{"id":38683,"date":"2023-02-14T04:08:47","date_gmt":"2023-02-14T04:08:47","guid":{"rendered":"https:\/\/lydian.io\/?p=38683"},"modified":"2023-02-14T04:08:48","modified_gmt":"2023-02-14T04:08:48","slug":"bitcoin-reaches-a-record-44-million-non-zero-addresses-thanks-to-ordinals-glassnode","status":"publish","type":"post","link":"https:\/\/lydian.io\/bitcoin-reaches-a-record-44-million-non-zero-addresses-thanks-to-ordinals-glassnode\/","title":{"rendered":"Bitcoin reaches a record 44 million non-zero addresses thanks to Ordinals: Glassnode","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 38 Second <\/div>\n\n <\/div>

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The launch of Bitcoin Nonfungible Tokens (NFTs) \u2014 often called ordinals \u2014 has pushed the variety of non-zero Bitcoin addresses to a brand new all-time excessive of 44 million, in response to crypto analytics platform Glassnode.<\/p>\n

In a Feb. 13 report from Glassnode, the corporate explained<\/a> that for the primary time in Bitcoin's 14-year historical past, some community exercise is getting used for functions aside from peer-to-peer Bitcoin (BTC) financial transfers:<\/p>\n

\"It is a new and distinctive second in Bitcoin historical past, the place an innovation generates community exercise with out a traditional switch of coin quantity for financial functions.\"<\/p>\n

Glassnode defined that the surge in ordinals has contributed to a \u201cshort-term spike in Bitcoin community utilization currently\u201d that has introduced many \u201cnew energetic customers\u201d to the community with non-zero BTC balances:<\/p>\n

\"\"Bitcoin addresses with non-zero balances are growing. Supply: Glassnode<\/p>\n

\"The first supply of this exercise is ordinals, which carry a bigger payload of information and new energetic customers slightly than a big payload of coin quantity,\" Glassnode mentioned. <\/p>\n

\u201cThis describes a progress within the consumer base [...] from utilization past the standard use instances for investing and cash transfers,\u201d it added.<\/p>\n

A brand new participant preventing for block house<\/h3>\n

Glassnode famous that ordinals are actually competing for block house demand, which is \"producing upward strain on the payment market,\" however famous that this has not resulted in a major improve in bitcoin transaction charges. <\/p>\n

In line with Glassnode, because the launch of Ordinals on Jan. 21, the higher vary of the common Bitcoin block dimension has elevated from 1.5-2.0 MB to three.0-3.5 MB in just a few weeks.<\/p>\n

\"\"Common bitcoin block sizes over the past three months. Supply: Glassnode<\/p>\n

Nonetheless, this has not resulted in a rise in charges. Though there have been some short-lived spikes, Glassnode acknowledged {that a} \"new backside within the transaction payment required for block onboarding\" has been reached since ordinals made their mark on Jan. 21.<\/p>\n

\"\"Common transaction charges on the Bitcoin community over the past 5 years. Supply: Glassnode<\/p>\n

The technological functions behind the Ordinal protocol had been made potential by the Taproot comfortable fork, which went into impact in November 2021. Bitcoin Ordinals launched on January twenty first.<\/p>\n

Through the use of the ordinal numbering scheme, bitcoin customers can assign any content material to satoshis \u2014 the smallest denomination of BTC \u2014 permitting them to jot down bitcoin-native non-fungible token (NFT)-like photographs.<\/p>\n

Over 78,400 NFT-like photographs and movies have been enrolled to date.<\/p>\n

\"\"The most recent ordinal numbers inscribed on the Bitcoin community. Supply. ordinal numbers<\/p>\n

Nonetheless, the affect of the NFT-like imagery on Bitcoin isn't with out controversy.<\/p>\n

Associated: <\/strong>Bitcoin Is Already In Its \"Subsequent Bull Market Cycle\" - Pantera Capital <\/strong><\/p>\n

Some notable \u201cbitcoiners\u201d comparable to Blockstream CEO Adam Again have just lately expressed dislike for the Ordinals protocol, suggesting that it deviates from Bitcoin's objective as a peer-to-peer digital money system.<\/p>\n

Nonetheless, others had been extra open to the thought. Bitcoin bull Dan Held has claimed on a number of events that ordinals are bringing extra \u201cmonetary use instances to Bitcoin.\u201d<\/p>\n

Source link <\/a><\/p>\n

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The launch of Bitcoin Nonfungible Tokens (NFTs) \u2014 often called ordinals \u2014 has pushed the variety of non-zero Bitcoin addresses […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":5,"featured_media":38684,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":"","_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[7],"tags":[445,29,3406,344,3404,3405,430,1512],"acf":[],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/38683"}],"collection":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/comments?post=38683"}],"version-history":[{"count":1,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/38683\/revisions"}],"predecessor-version":[{"id":38685,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/posts\/38683\/revisions\/38685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/media\/38684"}],"wp:attachment":[{"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/media?parent=38683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/categories?post=38683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lydian.io\/wp-json\/wp\/v2\/tags?post=38683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}