CJ - Bitcoin Specialist
The transaction fees on the Bitcoin network have experienced a sharp rise over the past two weeks. According to CryptoQuant, the fees went from $0.77 on January 29 to a high of $1.95 on February 10. The median transaction fee for the blockchain has also gone up to $0.73 from $0.25 on January 30. The surge in fees can be attributed to the growing popularity of Ordinals NFTs, which have caused an increase in network activity similar to levels seen in May 2021 when China banned cryptocurrencies.
BitMEX Research conducted a recent study which revealed that more than 10,000 NFTs were created between December 14 and February 7. During this time frame, Ordinals NFTs consumed 526 megabytes of block space and creators spent 6.77 BTC on Ordinals-related transactions. The increasing interest in Non Fungible Tokens has led to a rise in their value, with some Ordinals NFTs being sold for as high as 11 BTC due to the high demand.
Despite the growth of NFTs on the Bitcoin network, not everyone is thrilled with the trend. Rene Pickhardt, a lightning network developer, has criticized the trend, calling it a waste of valuable block space, as Ordinals NFTs have consumed over 70% of Bitcoin's total block space despite only accounting for about 3% of all transactions, according to BitMEX research.
Despite some criticism, the rise of Ordinals NFTs and its impact on the Bitcoin network can be seen as a positive development. The increase in network fees and block space usage demonstrates that Bitcoin is being utilized in new and innovative ways, and that there is growing demand for NFTs on the blockchain. This shows that Bitcoin has a greater range of use cases than previously anticipated, and that it has the potential to be a key player in the growing NFT market.
Cheapest place to buy Bitcoin is BC Bitcoin – a reliable cryptobroker that offers customer support 7 days of the week.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards