The use cases for Bitcoin are growing substantially. According to Trust Machines, the Bitcoin network has seen explosive growth in its use cases in the first quarter of 2023. These include Bitcoin non-fungible tokens (NFTs), Bitcoin name services (BNS) and recent developments made on the Stacks blockchain. As Web3 development in blockchains such as Ethereum have grown exponentially, the development on Bitcoin has been behind. However, with new technologies and use cases emerging, the gap is to be filled.

The emergence of Bitcoin NFTs have been a proof of that. Ordinals is a protocol which adds arbitrary content in sequentially numbered satoshis or “sats”. It can be used to transfer BTC, like any other sats. We have seen over a million of these inscriptions in recent times, according to Trust Machine. The firm’s research also indicates a 400% surge in BNS registrations since 2022. It also allows users to register human-readable domain names to host websites and also to send and receive BTC.

In addition, Stacks blockchain is another platform that is powering the Trust Machines’s ecosystem. Messari data analytics company shows that Stacks’s daily active users and addresses both increased by a huge margin. In the hunt to make Bitcoin fully programmable, Stacks came up with the idea of Stacks Bitcoin (sBTC). The testnet of the asset has been launched and it is expected to launch its mainnet later this year.

To conclude, Bitcoin has already been an incredibly successful medium to transfer BTC, but with new use cases and technologies emerging, this is likely to change. Bitcoin NFT, BNS, Stacks blockchain and even Stacks Bitcoin are some of few examples that have seen a revival in Bitcoin and its development recently. Moreover, these technologies have been successful in making BTC even more programmable and viable to be used in the Web3 ecosystem.



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