{"id":54701,"date":"2023-12-13T03:01:56","date_gmt":"2023-12-13T03:01:56","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/bitcoin-sidechain-liquid-comes-back-to-life-amid-ordinals-frenzy\/"},"modified":"2023-12-13T03:01:56","modified_gmt":"2023-12-13T03:01:56","slug":"bitcoin-sidechain-liquid-comes-back-to-life-amid-ordinals-frenzy","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54701","title":{"rendered":"Bitcoin Sidechain Liquid Comes Back To Life Amid Ordinals Frenzy"},"content":{"rendered":"<div>\n<figure id=\"attachment_139697\" aria-describedby=\"caption-attachment-139697\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-139697\" class=\"wp-caption-text\">Image Source: Pixabay<\/figcaption><\/figure>\n<p>High network congestion on Bitcoin has prompted the revival of an old, nearly forgotten scaling solution that makes BTC transactions fast, private, and cheap.<\/p>\n<p>According to data from mempool.space, the Liquid Network has experienced some of its highest transaction volumes in years over the past week, with roughly 2 to 6 transactions appearing in almost every block.<\/p>\n<p>While that may not seem like much, the typical Liquid block has been utterly devoid of transactions for years. In fact, the new activity is enough to have garnered attention from executives and founders of Blockstream \u2013 the Bitcoin technology provider that kickstarted the network back in October 2018.<\/p>\n<p>\u201cOrdinals are boosting Liquid adoption,\u201d said Samson Mow, Jan 3 CEO and former Blockstream CTO, in an X post on Monday.<\/p>\n<p>Blockstream CEO Adam Back responded by calling the phenomenon \u201cact IV\u201d of high fees driving innovation and adoption of alternative BTC technologies.<\/p>\n<p>\u201cKeeps happening in waves over the years,\u201d said Back. \u201cYou can lead a #bitcoin horse to water but will only drink when the mempool is on fire and starts singeing its tail.\u201d<\/p>\n<p>As a federated Bitcoin \u201csidechain\u201d, the Liquid Network uses Liquid Bitcoin (LBTC) as its core asset for paying transaction fees \u2013 a derivative token backed 1:1 by actual BTC. The peg and blockchain itself are maintained by a geographically distributed set of member institutions called \u201cfunctionaries,\u201d making the likelihood of network failure extremely low.<\/p>\n<h2>Why Liquid Is Making A Comeback<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>According to Back, rising activity appears related to Boltz, a non-custodial Bitcoin exchange that lets users directly redeem BTC on the lightning network for LBTC, and vice versa. While the lightning network is an alternative scaling solution for speedy payments, high base-layer fees can make it impractical to use for regular, small payments.<\/p>\n<p>Bitcoin for Fairness founder Anita Posch <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/AnitaPosch\/status\/1732742361644458126\">said<\/a> last week that she would begin recommending Bitcoin users in developing countries to use Boltz in high fee environments, and providing user education on how to use Liquid.<\/p>\n<p>Francis Pouliot, CEO of Canadian non-custodial exchange Bull Bitcoin, has also reported a sharp increase in user interest for LBTC at this exchange.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bull Bitcoin has had Liquid Network L-BTC integrated with confidential transactions for buying and selling Bitcoin since 2019. We&#8217;re now seeing a sharp resurgence of interest by users, as well as by other Bitcoin projects.<\/p>\n<p>Currently writing my thoughts on L-BTC &lt;&gt; Lightning.<\/p>\n<p>\u2014 FRANCIS \u2623\ufe0f BULLBITCOIN.COM (@francispouliot_) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/francispouliot_\/status\/1734210268542955989?ref_src=twsrc%5Etfw\">December 11, 2023<\/a><\/p>\n<\/blockquote>\n<p>Bitcoin has experienced multiple fee spikes this year in response to Ordinals, a new protocol letting users mint NFTs and tokens on Bitcoin.<\/p>\n<p>The new capability is causing additional blockchain bloat which some protestors are labelling as spam.<\/p>\n<p>OCEAN \u2013 the new Bitcoin mining pool funded by Jack Dorsey \u2013 has opted to filter Ordinals transactions from the Bitcoin blocks it mines.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        Privacy Policy and<br \/>\n        Terms of Service apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoin-sidechain-liquid-comes-back-to-life-amid-ordinals-frenzy.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Pixabay High network congestion on Bitcoin has prompted the revival of an old, nearly forgotten scaling solution that makes BTC transactions fast, private, and cheap. According to data from mempool.space, the Liquid Network has experienced some of its highest transaction volumes in years over the past week, with roughly 2 to 6 transactions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-54701","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Sidechain Liquid Comes Back To Life Amid Ordinals Frenzy | Prosfunds<\/title>\n<meta name=\"description\" content=\"Image Source: Pixabay High network congestion on Bitcoin has prompted the revival of an old, nearly forgotten scaling solution that makes BTC transactions\" \/>\n<meta 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