#ContentStar Bitcoin Ordinals, introduced in February 2023, haven't displaced higher-value monetary transactions on the network, says Glassnode. Instead, inscriptions act as "packing fillers" in available blockspace. Users of inscriptions tend to choose lower fee rates and are willing to wait for confirmations. Despite being the majority of daily transactions, inscriptions contribute to only about 20% of Bitcoin transaction fees.
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#ContentStar Bitcoin Ordinals, introduced in February 2023, haven't displaced higher-value monetary transactions on the network, says Glassnode. Instead, inscriptions act as "packing fillers" in available blockspace. Users of inscriptions tend to choose lower fee rates and are willing to wait for confirmations. Despite being the majority of daily transactions, inscriptions contribute to only about 20% of Bitcoin transaction fees.