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Bitcoin ordinals and inscriptions: An analysis of Bitcoin’s evolving network dynamics
Alexander Wiedenmann
Ulm University, Germany
Bitcoin Ordinals and inscriptions facilitate the on-chain storage of arbitrary data on the Bitcoin blockchain, expanding the range of Bitcoin-related use cases. In this study, we analyze the impact of inscriptions on the Bitcoin network. We find that inscriptions significantly increased network activity, created additional demand for blockspace, and influenced Bitcoin’s fee market dynamics. Furthermore, we find that the rise of inscriptions coincided with an increased utilization of Taproot, a notable increase in block size, and the longest sustained period of full blocks in Bitcoin’s history. Our study shows that inscriptions have reshaped how Bitcoin's blockchain is utilized and underscores the growing number of use cases beyond its original function as a peer-to-peer financial network.
