quoting🚨 Bitcoin is much more than just a peer-to-peer electronic cash system.
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⛓️💥 Ordinals have quietly turned Bitcoin into a data + token layer Blockchain.
💥📣 NEW JBBA RESEARCH ALERT:
✅ Bitcoin is more than money:
Ordinals inscriptions let users store text, images, code and tokens directly on the base layer – not just move BTC around.
✅ 1 in 3 transactions are inscriptions:
Inscriptions now account for about a third of all Bitcoin transactions. Crucially, “normal” payments didn’t collapse – they stayed broadly stable while total on-chain activity grew.
✅ BRC-20 has taken over:
Roughly 4 out of 5 inscriptions are BRC-20-style fungible tokens, with text and images making up most of the rest.
✅ Ordinals are driving Taproot adoption:
There’s a tight link between inscription activity and Taproot usage – suggesting Ordinals are one of the main real-world drivers of this upgrade.
✅ Blockspace is busier than ever:
Inscriptions used around a quarter of total blockspace in the sample and contributed to the longest sustained period of “full blocks” in Bitcoin’s history, pushing average block size up by almost 50% vs. the pre-Ordinals era.
✅ Fees and miner revenue are up:
Even though inscriptions pay slightly lower fees per byte on average, they still contributed about a fifth of all fees – and their demand for blockspace pushed fees for “normal” transactions higher too. That matters for Bitcoin’s long-term security budget.
✅ It’s not just about the BTC price:
Short-term price moves explain little of inscription activity. Waves of new inscriptions line up more with technical innovation (e.g. BRC-20) than with classic bull/bear cycles.
🚀 This ground-breaking research from Alexander Wiedenmann and Andre Guettler of Ulm University and IWH – Halle Institute for Economic Research – Member of the Leibniz Association explores Bitcoin’s Ordinals and Inscriptions, and BTC's evolving Network state.
📖 Full paper has been published Open Access in The Journal of the British Blockchain Association (#JBBA):
🔗 Read the paper here:
https://jbba.scholasticahq.com/article/153840-bitcoin-ordinals-and-inscriptions-an-analysis-of-bitcoin-s-evolving-network-dynamics
✅ Indexed in DOAJ and Web of Science | Read by >2.7 million readers monthly:
https://doaj.org/article/a86a6331d8e84f3a94bfcd88727fec9b
This paper will be featured in the April 2026 print Issue of The JBBA.
JBBA Editor in Chief:
Prof. Dr Naseem Naqvi (nprofile…vfsn) MBE FBBA
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