BRC-20 Tokens Challenge Bitcoin with Soaring Fees and Market Cap
TL;DR Summary
The Bitcoin network is experiencing increased fees and a backlog of transactions due to the popularity of BRC-20 memecoins minted on the BTC blockchain. Unlike conventional token standards, BRC-20 does not use smart contracts and operates only with wallets supporting the Bitcoin blockchain. The average fee per transaction has skyrocketed, exceeding $16 and peaking at $29 on May 9. The total market capitalization of BRC-20 tokens surpassed $1 billion on May 9. Bitcoin core developers are considering taking action against BRC-20 tokens and ordinals, which they consider network spam.
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- There's No Such Thing as High Fees on Bitcoin CoinDesk
- Bitcoin Under Attack With BRC20, This Is Proof Argues Dev Bitcoinist
- BRC-20 tokens surpass $1B market cap as wallet providers prepare integration Cointelegraph
- Here's Why Bitcoin Blockchain Fees Have Surged to 2-Year Highs CoinDesk
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