Bitcoin Ordinals records enormous daily volume, Ben Armstrong sues ex-colleagues, Bitcoin cements status as a store of value
Bitcoin ordinalsThe decentralized exchange protocol, which allows users to trade any ERC-20 token pair, recorded its largest daily volume since May on November 8, 2023. According to data from Dune Analytics, Bitcoin Ordinals facilitated over $1.2 billion worth of transactions in 24 hours. surpassed its previous record of $1.1 billion on May 3, 2023.
The increase in volume was largely driven by increased activity in the BRC-20 token sector, which is a subset of ERC-20 tokens backed by real-world assets such as gold, silver or fiat currencies. BRC-20 tokens aim to bring greater stability and liquidity to the crypto market and enable cross-chain interoperability with other blockchains.
One of the most popular BRC-20 tokens is BRCUSD, which is pegged to the US dollar and can be used as a medium of exchange or a store of value. As of November 8, 2023, BRCUSD accounted for over 40% of the total volume of Bitcoin ordinals, followed by BRCGBP (pegged to the British pound) and BRCEUR (pegged to the euro).
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Demand for BRC-20 tokens has been steadily increasing in recent months as more investors and traders seek to hedge against the volatility and inflation of fiat currencies. Additionally, BRC-20 tokens offer lower gas fees and faster transaction speeds than traditional ERC-20 tokens, making them more attractive for high-frequency trading.
Bitcoin Ordinals is one of the leading platforms for trading BRC-20 tokens as it offers a high level of security, transparency and efficiency. Bitcoin Ordinals does not require users to create an account or deposit their funds at a central location. Instead, users can connect their wallets directly to the protocol and execute trades in a peer-to-peer manner without intermediaries or custodians.
Bitcoin Ordinals also uses a novel mechanism called Automated Market Makers (AMMs), which uses smart contracts to create liquidity pools for each token pair. Users can provide liquidity to these pools and earn fees with each trade, or they can swap tokens at the best available price determined by the pool’s ratio. This eliminates the need for order books or price discovery and ensures that there is always enough liquidity for each trade.
Bitcoin Ordinals is constantly developing and improving its protocol, adding new features and functionalities to improve the user experience and meet the changing needs of the crypto market. Recent developments include:
Introducing Bitcoin Ordinals V3, introducing concentrated liquidity and multiple fee tiers, allowing liquidity providers to customize their exposure and returns. Integration with Optimism, a Layer 2 scaling solution that reduces gas costs and latency for Bitcoin Ordinals transactions.
Supports Arbitrum One, another Layer 2 scaling solution that offers high throughput and compatibility with Ethereum. Expanding its ecosystem of partners and integrations such as Coinbase Wallet, MetaMask, CoinGecko, CoinMarketCap, Etherscan and more.
Bitcoin Ordinals is one of the most innovative and influential projects in the DeFi space and its impressive performance on November 8, 2023 shows its potential to revolutionize the crypto industry. With its cutting-edge technology, user-friendly interface, and vibrant community, Bitcoin Ordinals is poised to become the leading platform for trading any token on Ethereum and beyond.
Ben Armstrong is suing former colleagues over a conspiracy to steal his Lamborghini.
In a shocking turn of events, crypto YouTuber and influencer Ben Armstrong, better known as BitBoy Crypto, has filed a lawsuit against his former colleagues, accusing them of conspiring to steal his Lamborghini Huracan.
According to the complaint, Armstrong claims that in 2019 he hired four people to work for his company BitBoy Crypto LLC, which produces content about cryptocurrencies and blockchain technology on various platforms. He alleges that these four employees, named as defendants in the lawsuit, breached their contracts and fiduciary duties by secretly forming a rival company, Crypto Face LLC, and using BitBoy Crypto’s resources, contacts and trade secrets to further their own interests used.
Armstrong further claims that the defendants planned to steal his Lamborghini, which he purchased in 2020 with the profits from his crypto investments. He says he entrusted the defendants with the keys and access codes to his garage where he stored the vehicle and they took advantage of his trust and stole the car in July 2021. He claims to have reported the theft to the police. However, the defendants refused to return the car or cooperate with the investigation.
The lawsuit seeks damages for breach of contract, breach of fiduciary duty, conversion, civil conspiracy, unjust enrichment and fraud. Armstrong is also seeking an injunction to prevent the defendants from using or disposing of the Lamborghini and from continuing to operate Crypto Face LLC.
Armstrong is one of the most popular and influential crypto YouTubers with over 1.3 million subscribers on his channel. He is known for his bullish views on Bitcoin and other cryptocurrencies, as well as his collaborations with other prominent figures in the crypto space. He has yet to publicly comment on the lawsuit, but his fans have expressed their support and outrage on social media.
Bitcoin cemented status as a store of value
In a recent blog post, Fidelity Digital Assets, a subsidiary of Fidelity Investments, one of the world’s largest asset managers, argued that Bitcoin is becoming a more accepted and reliable store of value in the eyes of investors and institutions. The post highlighted several factors contributing to Bitcoin’s growing appeal as a store of value, such as its scarcity, durability, portability, fungibility, verifiability and divisibility.
According to Fidelity Digital Assets, Bitcoin has a unique advantage over other forms of money and assets because it is not subject to the same risks of inflation, devaluation, confiscation or censorship as fiat currencies and traditional assets. Bitcoin is also independent of central authorities or intermediaries and its network is secured by a decentralized consensus mechanism that ensures its integrity and immutability.
The post also cited several examples of how Bitcoin is being adopted and recognized as a legitimate and valuable asset class by various companies and individuals. For example, the post noted that MicroStrategy, a publicly traded software company, has invested over $1 billion in Bitcoin as its primary treasury reserve asset and that Square, a leading payments platform, has also allocated $50 million of its balance sheet to Bitcoin.
Additionally, the post states that PayPal, one of the largest online payment providers, has enabled its users to buy, sell and hold Bitcoin and other cryptocurrencies on its platform.
Bitcoin is more than just a digital currency. It is a revolutionary technology that has the potential to transform the global financial system and create a new paradigm for trust and value. Bitcoin is not controlled by a central authority, but by a decentralized network of nodes that verify and record transactions on a public ledger called a blockchain. This ledger is immutable, transparent, and censorship-resistant, making Bitcoin a secure and reliable way to store and transfer wealth.
One of Bitcoin’s key features is its limited supply of 21 million coins, which ensures that it is not subject to inflation or devaluation by governments or central banks. Unlike fiat currencies, which can be printed at will, Bitcoin has a predictable and transparent issuance schedule that decreases over time until the last coin is mined around the year 2140. This makes Bitcoin a scarce and valuable asset that can serve as a hedge against economic uncertainty and currency devaluation.
Bitcoin is solidifying its status as a store of value as more investors, institutions and companies recognize its unique properties and advantages over traditional assets. Bitcoin has outperformed every other asset class over the last decade, generating over 200% annual returns. Bitcoin has demonstrated remarkable resilience and strength even during times of market turmoil such as the Covid-19 pandemic, when it recovered faster and stronger than any other asset.
Bitcoin is not only a store of value, but also a medium of exchange and a unit of account. With Bitcoin, goods and services can be purchased online and offline, across borders and without intermediaries. Bitcoin can also be used to measure the value of other assets such as stocks, commodities or real estate.
Bitcoin is becoming more accessible and convenient to use as technology improves and infrastructure grows. There are now over 13,000 Bitcoin ATMs worldwide, over 100,000 merchants accepting Bitcoin, and over 300 million users who own Bitcoin.
Bitcoin is not a bubble or fad. It is a paradigm shift that is changing the world for the better. Bitcoin enables people financial freedom, sovereignty and inclusion. Bitcoin enables innovation, entrepreneurship and social impact. Bitcoin is the future of money.
Fidelity Digital Assets concluded that Bitcoin is in the process of cementing its status as a store of value as more investors and institutions recognize its potential and utility in the digital age.
The post states: “Bitcoin is unique among assets in that it has asymmetric upside potential with a known and fixed supply schedule and demand dynamics that are still in their early stages.” Therefore, we believe that Bitcoin is an attractive alternative for represents investors looking for a scarce and uncorrelated asset with the option for future growth.”
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