"Bitcoin's venture into the NFT space with its unique Ordinals and Inscriptions has undeniably disrupted the crypto market. But are they just a passing fad? Data from the Bitcoin mempool tells a different story, with persistent congestion indicating sustained demand... This demand coincides distinctly with the rise in new Inscriptions. But what does this mean for transaction fees and the overall stability of the Bitcoin network? And as image-based Inscriptions make way for text-based ones, what does this tell us about..."
Sustained Bitcoin mempool congestion shows unwavering demand for Ordinals Inscriptions Sustained Bitcoin mempool congestion shows unwavering demand for Ordinals Inscriptions
The consistent demand for Inscriptions suggests they may have found a niche and a dedicated user base.
2 min read
Updated: Sep. 22, 2023 at 1:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ordinals serve as a unique numbering scheme for satoshis, allowing users to track and transfer individual sats.
