Users post huge files on the Bitcoin network using the ordinal protocol to occupy block space and pay high fees for doing so.
Bitcoin Ordinal Increases Fees
The Bitcoin-native ordinal protocol will occupy record-breaking space on the blockchain, increasing transaction fees on the network in the process.
A disruptive and newly launched protocol enables non-fungible token (NFT) assets on the Bitcoin main net by injecting content into satoshis.
So far, the inscription has included content such as images, documents including Bitcoin White’s PDF of his paper, and even a fully playable clone of the video game DOOM.
On February 2, independent developer Udi Wertheimer used the Ordinals protocol to create a 3.94-megabyte image of a bald Sauber in sunglasses “admiring the magical Internet JPEGs.” He later tweeted that he had completed “the largest transaction in Bitcoin history.” “
The data size of these registered transactions is much larger than transactions typically executed on blockchains, resulting in higher fees associated with their processing.
A typical Bitcoin transaction can cost a few cents to a few dollars, but by comparison, ordinals can cost tens of dollars.
Figures from the crypto mining data provider Hashrate Index show that the ratio of commissions to block rewards has increased over the past seven days, starting around week 1 and hitting a weekly high of 6.74% set on February 1. jumping up
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