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Ordinals May Accelerate Bitcoin Development – Grayscale

May 2, 2023
3 min read

Bitcoin Ordinals is a relatively new sector which is still developing. Many BTC lovers were wondering how this market will influence the number one cryptocurrency in the future. Seems like crypto investment firm Grayscale is ready to answer their questions. It has published a report about Bitcoin Ordinals and their influence on the network. The authors are saying that the network only benefits from this new solution and it has some great potential.

According to the report, Bitcoin Ordinals are responsible for two positive changes in the network. Firstly, they helped to increase the commission of miners. Now, the volume of commissions has reached $6.5 million. Moreover, there's a big chance that this number will grow alongside with wider adoption of Bitcoin NFTs.

Secondly, Bitcoin Ordinals accelerated the development of the community. This new feature will soon create a new community of developers and authors, who would be responsible for fostering and strengthening the Bitcoin NFT world.

We can observe the positive impact of Bitcoin NFTs on the network in recent statistics. On April 30, the daily issue volume of Ordinals reached a new historical high around 300,000 and the number of BTC transactions achieved the peak value too.

However, not everyone approves the existence of Bitcoin NFTs. Take a look at the Twitter post from Blockstream CEO, for instance:

But it’s impossible to reject the fact that NFTs based on the Bitcoin network have created a new market with its own ecosystem. Yes, it’s still in the developing stage, but prices for some Bitcoin collections are already higher than for Ethereum ones, and OTC trading opens up wide opportunities for speculation in this market. So, we'll see if it’s possible that in the future Bitcoin Ordinals will become an integral part of the Bitcoin network.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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