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Brc 20

All articles tagged with #brc 20

cryptocurrency1 year ago

Bitcoin Surges Past $72K, Sparking $115M in Market Liquidations

Bitcoin surged above $71,000 in anticipation of the upcoming reward halving, leading to increased bets in the Ordinal and BRC-20 ecosystem. The halving will reduce the rate of new coin creation and has historically preceded a bull market for the cryptocurrency. Open interest in BTC-tracked futures remains high, indicating leveraged bets on expected price volatility. Ordinals volumes surpassed those of Ethereum and Solana, while BRC-20 tokens saw gains, with some projects rising significantly.

via CoinDesk|
#bitcoin#brc-20#cryptocurrency
cryptocurrency2 years ago

The Rise of BRC-20 Tokens in the Cryptoverse.

The creation of BRC-20 tokens, the first class of crypto tokens to be built on the bitcoin blockchain besides bitcoin itself, has led to a surge in daily transactions on the blockchain, with a record high of 682,000 this month. The popularity of BRC-20 tokens points to interest in bitcoin not just as a store of value or payments method, but as the foundation for developing new coins and applications. However, the rapid creation of these tokens has led to congestion on the bitcoin network, with soaring transaction fees and slower processing times.

via Reuters|
#bitcoin#blockchain#brc-20
cryptocurrency2 years ago

BRC-20 Tokens Challenge Bitcoin with Soaring Fees and Market Cap

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.

via Cointelegraph|
#bitcoin#blockchain#brc-20
cryptocurrency2 years ago

Bitcoin and BRC-20 Tokens Experience Record Highs and Attacks

Transactions on the Litecoin blockchain have hit an all-time high of over 525,000 in a day, as users seek alternatives to Bitcoin's high transaction fees caused by the frenzy of new Bitcoin-based BRC-20 tokens. The rising popularity of BRC-20 tokens has pushed Bitcoin transaction fees to the highest level since May 2021, leading users to seek cheaper alternatives such as stablecoins and the Lightning network. The surge in activity has also led to a record number of active wallet addresses and new Litecoin addresses being created.

via CoinDesk|
#bitcoin#blockchain#brc-20
cryptocurrency2 years ago

Bitcoin's BRC-20 Tokens Spark Controversy and Congestion

The recent surge in popularity of BRC-20 tokens, which are fungible tokens created using the non-fungible Ordinals protocol, has led to soaring costs for users on the Bitcoin network. Fees to send coins are skyrocketing, transactions are taking longer, and some users and exchanges are considering alternatives like the Lightning Network. The surge in fees has caused frustration and distress in certain parts of Africa and Latin America where some residents rely on bitcoin for everyday payments. The ability to mint enormous token supplies out of thin air is what's behind the hysteria and angst, with some suggesting without evidence that the BRC-20 phenomenon is actually a coordinated attack on the world's dominant blockchain.

via CoinDesk|
#bitcoin#brc-20#cryptocurrency
cryptocurrency2 years ago

Bitcoin's BRC-20 Tokens Drive Market Cap and Network Congestion.

The market cap of tokens built on top of Bitcoin's blockchain has approached $1 billion as ORDI, the first such token, was listed on major exchanges. BRC-20 tokens, an experimental framework for building fungible tokens on Bitcoin using Ordinals, have surged in value and number of tokens in circulation over the last few days. Ordi, which has a market cap of around $400 million, was listed for trading on Crypto.com and Gate.io, suggesting the experimental token is gaining mainstream adoption on cryptocurrency exchanges. The popularity of BRC-20 tokens is having a noticeable impact on Bitcoin transactions, overall.

via Decrypt|
#bitcoin#brc-20#cryptocurrency
cryptocurrency2 years ago

The Rise of Memecoins and the Impact on Bitcoin Transaction Fees.

Fees on the Bitcoin blockchain have surged to two-year highs as demand for block space increases due to the rising popularity of the Ordinals protocol and the 'Bitcoin Request for Comment' (BRC-20) tokens. The number of non-fungible tokens (NFTs) tied to the Bitcoin blockchain has surged above 3 million, mainly consisting of text-based assets. The BRC-20 token standard allows users to issue transferable tokens directly through the network, which has spurred a collection of digital artwork and meme tokens built on Bitcoin. However, the rapid transactional activity has caused network congestion, with nearly 415,000 unconfirmed Bitcoin transactions at writing time on Monday.

via CoinDesk|
#bitcoin#brc-20#cryptocurrency