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New Bitcoin Stamp Image-Storage Technique Emerges as Alternative to Ordinal Inscriptions on Blockchain

CJ - Cryptocurrency Enthusiast

As the Ordinal inscription process continues to gain traction on the Bitcoin (BTC) blockchain with over 800,000 inscriptions to date, a new trend in the world of non-fungible tokens (NFT) technology has emerged. It is known as Bitcoin Stamps, and it offers a unique way to store images on the Bitcoin network. Developed by Twitter user Mike in Space, this innovative technique splits an image into numerous unspent transaction outputs (UTXOs) by encoding it in Base64 text and leveraging the Counterparty protocol to broadcast it to Bitcoin.

Unlike witness or signature data, Bitcoin Stamps cannot be pruned, making it more expensive than the Ordinal inscription process. However, Bitcoin Stamps offer permanent storage, making them more valuable to some users. As of writing, over 8,000 Bitcoin Stamps have been minted. The project is hosted on Github, with a directory of Bitcoin Stamps at stampchain.io, and is supported by Counterparty's xchain.io.

Bitcoin Stamps are recommended to be small in size due to the cost of minting, with the Github summary advising the use of "24x24 pixel, 8-color-depth PNG or GIF" files. While some critics have raised concerns about bloating the UTXO set, Mike in Space defended the technology by stating that the intent is permanence.

With anyone able to mint Bitcoin Stamps at any time without permission, this new way of storing images on the Bitcoin network is set to disrupt the NFT Market and further increase the use cases for the digital currency.

As the cryptocurrency landscape continues to evolve, it's essential to stay informed about new developments and trends such as Bitcoin Stamps. If you want to keep up to date with the latest news and analysis in the crypto space, visit BC Bitcoin, a well-known non-custodial cryptocurrency broker. At BC Bitcoin, you can buy and sell cryptocurrency of your choice and read more articles like this one to stay ahead of the game.

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