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Ordinals are receding, commission on the Bitcoin network collapses to $0.12

05 Oct, 2023
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The Ordinals protocol led to the spread of images (similar to NFTs) in the Bitcoin network and then quasi-tokens (BRC-20). The greatest enthusiasm was seen in May when the network experienced congestion and the average commission exceeded $30.

Image source: bitinfocharts.com

After seeing a significant increase in the cost of transfers, users began to switch to alternative networks for settlements. The cryptocurrency that received the biggest boost was Litecoin, which was launched back in 2011 as a faster and cheaper alternative to Bitcoin.

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However, the problem with overloading the Bitcoin network didn't last long. At first, interest in the images that occupied a significant space in the block died out. Now, the excitement around quasi-tokens (with the most famous among them being PEPE, ORDI and MOON) has disappeared.

Image source: dune.com

Since May, somewhere between 100,000 and 400,000 ordinals have circulated daily. That led to the network setting a new record for the number of processed transactions. In recent days, the turnover has fallen below 100,000 per day, and the network commission for sending an ordinary transaction has fallen to $0.12.

Image source: mempool.space

Casey Rodarmor, the man who brought about Ordinals, was disappointed in users' behaviour and called 99.9% of the quasi-tokens spam. The primary interest in minting the token was fuelled by a desire to find gullible buyers. Meanwhile, the Bitcoin network has faced an increase in the load on the network, in commission and in unspent transaction output (UTXO).

Image source: glassnode.com

A number of crypto users believe that Bitcoin was created exclusively for financial settlements and that such innovations only have negative consequences. Supporters of ordinals note the uncompromising progress and the benefits for miners who increased their earnings on higher commission. 


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