Post
Topic
Board Bitcoin Discussion
Re: 120 USD to transfer 25 cents - Taproot genius transaction
by
Darker45
on 24/01/2024, 00:57:10 UTC
This is really going beyond the acceptable limit now. These ordinals are jamming the network with nonsense NFT tokens and common users like us are paying between 40 - 70 Sats/Vbyte. This is not sustainable and might kill the usage of bitcoin as a payment processor completely. This will effectively discourage people from using Bitcoin for micropayments.

I'm afraid the NFTs in this case are just the icing on the cake. They aren't the ones that actually provide the value of the Satoshis in the transaction. It's probably not the artwork that matters here. It's the rarity of the Satoshis.

It seems we are on a double whammy here. There are those that are selling jpegs and whatever inscriptions on Sats, and then there are also those that are selling the Sats themselves.

Months ago, a site was launched where Bitcoin owners can check whether they have special or rare Sats. These Sats could sell high.