Bitcoin fees are rising again. Will NFTs clog up Bitcoin?
Despite the fact that nothing special is happening in the cryptocurrency market, Bitcoin's transfer fees have increased a lot in recent times. What is the reason? It's the NFTs, yes those damned NFTs again.
Ordinals is a protocol that allows users to store NFTs on Bitcoin blockchain. Ordinal Inscriptions are digital assets stored on satoshi (the lowest denomination of Bitcoin). Instead of separate tokens and smart contracts, they let you add extra metadata directly to individual satoshis within the Bitcoin blockchain. They were introduced with the Taproot update launched on the Bitcoin network on November 14, 2021. What can be included in these Ordinals? Texts, images, and even videos. Ordinals has seen a surge in demand for meme tokens and caused fees to rise to several dollars. The BTC blockchain has once again been clogged and users are having to wait longer for transactional approval.
Sending Bitcoin is now more expensive than sending Ethereum.
Currently, the average Bitcoin fee is about $18, and the median is $12. What are the fees on the cryptocurrency exchanges?
Fees for BTC range from $13 to $29. By the way, you can compare on which crypto exchanges are the cheapest fees for withdrawals of Bitcoin and other popular crypto.
How long will it take for NFTs to clog up the BTC blockchain? People's madness knows no bounds, so we must be patient. Once again...