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A report from the Bitcoin-only exchange River suggests increased Lightning usage will play a key role in Bitcoin becoming a better medium of exchange. Bitcoin’s layer 2 Lightning Network has seen an estimated 1,212% growth in two years , with around 6.6 million routed transactions in August, a significant jump compared to August 2021’s 503,000 transitions, according to data from the Bitcoin (BTC)-only exchange River. In an Oct. 10 report, River research analyst Sam Wouters explained the jump in routed transactions — which use more than two nodes to facilitate a transfer — came despite a 44% fall in Bitcoin’s price and considerably less online search interest. “‘Nobody is using Lightning’ should now be a dead meme,” Wouters said in an Oct. 10 follow-up X (Twitter) post, taking a shot at Lightning critics. “Nobody is using Lightning” should now be a dead meme. Launching a new #Bitcoin report from @River: How the Lightning Network grew by 1212% in 2 years It’s time to pay attention to ...

Bitcoin Ordinals inventor Casey Rodarmor says a fungible token protocol like Runes wouldn’t leave as much “junk” on the Bitcoin network as that of BRC-20 tokens. The inventor of Bitcoin Ordinals is proposing a new Bitcoin-based fungible token protocol as a potential alternative to the BRC-20 token standard. The BRC-20 standard was launched in March by an anonymous developer “Domo.” Within two months, the BRC-20 market cap reached $1 billion, with PEPE and ORDI among the most notable BRC-20 tokens created on Bitcoin. New terrible idea just dropped: Runes. A worse-is-better fungible token protocol for Bitcoin.https://t.co/TPVrUvWxm8 — Casey (@rodarmor) September 25, 2023 BRC-20 enables the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin. But the issue with BRC-20 tokens is that they spam Bitcoin with “junk” Unspent Transaction Outputs or UTXOs, argued Rodarmor. BRC-20 tokens have the “undesirable consequence of UTXO proliferation,” he explained in a...

Despite the recent price drop and fading hype over NFTs, Ordinals inscriptions remain prominent on the Bitcoin (BTC) network. On Aug. 21, the developer behind Ordinals, known as “Leonidas,” revealed that Bitcoin had processed 530,788 transactions in the past 24 hours. Impressively, 450,785 of these transactions were related to Ordinals, accounting for 84.9% of the activity on Bitcoin. Over the past 24 hours Bitcoin had 530,788 transaction s. 450,785 of those transaction s were Ordinals related. In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin. You can't make this stuff up. — Leonidas (@LeonidasNFT) August 20, 2023 This comes when many voices in the industry claim that “Ordinals are dead,” he added. Data from Dune Analytics supports this trend, reporting more than 400,000 Ordinal inscriptions on Aug. 20. Additionally, Bitinfocharts has reported a daily Bitcoin transa...

KYC is an important measure for crypto exchanges to protect and recover user funds in the case of theft or hacking, KuCoin CEO Johnny Lyu said. Amid KuCoin exchange preparing to adopt mandatory Know Your Customer (KYC) checks, the company’s CEO argued that privacy is not the most important feature of Bitcoin (BTC). “When it comes to the purpose of Bitcoin creation, I think privacy is just one of its Features ,” KuCoin CEO Johnny Lyu told Cointelegraph in an interview on July 4. Instead of privacy, the core benefit of Bitcoin is a unit of exchange, which allows holders to hedge against recessions, Lyu hinted. The CEO mentioned that Bitcoin was created after the 2008 financial crisis, which was triggered by the United States subprime mortgage crisis. “These events led to the birth of Bitcoin,” Lyu noted. While some may believe that overly strict KYC practices are not good for users as they may limit one’s privacy, the KuCoin CEO believes that such policies are more useful than not, as...