Bitcoin Ordinals Hits $50 Million Volume, NodeMonkes NFT Price Soars

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Bittime - Blockchaintechnologyhas revolutionized various aspects of life, including the world of digital art with the emergence of Non-Fungible Tokens (NFT). NFTs have become a popular way to own and trade unique digital assets, such as art, music and in-game items.

However, most NFTs are currently created on other blockchains, such as Ethereum, which have some limitations, such as high gas fees and limited scalability. Bitcoin , as the oldest and most secure blockchain, has great potential to become an ideal NFT platform.

Bitcoin Ordinals emerged as an innovative solution to bring NFTs to the Bitcoin blockchain. The protocol allows users to list NFTs at satoshis, Bitcoin's smallest unit, opening a new era for digital art and collectibles in Bitcoin.

According to a Coingape report , Bitcoin Ordinals trading volume has reached $50 million. This is a significant spike in a short period of time, indicating high interest in this new NFT project.

What are Bitcoin Ordinals?

Bitcoin Ordinals is a new protocol that allows users to list NFTs on the Bitcoin blockchain. This protocol allows users to tag satoshis (the smallest unit of Bitcoin) with arbitrary data, such as images, videos, or text.

These marked satoshis can then be traded as NFTs on NFT marketplaces such as Gamma.

Also read: The Mystery of Mr. 100, The Bitcoin Whale with Total Assets of $3.2 Billion 

How does Bitcoin Ordinals work?

Bitcoin Ordinals works by using Taproot, a privacy feature added to Bitcoin in 2021.

Taproot allows users to make more complex and efficient Bitcoin transactions. Ordinals leverages Taproot to create inscriptions containing NFT data.

What are the advantages of Bitcoin Ordinals?

• Security: Ordinals NFTs are stored on the Bitcoin blockchain, which is one of the most secure blockchains in the world.
• Decentralization: Ordinals NFTs are not stored on a centralized server, which means they cannot be censored or deleted.
• Rarity: Each satoshi can only be tokenized once, meaning that NFT Ordinals are naturally rare.
• Efficiency: Ordinals uses Taproot to make transactions more efficient than traditional NFT transactions.

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What are the disadvantages of Bitcoin Ordinals?

• New: Ordinals is a new project and is still in development.
• Complex: Ordinals is more complex to use than some other NFT platforms.
• Scalability: The Bitcoin blockchain has limited scalability, which may limit the number of NFT Ordinals that can be created.

What impact will Bitcoin Ordinals have on Bitcoin?

Bitcoin Ordinals can positively impact Bitcoin in several ways:

• Increasing utility: Ordinals provide a new way to use Bitcoin, which can increase the demand and value of Bitcoin.
• Attract new users: Ordinals can attract new users into the Bitcoin ecosystem, which can increase Bitcoin adoption.
• Improving scalability: Ordinals can drive the development of new scalability solutions for Bitcoin.

What Drives Volume Spikes?

One of the factors driving the spike in volume was the launch of the NodeMonkes NFT collection. This collection consists of 10,000 unique NFTs representing cartoon monkeys.

NodeMonkes quickly became popular, with sales prices reaching 10 BTC (approximately $240,000) per NFT.

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Conclusion

Bitcoin Ordinals is an exciting new project with great potential to increase the utility and value of Bitcoin. It's too early to say what long-term impact Ordinals will have on Bitcoin, but the project has the potential to change Bitcoin's future.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.