Inscriptions Are Filling Bitcoin Block Space, Consumes 50% of Space By CoinEdition

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Inscriptions Are Filling Bitcoin Block Space, Consumes 50% of Space

Published Feb 08, 2023 06:27AM ET

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Inscriptions Are Filling Bitcoin Block Space, Consumes 50% of Space

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Bitcoin ordinals and inscriptions are allegedly filling up block space quickly.

Inscriptions use a higher portion of the total space available in each Bitcoin block.

The formal debut of Ordinals took place on January 21, 2023.

According to a recent post, Bitcoin ordinals and inscriptions are quickly filling up block space due to a recently introduced and somewhat controversial use case for Bitcoin. Reportedly, this is made feasible because users may arbitrarily store data on-chain.

BM PRO: Fee Market Competition – Bitcoin Ordinals And Inscriptions
With a new and somewhat contentious use case for #Bitcoin, inscriptions are rapidly filling up block space by storing arbitrary data on-chain.

We analyze the #btc transaction fee market.https://t.co/XCwu9jUedm

— Bitcoin Magazine (@BitcoinMagazine) February 8, 2023

According to the article, this was previously achievable with text by using the OP RETURN function. However, these new “inscriptions” may be anything from jpegs to brief sound recordings or even simple games.

On the other hand, the consensus among Bitcoin experts is that inscriptions are longer files, and as a result, they use a higher portion of the…

The post Inscriptions Are Filling Bitcoin Block Space, Consumes 50% of Space appeared first on Coin Edition.

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