Bitcoin's network congestion and high transaction fees have sparked concerns of an attack on Twitter. With over 469,000 transactions waiting to be confirmed in Bitcoin's mempool, high-priority transactions are commanding a rate of $26. Some have suggested that the high transaction fees are a chosen pain point by attackers to make Bitcoin unusable for smaller players.
The surge in BRC-20 tokens and Ordinals, used for minting NFT-like assets on Bitcoin, has further exacerbated the congestion. While some attribute the congestion to the growing popularity of BRC-20 tokens, others see it as a way for miners to reap rewards from higher transaction fees. Despite the concerns raised on Twitter, Bitcoin remained largely flat.
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