Bitcoin Ordinals Transaction Cost Reaches Record High Due to Bitcoin Apes
On March 24th, according to data from Dune Analytics, the daily transaction cost of casting the Bitcoin Ordinals inscription reached a record high of 9.28 BTC on Thursday, approxim
On March 24th, according to data from Dune Analytics, the daily transaction cost of casting the Bitcoin Ordinals inscription reached a record high of 9.28 BTC on Thursday, approximately $257460. This is mainly due to the influence of Bitcoin Apes, which is a non official replica of BAYC on the BTC blockchain. （bitcoinworld）
The daily transaction cost of casting the Ordinals inscription reached a record high of 9.28 BTC
Bitcoin, as a digital currency, has been a topic of discussion among investors and traders for years. Its decentralized nature and the ability to transfer funds anonymously have made it attractive to many people. However, with this popularity, various challenges have arisen. One such challenge is the recent surge in the Bitcoin Ordinals transaction cost, which reached a record high of 9.28 BTC on March 24th. In this article, we explore the causes of this surge and how it relates to Bitcoin Apes.
What is Bitcoin Ordinals?
Bitcoin Ordinals is a project that enables users to cast messages into the Bitcoin blockchain. The messages are limited to 80 characters, and the cost of casting them is based on the size of the message in bytes. The objective of this project is to allow anyone to cast short messages into the blockchain for posterity.
What are Bitcoin Apes?
Bitcoin Apes is a non-official replica of the popular NFT project, Bored Ape Yacht Club (BAYC), on the Bitcoin blockchain. The project allows participants to purchase unique digital apes and provides a platform for community building.
The Role of Bitcoin Apes on Bitcoin Ordinals Transaction Cost
The surge in the Bitcoin Ordinals transaction cost is mainly attributed to the influence of Bitcoin Apes. The project has created a sense of community among its participants, and many of them have cast messages into the blockchain using Bitcoin Ordinals. As a result, the cost of casting the messages has skyrocketed due to the high demand for block space.
Moreover, Bitcoin Apes has gained immense popularity in recent times, resulting in increased demand for its digital assets. This increased demand has created a surge in the use of Bitcoin Ordinals, leading to the record-high transaction cost.
The Future of Bitcoin Ordinals
Despite the surge in transaction cost, Bitcoin Ordinals remains a promising project. It provides a unique way for individuals to cast messages into the blockchain and provides immutable, decentralized storage for those messages. Although the current demand for the service has resulted in high transaction costs, it is expected that the cost will eventually stabilize.
In conclusion, the surge in Bitcoin Ordinals transaction cost is mainly attributed to the popularity of Bitcoin Apes, a non-official replica of BAYC on the Bitcoin blockchain. The project has created a sense of community among its participants, and many of them have cast messages into the blockchain. This has resulted in high demand for block space, causing the transaction cost to reach a record high. However, with the continued development of the project, it is expected that the transaction cost will stabilize.
FAQs
Q: What factors determine the Bitcoin Ordinals transaction cost?
A: The Bitcoin Ordinals transaction cost is determined by the size of the message in bytes.
Q: What is the benefit of casting messages into the blockchain using Bitcoin Ordinals?
A: Casting messages into the blockchain using Bitcoin Ordinals provides immutable, decentralized storage for those messages.
Q: Is Bitcoin Ordinals a promising project despite the surge in transaction cost?
A:Yes, despite the surge in transaction cost, Bitcoin Ordinals remains a promising project.
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