{"id":19347,"date":"2023-03-31T13:48:47","date_gmt":"2023-03-31T13:48:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitgo-launches-storage-and-tracking-solution-for-bitcoin-based-ordinal-inscriptions-bitcoin-news\/"},"modified":"2023-03-31T13:48:47","modified_gmt":"2023-03-31T13:48:47","slug":"bitgo-launches-storage-and-tracking-solution-for-bitcoin-based-ordinal-inscriptions-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitgo-launches-storage-and-tracking-solution-for-bitcoin-based-ordinal-inscriptions-bitcoin-news\/","title":{"rendered":"Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and tracking solution for Bitcoin-based Ordinal inscriptions. Moreover, users can use Bitgo\u2019s Ordinal inscription storage system to inscribe their own inscriptions onto the Bitcoin blockchain.<\/strong><\/p>\n

Bitgo\u2019s New Solution Allows for Safe Sending of Ordinal Inscriptions<\/h2>\n

Bitgo<\/a> has announced a new storage solution for Bitcoin-based Ordinal inscriptions that allows users to store and track inscriptions. Bitgo has detailed that in the \u201ccoming days,\u201d users who leverage Bitgo\u2019s new solution will be able to send \u201cinscribed satoshis to an address of their choice safely.\u201d The company says that starting today, \u201cyou can add inscription tracking to any bitcoin hot wallet on Bitgo.\u201d<\/p>\n

Transactions received into the Bitgo wallet are now checked for inscriptions and frozen to prevent the loss of inscriptions. Bitgo\u2019s dashboard will have a new \u201cUnspents\u201d view that displays inscriptions and links to the public Ordinals explorer for more information. Users can unfreeze the inscription from this view if they want to use the bitcoin in a normal transaction without worrying about where the inscribed satoshis are sent.<\/p>\n

Ordinal inscriptions have become quite popular this year, and to date, there are more than 657,000 inscriptions<\/a> residing on the Bitcoin blockchain. So far, close to 150 BTC<\/a> worth $4.24 million have been paid to miners to confirm Ordinal inscriptions. At present, the ecosystem is still nascent, but certain Ordinal inscription collections have swelled in value, and statistics show that 13 markets have seen $15.74 million<\/a> in trades.<\/p>\n

\u201cBitcoin Ordinals brought an entirely new layer of engagement to the Bitcoin Network but, upon launch, the surrounding ecosystem missed key security components to ensure high-value Ordinals inscriptions were safeguarded,\u201d Chen Fang, Bitgo\u2019s COO said in a statement on Thursday. \u201cThat\u2019s why we\u2019re very excited to announce the release of Bitgo\u2019s solution to securely store inscriptions and prevent them from being accidentally transferred or sent to mining fees.\u201d<\/p>\n

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adoption<\/a>, Asset<\/a>, Bitcoin<\/a>, BitGo<\/a>, Blockchain<\/a>, Collections<\/a>, components<\/a>, custody<\/a>, Digital<\/a>, Ecosystem<\/a>, Explorer<\/a>, Fees<\/a>, frozen<\/a>, future<\/a>, inscribe<\/a>, inscriptions<\/a>, launch<\/a>, links<\/a>, loss<\/a>, Markets<\/a>, mining<\/a>, nascent<\/a>, niche<\/a>, normal<\/a>, Ordinal<\/a>, Ordinal inscriptions wallet<\/a>, Ordinal insrciptions<\/a>, ordinals<\/a>, prevent<\/a>, provider<\/a>, public<\/a>, received<\/a>, safeguard<\/a>, Security<\/a>, solution<\/a>, Storage<\/a>, Tracking<\/a>, Trades<\/a>, Transaction<\/a>, transactions<\/a>, unfreeze<\/a>, unspents<\/a>, users<\/a>, VIEW<\/a>, Wallet<\/a><\/div>\n<\/div>\n

What do you think the future holds for the use and adoption of Ordinal inscriptions in the Bitcoin ecosystem? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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