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Thirteen years after first Bitcoin purchase, layer-2 solutions struggle to gain traction

Published 05/22/2023, 09:05 AM
Updated 05/22/2023, 10:40 AM
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Thirteen years after the world’s first Bitcoin (BTC) pizza purchase, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, the recently launched protocol that allows adding digital content such as art — i.e. nonfungible tokens — in the Bitcoin blockchain.

Since the launch of Ordinal NFTs on the Bitcoin mainnet in January 2023, the network's traffic has increased significantly, spiking transaction costs and spotlighting issues surrounding Bitcoin.

Total number of transactions on the Bitcoin blockchain in the past 12 months. Source: Blockchain.com

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