (BTC)\u00a0monetary transfers.<\/p>\n

\u201cThere is minimal evidence that inscriptions are displacing monetary transfers,\u201d on-chain analytics firm Glassnode explained its Sept. 25 \u201cThe Week On-chain\u201d report.<\/p>\n

The firm explained that this is likely because inscription users tend to set low fee rates, expressing a willingness to wait longer periods of time for confirmation.<\/p>\n

\u201cInscriptions appear to be buying and consuming the cheapest available blockspace, and are readily displaced by more urgent monetary transfers.\u201d<\/p><\/blockquote>\n

Bitcoin Ordinals were introduced in February 2023 and have since accounted for the lion\u2019s share of network activity when it comes to daily transaction count. <\/p>\n

However, this hasn\u2019t necessarily been reflected in its share of mining fees, with inscriptions only attributing to about 20% of Bitcoin transaction fees, Glassnode noted.<\/p>\n

<\/p>\n

More inscriptions means more revenue \u2014 but there\u2019s a catch<\/h3>\n

While inscriptions have strengthened the base-load demand for blockspace and increased fees for miners, Glassnode says Bitcoin\u2019s hash rate has also increased 50% since February.<\/p>\n

This has resulted in tougher competition for miners looking to swoop in on revenue fees, says Glassnode:<\/p>\n

\u201cWith extreme miner competition in play, and the halving event looming, it is likely that miners are on the edge of income stress, with their profitability to be tested unless BTC prices increase in the near term.\u201d<\/p><\/blockquote>\n

Bitcoin is currently priced at $26,216, but many industry pundits expect some degree of price appreciation in the lead-up to Bitcoin\u2019s halving event scheduled for April 2024.<\/p>\n

Related: <\/em><\/strong>Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative \u2018Runes\u2019 <\/em><\/strong><\/p>\n

Currently, most inscriptions come as a result of BRC-20 tokens, which were introduced one month after Casey Rodarmor launched the Ordinals protocol on Bitcoin in February.<\/p>\n

On Sept. 25, Rodarmor pitched \u201cRunes\u201d as a\u00a0potential alternative to BRC-20s,\u00a0suggesting that an unspent transaction output-based fungible token protocol wouldn\u2019t leave as many \u201cjunk\u201d unspent transaction outputs on the Bitcoin network.<\/p>\n

Magazine: <\/em><\/strong>Blockchain games aren\u2019t really decentralized\u2026 but that\u2019s about to change<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest…<\/p>\n","protected":false},"author":4,"featured_media":194197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-27T07:39:55+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/09\/Bitcoin-Ordinals-havent-wrestled-blockspace-from-money-TXs-Glassnode.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/\",\"url\":\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/\",\"name\":\"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk\",\"isPartOf\":{\"@id\":\"https:\/\/tokenstalk.info\/#website\"},\"datePublished\":\"2023-09-27T07:39:55+00:00\",\"dateModified\":\"2023-09-27T07:39:55+00:00\",\"author\":{\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\"},\"breadcrumb\":{\"@id\":\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tokenstalk.info\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/tokenstalk.info\/#website\",\"url\":\"https:\/\/tokenstalk.info\/\",\"name\":\"Tokens Talk\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/tokenstalk.info\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk","og_description":"Despite concerns that Bitcoin Ordinals are clogging the network, there is little evidence to suggest...","og_url":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/","og_site_name":"Tokens Talk","article_published_time":"2023-09-27T07:39:55+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/09\/Bitcoin-Ordinals-havent-wrestled-blockspace-from-money-TXs-Glassnode.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/","url":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/","name":"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode - Tokens Talk","isPartOf":{"@id":"https:\/\/tokenstalk.info\/#website"},"datePublished":"2023-09-27T07:39:55+00:00","dateModified":"2023-09-27T07:39:55+00:00","author":{"@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab"},"breadcrumb":{"@id":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/tokenstalk.info\/crypto\/bitcoin-ordinals-havent-wrestled-blockspace-from-money-txs-glassnode\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/tokenstalk.info\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Ordinals haven\u2019t wrestled blockspace from money TXs: Glassnode"}]},{"@type":"WebSite","@id":"https:\/\/tokenstalk.info\/#website","url":"https:\/\/tokenstalk.info\/","name":"Tokens Talk","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/tokenstalk.info\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/tokenstalk.info\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/194198"}],"collection":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/comments?post=194198"}],"version-history":[{"count":0,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/posts\/194198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media\/194197"}],"wp:attachment":[{"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/media?parent=194198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/categories?post=194198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tokenstalk.info\/wp-json\/wp\/v2\/tags?post=194198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}