The industry has always been aware that a time would come when a fee increase would make Bitcoin transactions hugely impractical.
While many assumed the growing cost of transactions would happen with mass adoption, it was the rise of the Ordinals that caused a drastic increase in fees.
Inscriptions on the Bitcoin blockchain emerged at the beginning of the year and quickly gained popularity. As of May 1, there are over 3.2 million Inscriptions on Bitcoin, with the number continuing to increase as the quarter progresses.
Graph showing the new count of inscriptions on the Bitcoin network (Source: Glassnode)
The Ordinal Inscriptions pushed Bitcoin transactions to their all-time high in 2023, with the network seeing over 682,000 transactions in a day.
Graph showing the transaction count momentum on the Bitcoin network from 2010 to 2023 (Source: Glassnode)
Such a sharp spike in transactions has naturally led to an increase in memory usage, with some blocks being filled up with tens of thousa
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