The average Bitcoin transaction fee has surged to $30.91 — a level not seen since April 2021, per data from ycharts.com. The period in the run-up to April 2021 was characterized by a mania that saw Bitcoin run to $64,900 — likely driven by Coinbase’s NASDAQ listing and the ...
The average Bitcoin transaction fee has surged to $30.91 — a level not seen since April 2021, per data from ycharts.com.
The period in the run-up to April 2021 was characterized by a mania that saw Bitcoin run to $64,900 — likely driven by Coinbase’s NASDAQ listing and the narrative that crypto is going mainstream.
Today, meme coin mania is driving activity on the Bitcoin network via the recently released BRC-20 standard.
What is BRC-20?
While Bitcoin was traditionally a single-asset blockchain, the Ordinals protocol, via the Taproot soft fork, has enabled fungible BRC-20 assets to operate on the chain.
By February, Taproot’s capabilities were being used to store jpegs and videos directly on the blockchain, consequently creating a non-fungible market on Bitcoin — much to the annoyance of purists.
At the time, commentators warned that this would eventually lead to higher transaction fees and chain bloat – with BRC-20 added to the mix, that situation is playing out.
Scrolling the list shows tokens named d*ck, P*SY, sexy, and f*ck, indicating the general triviality of the BRC-20 space at this time.
Bitcoin casino
“Next bull market will be driven by Bitcoin and BRC20 tokensBitcoin dominance will skyrocket to above 70%
Ethereum will become irrelevant.”
“The eventual conclusion of the janky brc20 experiment will be that it is better to shitcoin on a chain purpose built to house and facilitate a full suite shitcoin casino.“