In the past three days, the Bitcoin network has been experiencing a massive onslaught due to record-high fees and tens of thousands of unconfirmed transactions. The average transaction fee within 24 hours on the Bitcoin network exceeded $16, with a peak reaching $29. The reason behind this situation is the hype surrounding meme coins based on the BRC-20 standard. BRC-20 is an experimental token standard for the Bitcoin blockchain. Unlike conventional token standards, such as Ethereum's ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the Bitcoin blockchain. Developed using the Bitcoin Ordinals protocol, the experimental standard aims to facilitate the issuance of non-fungible tokens (NFTs) on the Bitcoin blockchain. BRC-20 functions directly within the Bitcoin blockchain. The vast number of uncompleted transactions forced Binance to suspend BTC withdrawals twice. Although this experiment is valuable for technological development, using the Bitcoin network to spread junk coins that spam the network is undesirable. Bitcoin is a diamond 💎, and people are trying to hammer 🔨 nails with it. I will quote the BRC-20 Gitbook: "This is just a fun experimental standard demonstrating that you can create off-chain balance states with inscriptions." It seems that this experiment isn't very successful!
Written by AxelAdlerJr
