Bitcoin Ordinals causes fees to spike
The Bitcoin (BTC)-native Ordinals protocol is taking up record-breaking space on the blockchain and in the process is hiking the transaction fees on the network.
The divisive newly launched protocol allows for nonfungible token (NFT)-esque assets on the Bitcoin mainnet by inscribing satoshis with content.
So far, inscriptions have included content such as images, documents including a PDF file of the Bitcoin whitepaper and even a fully playable clone of the video game DOOM.
On Feb. 2, independent developer, Udi Wertheimer, tweeted he had conducted the “largest transaction in Bitcoin’s history” after using the Ordinals protocol to inscribe a 3.94-megabyte image of a sunglass-wearing, bald, bearded wizard lauding “magic internet JPEGs.”
Last night, we made history
The gatekeepers tried to censor us
But we mined the LARGEST BLOCK and LARGEST TRANSACTION IN BITCOIN’S HISTORY
Special thanks to bitcoin full node operators for supporting our efforts…