Cointime

Cointime

Download App
iOS & Android
Home / Point

Bitcoin Transaction Fees Reach All-Time Highs Due to Controversial Launch of BRC-20 Tokens on Network

The launch of BRC-20 tokens in May 2023 caused Bitcoin transaction fees to reach an all-time high, leading to a debate among users. While some argue that the rising fees are necessary for network security, others criticize the focus on NFTs and memes.

The Ordinals protocol, which allows for non-fungibility and was made possible by the Taproot upgrade, contributed to the recent spike in fees. Despite differing opinions on the value of NFTs and memes, fee spikes can encourage innovation and development of solutions like the Lightning network.

Overall, the existence of tokens and Ordinals is unlikely to significantly impact Bitcoin's future as a settlement layer.

Lightning Network
Comments

All Comments

Recommended for you

  • U.S. consumer confidence improves again in November, reaching a two-year high

    Dana M. Peterson, Chief Economist of the World Large Enterprises Federation, said, "US consumer confidence continued to improve in November, reaching the highest level in the past two years. The growth in November was mainly due to consumers' more positive assessment of the current situation, especially in the labor market. Compared with October, consumers' optimism about future employment opportunities has also greatly increased, reaching the highest level in nearly three years. At the same time, consumers' expectations for future business conditions have not changed, while their optimism about future income has slightly declined." Earlier, the US Conference Board Consumer Confidence Index for November recorded 111.7, a new high since July 2023.
  • CointimeSG ·

    GCEX Expands Crypto Custody Solutions With New Hex Trust Service

    The prime broker launched the Secured Accounts service to enhance institutional digital asset protection in the EU and UK. Both companies have been working closely together for 3 years, recently presenting staking services.
    GCEX Expands Crypto Custody Solutions With New Hex Trust Service

  • Starknet: Phase 1 of STRK staking is now live on the mainnet

    Starknet announced that the first stage of STRK staking has officially launched on the mainnet.

  • CZ: Not trying to end the meme craze, just encouraging more builders

    CZ posted on X platform today, saying: "I am not against Meme coins, but Meme coins have become 'a little' strange now. Let's use blockchain technology to build practical applications." Some community users said that even Musk is a supporter of Meme coins, and it is very difficult to end this frenzy. CZ responded that "there is no attempt to end anything, everyone has the right to choose to invest or hold what they want. Just encourage more builders."

  • AXIOS: Trump is considering appointing a secretary of state for artificial intelligence

    according to AXIOS, Trump is considering appointing an AI minister to coordinate federal policies and government use of emerging technologies.

  • QCP: BTC's path to $100,000 has stalled, and ETH implied volatility has turned to put options

    QCP Capital has published an analysis indicating that the recent drop in the price of Bitcoin has resulted in long liquidations exceeding $430 million. This drop coincides with the end of five consecutive days of net inflows for spot ETFs, which recorded a outflow of $438 million on Monday, while MicroStrategy fell by 4.4%. With the US holiday approaching and no immediate catalyst to push prices higher, BTC's path towards $100,000 has stalled. In addition, the implied volatility of ETH has turned to bearish options rather than bullish options, and market concerns about downside risks may intensify, especially with the release of the FOMC meeting minutes and PCE data. However, in the long run, this market decline is not an excessive correction. Bitcoin has only retreated to last week's level. Since Trump's election, the market has become extremely overbought and leveraged, so a pause is inevitable.

  • Morgan Stanley: The U.S. dollar will peak before the end of the year and enter a "bear market pattern" in 2025

    Morgan Stanley predicts that the strong US dollar will peak before the end of the year and then enter a "bearish market trend", slowly declining until 2025. The bank believes that due to the Bank of Japan's rate hikes and gradual easing actions by the Reserve Bank of Australia, the potential for the yen and Australian dollar to rise next year is the greatest.

  • Equation News calls out Binance for "insider trading": You are destroying the sentiment of the trading market

    On November 25th, Formula News reported that to those insider traders who participated in the listing of Binance perpetual contracts, please slow down when selling your chips next time. The WHY and CHEEMS crashes you caused resulted in a 100% negative return for everyone involved in the trade, and you are destroying the emotions of the trade. Earlier today, Binance announced the listing of 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, which caused a short-term crash in WHY and CHEEMS and sparked intense discussion within the community.

  • U.S. Congressman Mike Flood: Looking forward to working with the next SEC Chairman to revoke the anti-crypto banking policy SAB 121

     US House of Representatives will investigate Representative Mike Flood's recent statement: "Despite widespread opposition, SAB 121 is still operating as a regulation, even though it has never gone through the normal Administrative Procedure Act process." Flood said, "I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler resigns on his own or President Trump fulfills his promise to dismiss Gensler, the new government has an excellent opportunity to usher in a new era after Gensler's departure." He added, "It's not surprising that Gensler opposed the digital asset regulatory framework passed by the House on a bipartisan basis earlier this year. 71 Democrats and House Republicans passed this common-sense framework together. Although the Democratic-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and may provide information for the work of the unified Republican government when the next Congress begins in January next year."

  • Indian billionaire Adani summoned by US SEC to explain position on bribery case

    Indian billionaire Gautam Adani and his nephew, Sahil Adani, have been subpoenaed by the US Securities and Exchange Commission (SEC) to explain allegations of paying over $250 million in bribes to win solar power contracts. According to the Press Trust of India (PTI), the subpoena has been delivered to the Adani family's residence in Ahmedabad, a city in western India, and they have been given 21 days to respond. The notice, issued on November 21 by the Eastern District Court of New York, states that if the Adani family fails to respond on time, a default judgment will be made against them.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company