Bitcoin Transaction Backlog Shrinks, but Over 289,000 Still Await Confirmation

Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218 blocks must be processed to fully alleviate this congestion. Bitcoin’s Lingering Transaction Backlog Data collected on May 20, 2023, at 1:35 [...]

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ORDINAL PROTOCOL PRICE ANALYSIS & PREDICTION (February 16)   ORDI Faces Rejection After A Retests, Can It Push Higher?

After ending a bearish correction last month, Ordi showed strong signs of strength and increased to its highest price level in a month. It saw a rejection and paused buying. An explosion is expected once the price increases above Januarys high. Last month, Ordi had a bearish stopover at $48 […]

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Bitcoin Records Over 12 Million Ordinal Inscriptions, Miners Accumulate $46 Million as BRC20 Market Cap Declines

As of June 18, the latest figures reveal over 12.49 million Ordinal inscriptions have been recorded on the Bitcoin blockchain. The inscription trend has yielded substantial gains for bitcoin miners, who have accumulated 1,732 BTC equivalent to $46 million using today’s exchange rates. However, the BRC20 economy, experiencing a significant decline in value, has suffered [...]

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Bitcoin Mining Difficulty Soars As BRC20 Sparks Hashrate Frenzy

Recently, Bitcoin has experienced a remarkable surge in mining difficulty, shattering previous records, according to statistics by BTC.com. This monumental event took place at block height 790,272, triggering a significant 3.22% increase in mining difficulty, reaching an astonishing 49.55 trillion.  Adding to the fervor, the current average hashrate now stands at an impressive 354.55 EH/s. […]

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What are DRC-20 Tokens? How to Mint DRC20 tokens Successfully?

This is an exciting period for the industry, and if you are a fellow crypto enthusiast, Buckle up because there’s a new player on the block that is touted to be the latest game-changer in the market: DRC-20 on $DOGE! For those of you who are new to the game, let me tell you that […]

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OKX Wallet Launches Ordinals Marketplace for BRC-20 Tokens Trading

OKX Wallet, a leading web3 technology company, has become the first multichain wallet to support BRC-20 tokens trading with the

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Surge in Ordinal Inscriptions Ignites Exponential Growth in BRC20 Token Economy

Over the past four days, there has been a surge in Ordinal inscriptions, and as a result, the BRC20 token economy has experienced significant growth with over 10,000 additional coins. The current value of the BRC20 token economy now stands at $497.75 million, comprising a total of 24,677 distinct tokens. Bitcoin Users Issued More Than [...]

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OKX To Launch Ordinals Marketplace & Multichain Wallet For Web3 Innovation

OKX, a leading Web3 technology company, has announced the launch of the Ordinals trading market this week, according to the press release. The platform will support BRC20 token trading and BTC cross-chain Swap, in addition to supporting Ordinals inscriptions and BRC20 token minting and Ordinals NFT trading from the end of May to June. The […]

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Do Bitcoin Deserve the Title “King Of Cryptocurrencies”; While Falling Apart?

Bitcoin, the original blockchain, has been facing significant challenges in recent times. Network congestion and soaring transaction fees have raised

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BRC20 Token Economy Thrives Amidst Crypto Downturn, Surging 53% in Five Days

Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days. Impervious to Market Slump, BRC20 Tokens Defy the Odds Built atop the Bitcoin blockchain, the recently [...]

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A ‘Tremendous Variety of Possible Transaction Types’ — A Look at the Conversation Between Nakamoto and Andresen

The Bitcoin mempool, otherwise known as the network’s transaction backlog, is still clogged with over 390,000 transactions waiting to be processed by miners. To clear the mempool, more than 190 blocks need to be mined. As the scaling issues continue to plague the network, a conversation between former Bitcoin developer Gavin Andresen and the network’s

The post A ‘Tremendous Variety of Possible Transaction Types’ — A Look at the Conversation Between Nakamoto and Andresen appeared first on BTC Ethereum Crypto Currency Blog.

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BRC-20 tokens creating a frenzy as users pour BTC into minting tokens

BRC-20 tokens have created a frenzy over the last few days. Users are pouring BTC to mint the token that is settled on the Bitcoin Blockchain via Ordinals inscription. Bitcoin sidechain Mintlayer CEO Enrico Rubboli however feel that the technology to mint the BRC tokens is “heavily flawed and isn’t in line with the axioms …

<p>The post BRC-20 tokens creating a frenzy as users pour BTC into minting tokens first appeared on CCNC | Cryptocurrency Newscast.</p>

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BRC-20 Transactions Now Consuming the MAJORITY of Bitcoin Transactions, as Sudden Increase Sends Fees SKYROCKETING...

The Bitcoin Request for Comment Protocol (BRC-20) is dominating crypto transactions, with 65% of all mined transactions yesterday being tied to the protocol - a new record.

The sudden explosion in popularity has also sparked debate;  is BRC-20 now one of crypto's 'top protocols' and should be regarded similarly to Ethereum's ERC-20 protocol?  Or, as some claim, are we seeing a temporary trend built on memecoins that are unlikely to experience any long term success?

Not the First Time the Majority of BTC Transactions Were BRC-20 Related...

While yesterday's 65% set a new record, the majority (more than 50%) of Bitcoin transactions were related to a BRC-20 transaction for 5 of the last 9 days .

BRC-20 operates on the Ordinals protocol, which is relatively new and enables the storage of various forms of information, such as images, videos, and audios, on the Bitcoin blockchain.

Fees Bring Angry Users, Happy Miners...

Unfortunately, this has led to high congestion and exorbitant fees for processing transactions on the Bitcoin network, causing frustration for regular users.

Miners, on the other hand, are reaping the rewards -  some are claiming to have "never earned this much before".

Over 650 BTC (approximately $18,200,000) has already been spent on fees for the 3,755,000+ BRC-20 transactions to date.
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Author: Justin Derbek
New York News Desk
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Bitcoin’s BRC20 Token Economy Skyrockets 192% to $279 Million in Just Four Days

Four days ago, the market capitalization of all the BRC20 tokens built on top of the Bitcoin network was a modest $95 million. However, over the past four days, the BRC20 market valuation has seen tremendous growth, increasing by 192% and reaching $279 million. More Than 13,000 BRC20 Tokens Built on Bitcoin Are Now Worth [...]

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New BRC69 Token Standard Promises 90% Savings for Bitcoin’s Ordinal Inscriptions

While Ordinal inscriptions continue to rise, nearing the 15 million range, a new token standard was revealed on July 3 called BRC69. According to the creators of the concept, it can reduce the costs of inscriptions for Ordinal collections by over 90%. The launchpad Luminex, which announced the BRC69 token standard, insists that the “brilliance [...]

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What are BRC20 tokens?: Should you invest?

Bitcoin maximalists are a passionate bunch who are always on the hunt for the next big thing in the world of cryptocurrency. And if you thought that ordinals and inscriptions were enough to get them excited, then you’re in for a treat! The latest use case for the ordinals protocol is causing quite a stir, […]

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While Markets Consolidate, Value of Bitcoin’s BRC20 Token Economy Has Risen Over 1,500% in 39 Days

During the past week, while bitcoin has been less volatile, the BRC20 token economy has been coasting along just below the $500 million range, and today it stands at $475.05 million. Statistics show that BRC20s have increased in value significantly over the past 39 days, rising 1,511% from a total value of $29.48 million to [...]

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Bitcoin’s Sats Names Ecosystem Flourishes: 370,000 SNS Names Inscribed

On June 26, 2023, the number of Bitcoin-based Ordinal inscriptions surpassed 14 million, just six days after exceeding 13 million. Inscription activity has continued to rise since then. In addition to text, non-fungible tokens (NFTs), and fungible BRC20 tokens, Ordinal inscription technology has ushered in a new naming standard called Sats Names, built on top [...]

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