Binance announced listing support for the Ordinals (Ordi) token and Ordi token Investors are bullish on this token investment, as investment inflow in this token market surged rapidly.
Bitcoin Ordinals (BRC-20) concept entered the crypto sector at the beginning of this year and grabbed huge popularity. BRC-20 allows people to mint NFTs & tokens on the Bitcoin blockchain network. In this crypto space, this protocol faced mixed reactions.
On 7 Nov 2022, Top crypto exchange Binance announced listing support for Ordinals (Ordi) tokens.
BREAKING NEWS #Binance will list #Ordinals ( $ORDI ) 2023-11-07 10:00 (UTC ) Users can now start depositing $ORDI in preparation for trading Are you ready for a big wave ahead? #BRC20 #Ordinals #Bitcoin pic.twitter.com/JajFgyGrlt
— BRC20 Station (@BRC20_Station) November 7, 2023
Following this news the trade price of the Ordi token surged nearly 2 fold, from $7 to $11.7.
Source: CoinMarketCap (CMC)
A Chinese crypto blogger Colin Wu noted that Binance’s announcement on the Ordinals token listing detail was wrong, as Ordi is only a meme token in the BRC-20 protocol.
The description of the ORDI in the Binance announcement is wrong to regard ORDI as a token of the Ordinals protocol. BRC-20 is a part of the Ordinals protocol, and ORDI is just a memecoin in BRC20. https://t.co/2qehdOH4UD @cz_binance @heyibinance https://t.co/uMTuV2oVPs pic.twitter.com/zOORf4fabq
— Wu Blockchain (@WuBlockchain) November 7, 2023
If Binance like crypto exchanges makes such a big mistake then surely it will create confusion for those people who are currently new to the Bitcoin Ordinals protocol.
Bitcoin network fees
In the last 30 days, the activities on the Bitcoin network surged rapidly with the help of Bitcoin ordinals.
On-chain records showed that Bitcoin network transaction fees hit the highest over the last 6 months.
#Bitcoin transaction fees skyrocketing! Average fee approaches $6, #Ordinals are back and taking up space in the mempool, causing a surge in on-chain transaction costs. #BTC #Crypto $BTC #NFT
— coindays.org (@coindays_org) November 7, 2023
No doubt that because of the BRC-20 Bitcoin network activity surged but this is not a good sign for those people who transfer BTC on the Bitcoin network because this $6 fees is very high for them.
Bitcoin gas fee is too high, wait and see for now
— Zebedee (@ordinals_holder) November 4, 2023
When BRC-20 popularity was at its peak in Q1 of this year, the majority of the crypto exchanges were failing to complete the Bitcoin network transactions (deposits & withdrawals) because of very high fees.
Many bitcoin proponents criticised Bitcoin protocol and called it garbage for nothing. According to many Bitcoin supporters, Bitcoin ordinals only brought a useless use case of Bitcoin and it should be opposed by the whole crypto community.
