🚀The increasing demand for block space on the Bitcoin network coincides with the release of Ordinals and Inscriptions. However, according to Glassnode's latest analysis, the evidence to suggest Inscriptions are replacing monetary transfers is minimal.
Interesting facts:
- Inscriptions act as “purchasers of last resort for cheap block space” as they purchase and consume the cheapest available block space.
- The percentage of block space used by image-based Inscriptions is almost the opposite of text-based transactions.
- Text-based inscriptions act as "fillers" for blocks.
In effect, competition between BTC miners increases as they seek to generate revenue from transaction fees. Will this affect the price of Bitcoin? 🤔 Come on, share your opinion in the comments column!
Interesting facts:
- Inscriptions act as “purchasers of last resort for cheap block space” as they purchase and consume the cheapest available block space.
- The percentage of block space used by image-based Inscriptions is almost the opposite of text-based transactions.
- Text-based inscriptions act as "fillers" for blocks.
In effect, competition between BTC miners increases as they seek to generate revenue from transaction fees. Will this affect the price of Bitcoin? 🤔 Come on, share your opinion in the comments column!