The onboarding of new Bitcoin users and the creation of new use cases for the leading digital network continue to emphasize the need to build scaling solutions on the blockchain.
A new research report by crypto exchange Binance, The Future of Bitcoin, outlines reasons why the crypto network needs strong scaling solutions.
Why Bitcoin Needs Scaling Solutions
In December 2022, Casey Rodarmor launched the Ordinals protocol, which led to the creation of inscriptions and triggered the Bitcoin non-fungible token (NFT) hype cycle in 2023. The introduction of inscriptions increased the demand for Bitcoin blockspace.
Following Ordinals was the creation of the Bitcoin fungible token standard, BRC-20, and subsequently, the Runes protocol, launched on the last halving day.
Launching these new protocols has attracted a new group of users, traders, builders, and even degens with a solid interest in Bitcoin. They have also triggered substantial effects on its key metrics. Crypto entities are funding
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