• Mon. Jun 24th, 2024

Bitcoin Network Revolutionized

Bitcoin was often criticized for being unable to introduce a use case except for one single purpose i.e. monetary only.

However, other digital tokens, which though came much after Bitcoin, developed multifarious use cases, and among them at the top is Ethereum.

Ethereum may be small compared to its value and market cap but when it comes to ‘uses’ other than monetary, it is far ahead of Bitcoin.

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For instance, Ethereum has been single-handedly dominating Non-Fungible Tokens (NFTs) markets, Decentralized Finance (DeFi) protocols, etc.

Bitcoin supporters are nowadays hoping that Bitcoin will bring more use cases after it recently stepped into NFT markets.

The network has recently sent live first-of-its-kind Bitcoin-based NFTs which are named ‘Ordinals’. This has marked a significant achievement for the network in advancing its utility and capabilities.

Immediate Impact of Ordinals

The revolutionary use case in Bitcoin has immediately impacted several aspects of the Bitcoin network positively. This much-needed change has substantially increased the quantity of ‘non-zero Bitcoin accounts’.

As noted by Glassnode, such addresses have swelled up to a level of 44 million in numbers i.e. an all-time-high for Bitcoin. This goes to suggest that the adoption level for the network is constantly rising.

This is the reason why the number of addresses is constantly moving higher. The adoption level has skyrocketed in recent instances, which is very promising for its future.

Glassnode also noted that it took more than 14 years for Bitcoin to come up with a ‘use’ case other than ‘monetary’. This is going to set the network on a different course for the first time in over a decade.

Glassnode further suggested that Ordinals marked an opening of a new chapter in the history of the Bitcoin network. The analytical firm appreciated that ‘finally a much-needed innovation has been brought into the network’.

It has been suggested by Glassnode that the induction of Ordinals has made a significant contribution to the usage of the network since its launch. The firm noticed that since the launch of Ordinals, there has been a phenomenal increase in the number of Bitcoin accounts.

Most importantly, the firm pointed out that today Bitcoin consists of over 44 million wallets without zero values.

Glassnode accredited Ordinals for bringing about this extraordinary change wherein the numbers of new Bitcoin accounts have also surged significantly.

The firm stated that Ordinals has enabled the Bitcoin network to expand its user base by making the network more meaningful than ever before.

It is because of the Ordinals that the worth and reputation of the network will grow tremendously.

A Competition Within

It has been suggested by Glassnode that Ordinals has emerged as a worthy competitor within the network. It explained that while Bitcoin was alone claiming the all blocks but now Ordinals also is demanding blocks.

The only negative thing which could happen during the competition is the possibility of an increase in the Bitcoin fee. So far Bitcoin transaction fee remains on the lower side although it has been increased marginally.

However, the increase in Bitcoin’s transaction fee cannot be attributed to Ordinals which only became part of the network on 21st January 2023.

A Welcome Change

Since its launch, Ordinals have inscribed a total of 78,400 plus NFT collectibles which were either in video or image formats. Despite this, Bitcoin’s Ordinals have been drawn into criticism by many supporters of Bitcoin.

For instance, Adam Back, CEO of Blockstream revealed his disapproval regarding Ordinals.

He expressed his concern that Ordinals has deviated from Bitcoin from its ‘by-default’ objective of ‘peer-to-peer digital payment mechanism’.

While others have been appreciating the Bitcoin network for introducing a positive change in the network which would significantly benefit network users.

For instance, Dan Held, a pro-Bitcoiner had recently stated that ‘the inclusion of Ordinals in the network is a welcome change’.

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