2 years ago
The mean Bitcoin transaction interest has surged to $30.91 — a level not seen since April 2021, per information from ycharts.com.
Source: ycharts.comThe play successful the run-up to April 2021 was characterized by a mania that saw Bitcoin tally to $64,900 — apt driven by Coinbase’s NASDAQ listing and the communicative that crypto is going mainstream.
This tally ended abruptly arsenic China extended its anti-crypto argumentation to ban Proof-of-Work mining, followed by Elon Musk announcing Tesla would stop accepting BTC for conveyance purchases owed to concerns implicit miners utilizing fossil fuels.
Today, meme coin mania is driving enactment connected the Bitcoin web via the precocious released BRC-20 standard.
What is BRC-20?
In March, the BRC-20 modular was created by an anonymous idiosyncratic known arsenic “Domo.”
While Bitcoin was traditionally a single-asset blockchain, the Ordinals protocol, via the Taproot brushed fork, has enabled fungible BRC-20 assets to run connected the chain.
Taproot launched successful November 2021 to marque transactions quicker and cost-effective portion laying the groundwork for astute contracts and dApps.
By February, Taproot’s capabilities were being utilized to store jpegs and videos straight connected the blockchain, consequently creating a non-fungible marketplace connected Bitcoin — overmuch to the annoyance of purists.
At the time, commentators warned that this would yet pb to higher transaction fees and concatenation bloat – with BRC-20 added to the mix, that concern is playing out.
According to the brc-20.io website, BRC-20 tokens person a full marketplace headdress of $693.2 million. The apical 3 tokens are Ordi, Nals, and Pepe —valued astatine $411.3 million, $42.3 million, and $34.7 million, respectively.
Scrolling the database shows tokens named d*ck, P*SY, sexy, and f*ck, indicating the wide triviality of the BRC-20 abstraction astatine this time.
Bitcoin casino
Despite this, echoing a remark from RamenPanda, foobar is adamant that BRC-20 tokens volition beryllium a important origin successful rising Bitcoin dominance, making Ethereum irrelevant.
“Next bull marketplace volition beryllium driven by Bitcoin and BRC20 tokens
Bitcoin dominance volition skyrocket to supra 70%
Ethereum volition go irrelevant.”
Similarly, Degen Spartan expressed a “can’t bushed ’em, articulation ’em” cognition towards BRC-20 — saying if you’re going to memecoin, you mightiness arsenic good bash it connected Bitcoin.
“The eventual decision of the janky brc20 experimentation volition beryllium that it is amended to shitcoin connected a concatenation intent built to location and facilitate a afloat suite shitcoin casino.“
Willy Woo said determination are pros and cons to the existent situation. He explained that artifact rewards volition beryllium zero 1 day, meaning an alternate root of mining gross is needed to support miners incentivized.
At the aforesaid time, the trade-off is “bad for nodes and decentralisation” — adding that the interaction of Ordinals is happening astatine a clip erstwhile mining rewards are inactive high.
The station Bitcoin transaction fees surge to 24-month precocious amid BRC-20 memecoin mania appeared archetypal connected CryptoSlate.
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