Ordinals
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ORDI Price Breakout Nears $100 Mark
ORDI’s price is currently on a breakout streak, following a triangle pattern that’s gaining momentum. This rally has been boosted by breaking above a key trendline. Analysts are optimistic that if this upward trend continues, ORDI could potentially reach $100.
With Bitcoin stable above $71,000, overall market sentiment is improving rapidly. This recovery has propelled ORDI’s price higher, fueled by its close association with the Bitcoin network. Investors are speculating whether ORDI could indeed reach a market value of $100.
ORDI Token Sees Bullish Surge Towards Potential All-Time High
Following weeks of contraction, the ORDI token has experienced a significant bullish leap marked by multiple breakouts and a sharp increase in momentum. With a current market cap of $1.328 billion, ORDI has surged by 64% over the past 30 days. The bullish revival in June alone has contributed to a 35% increase, characterized by a streak of six consecutive bullish candles on the daily chart.
In the daily chart analysis, the triangle breakout rally has successfully breached the primary resistance trendline. This breakout signals a potential reversal in ORDI’s price trend and hints at a prospective surge towards a new all-time high, potentially reaching near $100.
As of the latest update, ORDI is trading at $63.50, reflecting an intraday growth of 9.86% and forming a substantial bullish engulfing candle. The surge in trading volume further supports the uptrend, with expectations mounting for ORDI to surpass the $65 mark for an extended bullish trend.
RSI Indicator Analysis: The daily RSI line indicates a positive trend entering the overbought zone, suggesting strong underlying demand and reinforcing the bullish sentiment surrounding ORDI’s recent price movements.
ORDI Token Benefits from Bullish Altcoin Market and Bitcoin Surge
With the broader bull market gaining momentum, several altcoins, including ORDI, are experiencing positive price movements boosted by the rising price of Bitcoin (BTC). Currently, ORDI is testing key resistance levels, with the recent bullish engulfing candle challenging the 23.60% Fibonacci retracement level at $64.5.
The next critical milestone for ORDI is the bullish breakout above the $65 mark, which could potentially extend the uptrend towards surpassing its previous all-time high at $96.53 and ultimately targeting the $100 threshold. Analysts and traders are optimistic that continued bullish sentiment, coupled with a surge in Bitcoin’s price, could propel ORDI’s market value even higher, potentially reaching up to $120. This scenario hinges on sustained positive market conditions and increased investor interest in both ORDI and Bitcoin.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ORDI #Ordinals
With Bitcoin stable above $71,000, overall market sentiment is improving rapidly. This recovery has propelled ORDI’s price higher, fueled by its close association with the Bitcoin network. Investors are speculating whether ORDI could indeed reach a market value of $100.
ORDI Token Sees Bullish Surge Towards Potential All-Time High
Following weeks of contraction, the ORDI token has experienced a significant bullish leap marked by multiple breakouts and a sharp increase in momentum. With a current market cap of $1.328 billion, ORDI has surged by 64% over the past 30 days. The bullish revival in June alone has contributed to a 35% increase, characterized by a streak of six consecutive bullish candles on the daily chart.
In the daily chart analysis, the triangle breakout rally has successfully breached the primary resistance trendline. This breakout signals a potential reversal in ORDI’s price trend and hints at a prospective surge towards a new all-time high, potentially reaching near $100.
As of the latest update, ORDI is trading at $63.50, reflecting an intraday growth of 9.86% and forming a substantial bullish engulfing candle. The surge in trading volume further supports the uptrend, with expectations mounting for ORDI to surpass the $65 mark for an extended bullish trend.
RSI Indicator Analysis: The daily RSI line indicates a positive trend entering the overbought zone, suggesting strong underlying demand and reinforcing the bullish sentiment surrounding ORDI’s recent price movements.
ORDI Token Benefits from Bullish Altcoin Market and Bitcoin Surge
With the broader bull market gaining momentum, several altcoins, including ORDI, are experiencing positive price movements boosted by the rising price of Bitcoin (BTC). Currently, ORDI is testing key resistance levels, with the recent bullish engulfing candle challenging the 23.60% Fibonacci retracement level at $64.5.
The next critical milestone for ORDI is the bullish breakout above the $65 mark, which could potentially extend the uptrend towards surpassing its previous all-time high at $96.53 and ultimately targeting the $100 threshold. Analysts and traders are optimistic that continued bullish sentiment, coupled with a surge in Bitcoin’s price, could propel ORDI’s market value even higher, potentially reaching up to $120. This scenario hinges on sustained positive market conditions and increased investor interest in both ORDI and Bitcoin.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ORDI #Ordinals
LIVESewid
--
Bullish
$ORDI
In the 1st scenario I expect #ORDI to compete a main zigzag wave as a correction of the bullish move since Oct2023.
The 2nd scenario I expect a new bullish motive wave from here.
Either ways, I predict a new all time high in the future.
#Ordinals #Bitcoin #BRC20
In the 1st scenario I expect #ORDI to compete a main zigzag wave as a correction of the bullish move since Oct2023.
The 2nd scenario I expect a new bullish motive wave from here.
Either ways, I predict a new all time high in the future.
#Ordinals #Bitcoin #BRC20
World champion #Argentina will live forever in #Bitcoin.
A user created an #Ordinals #NFT with the image of the moment when Lionel Messi lifts the World Cup in Qatar.
#crypto2023
A user created an #Ordinals #NFT with the image of the moment when Lionel Messi lifts the World Cup in Qatar.
#crypto2023
Does Ordinals Protocol Undermine Satoshi Nakamoto’s Vision For Bitcoin?
The world of non-fungible tokens (NFTs) has been gaining significant attention in recent years, with the global NFT market expected to grow to $25 billion by 2025. NFTs are digital assets that represent ownership of unique items such as digital art, music, and video game items. The rise of NFTs has led to the development of various protocols and blockchains for creating, buying, and selling them.
One such protocol is the Ordinals Protocol, which has recently made headlines after reaching a significant milestone. According to Dune Analytics, the cumulative number of inscriptions on the Ordinals Protocol has exceeded 500,000, with transaction fees exceeding 100 BTC (about $2.74 million) in March 2023. This is a remarkable achievement for the protocol, which was launched in 2019 with the goal of creating a new type of transaction that could encode arbitrary data, including metadata, into the Bitcoin blockchain.
@azcoinnews
Unlike Ethereum NFTs that require off-chain data on IPFS, Ordinals Protocol allows for all data to be written directly to the blockchain, resulting in perfect NFTs. This makes the Ordinals Protocol unique among other NFT issuance protocols, which typically use the expression “minting” when issuing NFTs, while Ordinals Protocol refers to it as “inscription.” An inscription is data inscribed in Bitcoin, including smart contracts, and is a combination of media files such as JPEG of images and text.
The success of the Ordinals Protocol has sparked debates within the Bitcoin community. Critics argue that the use of the Bitcoin blockchain should be limited to financial transactions and that storing NFT data on it undermines the original mission of Bitcoin, which was to enable peer-to-peer financial transactions without banks or third parties.
There are also concerns about the energy consumption of Bitcoin’s proof-of-work and its limited storage capacity. The maximum storage space for Bitcoin data is 4 megabytes, and the larger the storage capacity, the faster one block is consumed. Transaction fees increase with more transactions on the network, resulting in slow transfer speeds and significant gas costs that are inconsistent with NFTs.
However, supporters of the Ordinals Protocol believe that it will lead to a cultural change and technical improvement in the NFT space. According to a report by Galaxy Digital, the Bitcoin-based NFT market is expected to grow to $4.5 billion by 2025, and the profitability of miners can be strengthened if transaction fees increase with various transactions, including NFT inscriptions. Increased demand for Bitcoin blocks will increase the scarcity of Ordinals Protocol and users will be willing to pay more fees.
Furthermore, the use of the Ordinals Protocol can help secure the liquidity of Ethereum-based NFT markets such as OpenSea. Users can take care of the security of proven assets with Bitcoin, Dapps, and layer 2 protocols running on the Ethereum virtual machine. The inscription market is expected to grow through marketplaces such as Gamma, and layer 2 protocols such as Stacks using Bitcoin will emerge outside the realm of existing financial transactions.
In conclusion, the Ordinals Protocol’s success highlights the potential for Bitcoin to expand beyond its traditional use in financial transactions and into the NFT space. As the market for NFTs continues to grow, it will be interesting to see how Bitcoin and other blockchains continue to evolve to meet the demands of users and developers alike. While there are criticisms and concerns surrounding the use of Bitcoin for NFT inscriptions, the Ordinals Protocol’s growing popularity suggests that it may play a significant role in the future of NFTs.
#BitcoinNFT #NFT #Ordinals #azcoinnews #crypto2023
This article was republished from azcoinnews.com
One such protocol is the Ordinals Protocol, which has recently made headlines after reaching a significant milestone. According to Dune Analytics, the cumulative number of inscriptions on the Ordinals Protocol has exceeded 500,000, with transaction fees exceeding 100 BTC (about $2.74 million) in March 2023. This is a remarkable achievement for the protocol, which was launched in 2019 with the goal of creating a new type of transaction that could encode arbitrary data, including metadata, into the Bitcoin blockchain.
@azcoinnews
Unlike Ethereum NFTs that require off-chain data on IPFS, Ordinals Protocol allows for all data to be written directly to the blockchain, resulting in perfect NFTs. This makes the Ordinals Protocol unique among other NFT issuance protocols, which typically use the expression “minting” when issuing NFTs, while Ordinals Protocol refers to it as “inscription.” An inscription is data inscribed in Bitcoin, including smart contracts, and is a combination of media files such as JPEG of images and text.
The success of the Ordinals Protocol has sparked debates within the Bitcoin community. Critics argue that the use of the Bitcoin blockchain should be limited to financial transactions and that storing NFT data on it undermines the original mission of Bitcoin, which was to enable peer-to-peer financial transactions without banks or third parties.
There are also concerns about the energy consumption of Bitcoin’s proof-of-work and its limited storage capacity. The maximum storage space for Bitcoin data is 4 megabytes, and the larger the storage capacity, the faster one block is consumed. Transaction fees increase with more transactions on the network, resulting in slow transfer speeds and significant gas costs that are inconsistent with NFTs.
However, supporters of the Ordinals Protocol believe that it will lead to a cultural change and technical improvement in the NFT space. According to a report by Galaxy Digital, the Bitcoin-based NFT market is expected to grow to $4.5 billion by 2025, and the profitability of miners can be strengthened if transaction fees increase with various transactions, including NFT inscriptions. Increased demand for Bitcoin blocks will increase the scarcity of Ordinals Protocol and users will be willing to pay more fees.
Furthermore, the use of the Ordinals Protocol can help secure the liquidity of Ethereum-based NFT markets such as OpenSea. Users can take care of the security of proven assets with Bitcoin, Dapps, and layer 2 protocols running on the Ethereum virtual machine. The inscription market is expected to grow through marketplaces such as Gamma, and layer 2 protocols such as Stacks using Bitcoin will emerge outside the realm of existing financial transactions.
In conclusion, the Ordinals Protocol’s success highlights the potential for Bitcoin to expand beyond its traditional use in financial transactions and into the NFT space. As the market for NFTs continues to grow, it will be interesting to see how Bitcoin and other blockchains continue to evolve to meet the demands of users and developers alike. While there are criticisms and concerns surrounding the use of Bitcoin for NFT inscriptions, the Ordinals Protocol’s growing popularity suggests that it may play a significant role in the future of NFTs.
#BitcoinNFT #NFT #Ordinals #azcoinnews #crypto2023
This article was republished from azcoinnews.com
"They are profiting from my image and my code": Luke Dashjr dissociates from #NFT #Ordinals
One of the #bitcoin Core developers warned that unauthorized images of his code are being sold in NFT format.
#nftcommunity #buildtogether
One of the #bitcoin Core developers warned that unauthorized images of his code are being sold in NFT format.
#nftcommunity #buildtogether
Creators of #BoredApe to launch collection of #NFT #Ordinals in #Bitcoin
TwelveFold is a collection of 300 NFTs developed by Yuga Labs that could open up a multi-billion dollar market.
#nftcommunity
TwelveFold is a collection of 300 NFTs developed by Yuga Labs that could open up a multi-billion dollar market.
#nftcommunity
#NFT #Ordinals no longer fill #Bitcoin blocks "to the brim".
Enrollments are dwindling and, for the first time in three weeks, blocks mined in a single day have plenty of space available.
#nftcommunity #crypto2023
Enrollments are dwindling and, for the first time in three weeks, blocks mined in a single day have plenty of space available.
#nftcommunity #crypto2023
#Bitcoin Taproot adoption reaches a new all-time high thanks to #Ordinals
The usage level of this type of transaction almost reaches 14% and has multiplied exponentially since the end of January.
#nftcommunity #BTC
The usage level of this type of transaction almost reaches 14% and has multiplied exponentially since the end of January.
#nftcommunity #BTC
What's good and bad about Bitcoin #NFT Ordinals
Galaxy Research says #Ordinals will attract users to #Bitcoin and benefit miners, even though they go against some of their basic premises.
#buildtogether #nftcommunity
Galaxy Research says #Ordinals will attract users to #Bitcoin and benefit miners, even though they go against some of their basic premises.
#buildtogether #nftcommunity
Best BRC20 Based Tokens
BRC20 is a new token standard that operates on the Bitcoin network, offering developers the opportunity to create digital assets and expand the capabilities of the Bitcoin ecosystem. With features such as interoperability, scalability, fungibility, programmability, and security, BRC20 has the potential to revolutionize the blockchain industry.
Some promising projects on the BRC20 Network include:
Ordigen:
A platform that aims to provide a secure and transparent way for users to store and manage their digital assets.
BefiLabs:
BeFi Labs is a decentralized exchange that facilitates zero-fee trading of BRC20 tokens and ordinals across multiple blockchain networks.
Trac Network:
A platform that focuses on providing a seamless and secure experience for users to track and manage their digital assets across multiple blockchains.
Ordinals:
A project that enables users to inscribe unique content onto the Bitcoin network, creating a new form of digital ownership and expression.
100SATS:
A platform that facilitates the exchange of digital assets, making it easier for users to trade and manage their holdings.
Ignore the tags:
#BRC20 #blockchain #Ordinals $BTC #Bullrun2024_2025
BRC20 is a new token standard that operates on the Bitcoin network, offering developers the opportunity to create digital assets and expand the capabilities of the Bitcoin ecosystem. With features such as interoperability, scalability, fungibility, programmability, and security, BRC20 has the potential to revolutionize the blockchain industry.
Some promising projects on the BRC20 Network include:
Ordigen:
A platform that aims to provide a secure and transparent way for users to store and manage their digital assets.
BefiLabs:
BeFi Labs is a decentralized exchange that facilitates zero-fee trading of BRC20 tokens and ordinals across multiple blockchain networks.
Trac Network:
A platform that focuses on providing a seamless and secure experience for users to track and manage their digital assets across multiple blockchains.
Ordinals:
A project that enables users to inscribe unique content onto the Bitcoin network, creating a new form of digital ownership and expression.
100SATS:
A platform that facilitates the exchange of digital assets, making it easier for users to trade and manage their holdings.
Ignore the tags:
#BRC20 #blockchain #Ordinals $BTC #Bullrun2024_2025
NEWS: This is an interesting development in the cryptocurrency space! Here are some key takeaways from the statement:
Key points:
ORDI token: The Bitcoin Ordinals-based ORDI token has seen a remarkable surge in value, reaching a market capitalization of over $1 billion.
850% monthly gain: This impressive growth represents an 850% increase from November 5th, showing a significant level of interest and demand.
First BRC-20 token to reach $1B market cap: ORDI has broken new ground by becoming the first token built on the BRC-20 standard to achieve this milestone.
Following an outsized rally: This rapid increase in market cap suggests a strong momentum and potentially lasting impact on the crypto market.
Possible reasons for the surge:
Increased adoption of Bitcoin Ordinals: The growing popularity of Bitcoin Ordinals, a protocol for inscribing data onto the Bitcoin blockchain, could be driving demand for the associated ORDI token.
Utility of ORDI: ORDI may offer various functionalities within the Bitcoin Ordinals ecosystem, further incentivizing investors to hold the token.
Speculative trading: A portion of the price increase could be attributed to speculative trading activity, capitalizing on the hype surrounding ORDI.
Potential implications:
Increased awareness of Bitcoin Ordinals: The success of ORDI could bring more attention to the Bitcoin Ordinals protocol and its potential applications.
Further development of the BRC-20 ecosystem: ORDI's achievement could encourage further development and innovation within the BRC-20 token standard.
Increased volatility in the crypto market: The rapid rise of ORDI may contribute to overall volatility within the cryptocurrency market, requiring caution for investors.
It remains to be seen how the ORDI token will fare in the long term. However, its recent success marks a significant milestone for the Bitcoin Ordinals project and the BRC-20 ecosystem.
#ORDI #Ordinals
Key points:
ORDI token: The Bitcoin Ordinals-based ORDI token has seen a remarkable surge in value, reaching a market capitalization of over $1 billion.
850% monthly gain: This impressive growth represents an 850% increase from November 5th, showing a significant level of interest and demand.
First BRC-20 token to reach $1B market cap: ORDI has broken new ground by becoming the first token built on the BRC-20 standard to achieve this milestone.
Following an outsized rally: This rapid increase in market cap suggests a strong momentum and potentially lasting impact on the crypto market.
Possible reasons for the surge:
Increased adoption of Bitcoin Ordinals: The growing popularity of Bitcoin Ordinals, a protocol for inscribing data onto the Bitcoin blockchain, could be driving demand for the associated ORDI token.
Utility of ORDI: ORDI may offer various functionalities within the Bitcoin Ordinals ecosystem, further incentivizing investors to hold the token.
Speculative trading: A portion of the price increase could be attributed to speculative trading activity, capitalizing on the hype surrounding ORDI.
Potential implications:
Increased awareness of Bitcoin Ordinals: The success of ORDI could bring more attention to the Bitcoin Ordinals protocol and its potential applications.
Further development of the BRC-20 ecosystem: ORDI's achievement could encourage further development and innovation within the BRC-20 token standard.
Increased volatility in the crypto market: The rapid rise of ORDI may contribute to overall volatility within the cryptocurrency market, requiring caution for investors.
It remains to be seen how the ORDI token will fare in the long term. However, its recent success marks a significant milestone for the Bitcoin Ordinals project and the BRC-20 ecosystem.
#ORDI #Ordinals
Do Bitcoin Ordinals Affect Blockspace Usage and Mining Fees? ⛏️
A recent report suggests that despite their increasing presence in daily transactions, inscriptions primarily driven by BRC-20 tokens haven't significantly displaced higher-value Bitcoin transfers.
#Inscription users opt for low fees and willingly wait for confirmations, making them easily displaced by more urgent transfers.
While inscriptions boost blockspace demand and #miner fees, heightened competition among miners and the looming halving event raise concerns about their profitability.
As Bitcoin's price sits at $26,216, could these #Ordinals hold the key to the network's future, or might alternatives like 'Runes' prove more efficient in managing unspent transaction outputs?
#Binance
#crypto2023
A recent report suggests that despite their increasing presence in daily transactions, inscriptions primarily driven by BRC-20 tokens haven't significantly displaced higher-value Bitcoin transfers.
#Inscription users opt for low fees and willingly wait for confirmations, making them easily displaced by more urgent transfers.
While inscriptions boost blockspace demand and #miner fees, heightened competition among miners and the looming halving event raise concerns about their profitability.
As Bitcoin's price sits at $26,216, could these #Ordinals hold the key to the network's future, or might alternatives like 'Runes' prove more efficient in managing unspent transaction outputs?
#Binance
#crypto2023
Hot perpetual
Entry long :
0.001518
Stoploss :
0.001483
TP :
0.001553 1:1RR
0.001622
0.00174
0.001884
0.002132
Note
Before hit TP 1 , if we moved 2.3%( consider by TP 1 )
Risk reward ratio 1:18
Super low risk.
#hot #Ordinals #Celestia #MEMECoinListing #BTC🔥🔥
Entry long :
0.001518
Stoploss :
0.001483
TP :
0.001553 1:1RR
0.001622
0.00174
0.001884
0.002132
Note
Before hit TP 1 , if we moved 2.3%( consider by TP 1 )
Risk reward ratio 1:18
Super low risk.
#hot #Ordinals #Celestia #MEMECoinListing #BTC🔥🔥
SATS Price Prediction: SATS Plummets 12%, but Don’t Rule Out a Rise to $0.0000005420 Just Yet
The $1000SATS price dropped below the 9 and 20 Exponential Moving Average (EMA) lines on its 4-hour chart over the past 24 hours. Should this bearish momentum continue, the altcoin may soon retest the immediate support level at $0.0000004505. Once at this level, SATS will either rebound and begin climbing to $0.0000005420 in the following couple of days, or will fall below the mark towards the $0.0000004025 support.
In the event that the #SATS price falls to $0.0000004025, investors will want to pay close attention to how the crypto’s price behaves around this support. Falling below this significant price point may put the altcoin at risk of plummeting to as low as $0.0000003505 in the following couple of days.
A bullish play may, however, still be in play for as long as the SATS price remains above this level, as any rebound above this level will result in SATS printing a higher low. This could ultimately lead to the altcoin rising towards the $0.0000005420 barrier in the short to medium-term.
Traders and investors will want to note that the 9 EMA line on the 4-hour chart has crossed below the 20 EMA line. This specific technical occurrence suggests that the SATS price has entered into a short-term bearish cycle, and may subsequently retrace in the upcoming 24-48 hours.
#Ordinals
The $1000SATS price dropped below the 9 and 20 Exponential Moving Average (EMA) lines on its 4-hour chart over the past 24 hours. Should this bearish momentum continue, the altcoin may soon retest the immediate support level at $0.0000004505. Once at this level, SATS will either rebound and begin climbing to $0.0000005420 in the following couple of days, or will fall below the mark towards the $0.0000004025 support.
In the event that the #SATS price falls to $0.0000004025, investors will want to pay close attention to how the crypto’s price behaves around this support. Falling below this significant price point may put the altcoin at risk of plummeting to as low as $0.0000003505 in the following couple of days.
A bullish play may, however, still be in play for as long as the SATS price remains above this level, as any rebound above this level will result in SATS printing a higher low. This could ultimately lead to the altcoin rising towards the $0.0000005420 barrier in the short to medium-term.
Traders and investors will want to note that the 9 EMA line on the 4-hour chart has crossed below the 20 EMA line. This specific technical occurrence suggests that the SATS price has entered into a short-term bearish cycle, and may subsequently retrace in the upcoming 24-48 hours.
#Ordinals
Whale of a Time: $4.09 Million $ORDI Deposit Shakes Binance ! 👀🚀🐋💰
🌟 A massive whale just made a splash in the crypto ocean, depositing a jaw-dropping 329,500 #Ordinals (equivalent to $4.09 million) into the prestigious #Binance exchange! 🐋✨
This impressive stack of #ORDI in the whale's wallet was minted, adding to the intrigue surrounding this captivating development.
Address of the whale: 👇
bc1paeypvxw6knqzjvfr07euxv2c0975zrpt0ls5aa3vfccw9cpd627q47catv
#cryptocurrency
Disclaimer: This message is for informational purposes only and should not be considered financial advice. Please conduct your own research and consult a professional before making any investment decisions. 💼📊💡
🙏 a small LIKE & FOLLOW 🙏 MOTIVATES ME A LOT ❤️
🌟 A massive whale just made a splash in the crypto ocean, depositing a jaw-dropping 329,500 #Ordinals (equivalent to $4.09 million) into the prestigious #Binance exchange! 🐋✨
This impressive stack of #ORDI in the whale's wallet was minted, adding to the intrigue surrounding this captivating development.
Address of the whale: 👇
bc1paeypvxw6knqzjvfr07euxv2c0975zrpt0ls5aa3vfccw9cpd627q47catv
#cryptocurrency
Disclaimer: This message is for informational purposes only and should not be considered financial advice. Please conduct your own research and consult a professional before making any investment decisions. 💼📊💡
🙏 a small LIKE & FOLLOW 🙏 MOTIVATES ME A LOT ❤️
Core Developer Suggests Bitcoin Ordinals and BRC-20 Tokens May Soon Be Phased Out
1. ORDI surged over 500% in the last month despite recent downward trends.
2. Ordinals leverage a Bitcoin network vulnerability, masking data as code.
3. Rising data additions to the blockchain are driving sharp increases in transaction fees.
4. Uncertainty looms over the fate of Ordinals and BRC-20 tokens, hinting at their potential demise.
Recent fervor around Bitcoin Ordinals has driven substantial investor profits since its inception. The native cryptocurrency ORDI, part of the ordinals protocol, surged more than 500% in the last 30 days, with a remarkable spike occurring within the past fortnight.
Yet, amidst the hype lies a looming concern: warnings of an imminent crash potentially reducing this cryptocurrency to zero.
This stems from the innovation in inscriptions, ordinals, and Bitcoin NFTs—an intriguing development in the blockchain realm. Engineer Casey Rodarmor pioneered a method to 'inscribe' data into Satoshis, akin to NFTs found on various chains. This breakthrough marked the inception of the first Bitcoin network-based NFTs, facilitated by the BRC-20 token standard, with ORDI being the most prominent.
However, a recent disclosure by Luke Dashjr, a Bitcoin Core developer, paints a grim picture. Dashjr highlights that Ordinals and other BRC-20 tokens exploit a vulnerability within the BTC network—disguising data as legitimate code to surpass data size limits, effectively 'spamming the blockchain.'
Disturbingly, this vulnerability may soon be rectified, potentially signaling the demise of BRC-20 tokens, driving their prices towards insignificance.
The crux lies in the unrepaired data size limit within the core Bitcoin code, leaving Ordinals vulnerable, unlike the patched Bitcoin Knots derivative. Yet, the impending v27 release in 2024 could spell doom for Ordinals, as this vulnerability might finally be addressed.
The value of utility tokens thrives on their usage. Dashjr posits that BRC-20 tokens' assault on Bitcoin has inflicted irreversible damage on the blockchain, leading to escalated transaction fees—a sign of underlying issues.
Given their significant blockchain space occupation and fraudulent nature, urgency looms over potentially ending Ordinal inscriptions, marking a possible conclusion to this vulnerable yet innovative technology.
Disclaimer: While striving for accuracy, Voice of Crypto absolves itself of responsibility for any inaccuracies. Cryptocurrencies are highly volatile; hence, independent research is advisable for financial decisions.
#Ordinals #BitcoinETF #BTC
$BTC
2. Ordinals leverage a Bitcoin network vulnerability, masking data as code.
3. Rising data additions to the blockchain are driving sharp increases in transaction fees.
4. Uncertainty looms over the fate of Ordinals and BRC-20 tokens, hinting at their potential demise.
Recent fervor around Bitcoin Ordinals has driven substantial investor profits since its inception. The native cryptocurrency ORDI, part of the ordinals protocol, surged more than 500% in the last 30 days, with a remarkable spike occurring within the past fortnight.
Yet, amidst the hype lies a looming concern: warnings of an imminent crash potentially reducing this cryptocurrency to zero.
This stems from the innovation in inscriptions, ordinals, and Bitcoin NFTs—an intriguing development in the blockchain realm. Engineer Casey Rodarmor pioneered a method to 'inscribe' data into Satoshis, akin to NFTs found on various chains. This breakthrough marked the inception of the first Bitcoin network-based NFTs, facilitated by the BRC-20 token standard, with ORDI being the most prominent.
However, a recent disclosure by Luke Dashjr, a Bitcoin Core developer, paints a grim picture. Dashjr highlights that Ordinals and other BRC-20 tokens exploit a vulnerability within the BTC network—disguising data as legitimate code to surpass data size limits, effectively 'spamming the blockchain.'
Disturbingly, this vulnerability may soon be rectified, potentially signaling the demise of BRC-20 tokens, driving their prices towards insignificance.
The crux lies in the unrepaired data size limit within the core Bitcoin code, leaving Ordinals vulnerable, unlike the patched Bitcoin Knots derivative. Yet, the impending v27 release in 2024 could spell doom for Ordinals, as this vulnerability might finally be addressed.
The value of utility tokens thrives on their usage. Dashjr posits that BRC-20 tokens' assault on Bitcoin has inflicted irreversible damage on the blockchain, leading to escalated transaction fees—a sign of underlying issues.
Given their significant blockchain space occupation and fraudulent nature, urgency looms over potentially ending Ordinal inscriptions, marking a possible conclusion to this vulnerable yet innovative technology.
Disclaimer: While striving for accuracy, Voice of Crypto absolves itself of responsibility for any inaccuracies. Cryptocurrencies are highly volatile; hence, independent research is advisable for financial decisions.
#Ordinals #BitcoinETF #BTC
$BTC
