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Author Topic: increasing number of transactions due to Brc-20?  (Read 69 times)
entebah (OP)
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May 03, 2023, 11:28:28 PM
 #1

this week i just found out that BRC-20 is a token that uses the Bitcoin blockchain just like ERC-20 which uses the Ethereum blockchain.
and now it seems booming because many meme tokens were created here like PEPE or Shiba.
i even read on Cointelegraph that the volume of transactions peaked on May 1 with over 366k transactions and their market cap reached 106m$ in just 60 days after created

https://cointelegraph.com/news/bitcoin-brc-20-token-standard-becomes-a-new-destination-for-meme-tokens
https://www.coindesk.com/markets/2023/05/02/bitcoin-request-for-comment-tokens-surge-to-137m-in-market-value/
https://www.benzinga.com/markets/cryptocurrency/23/05/32161181/bitcoins-brc-20-token-explosion-market-cap-skyrockets-682-in-just-one-week
https://coingeek.com/brc-20-tokens-reach-100-million-marketcap-in-60-days/

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May 03, 2023, 11:37:38 PM
 #2

I just heard this and it sounds like a huge problem for the future transaction fees as it doesn't use any sidechain like lightning. Sooner or later bitcoin will face the same problem like the eth and other smart-contracts enabled blockchain regarding the higher fees and longer transaction confirmation.

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entebah (OP)
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May 03, 2023, 11:59:49 PM
 #3

Sorry to say, if this isn't about bitcoin then I suggest you should move this topic to the altcoin section because I think that is where the post is belong to.. Maybe other higher rank members may tell you were the post belongs as well.
Nevertheless, this is my first time of hearing about this blockchain brc-20

I believe it's about bitcoin because every time you want to trade/make the tokens you need a bitcoin wallet and they broadcast it into the bitcoin blockchain.
maybe you can read this article Bitcoin BRC-20 token standard and from this article you will saw the affect of this.

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May 04, 2023, 12:37:43 AM
 #4

Things are starting to look very negative and dire for us who only want to move some value at an affordable price.
If the ordinals were bad this will likely just continue to spam the mempool. Also have you all noticed the names and the pictures of those tokens that are circulating not in the Bitcoin network, none of them look like a serious project, just meme coins that do not solve any real life problem and steal fame of Elon Musk and Pepe the frog. Shiba is the only one which I can recognize.  Roll Eyes

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May 04, 2023, 12:52:54 AM
 #5

Sorry to say, if this isn't about bitcoin then I suggest you should move this topic to the altcoin section because I think that is where the post is belong to..

If this isn't about BTC then what is? Huh

Things are starting to look very negative and dire for us who only want to move some value at an affordable price.
If the ordinals were bad this will likely just continue to spam the mempool

I too want to move value for free, but have you considered the possibility that there are more people who want to move memes that essentially also have value and are willing to pay more than us? I am sure someone else who had to pay more to acquire some stupid NFT was complaining about my $5 transaction and thinks it's spam, it's hard to get everyone to agree on what is spam and what is not, as far as capitalism style free-market is concerned, those NFTs freaks are transacting value similar to what we do.

Quote
. Also have you all noticed the names and the pictures of those tokens that are circulating not in the Bitcoin network, none of them look like a serious project, just meme coins that do not solve any real life problem

True, in fact, none of them even look pretty, I wouldn't pay 10$ for the whole NFT market combined, but I respect the fact that that stupid stuff mean a lot to someone else who is willing to pay for them.


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May 04, 2023, 01:02:46 AM
 #6

Noob question here.
I'm not a technical fan, my question is how did this happen? I mean, wouldn't adding a new facility to the bitcoin ecosystem like BRC-20 require at least overhauling the bitcoin mainnet protocol where previously it required a consensus process?
What makes me wonder, why was it just added in 2023 while smart contract-based crypto has been mainstream since 8 years ago, or is this actually a facility that existed a long time ago but is only being used now?

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May 04, 2023, 01:03:37 AM
 #7

I have never heard of this ever before despite being active on this forum. That site looks like someone made it in 4 hours.
Admin has provided its own email directly to spam instead of buying a mail from domain provider ex admin@brc-20.io

Also, what is Ordi? that went from $1 to $4 in 4 days lol.
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May 04, 2023, 01:10:48 AM
 #8

Ordinals attack on Bitcoin network is not new. It happened months ago and caused overload of Bitcoin mempools but you saw one week ago, mempools were cleared after a few months.

Unfortunately, after that, very shortly after that mempool clearance, we are witnessing its congestion again. Again it is caused by Ordinals but I have positive feeling with Bitcoin mempools. Basically my belief comes from unsustainable of meme coins which won't be able to keep their hot attraction for too long.

Mempools will be cleared in future when those BRC-20 meme tokens are no longer hot in meme communities.

See mempool history in last 6 months:
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),6m,weight

It was congested in early February, cleared in late February. Congested again in early March and only was cleared in late April (2 months later). Will I have problem to wait 1 or 2 month for cheaper transaction fee, I won't.

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entebah (OP)
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May 04, 2023, 02:10:18 AM
 #9

What makes me wonder, why was it just added in 2023 while smart contract-based crypto has been mainstream since 8 years ago, or is this actually a facility that existed a long time ago but is only being used now?

because BRC-20 was just created around March and they use the bitcoin blockchain for every transaction that they make.
and nowadays the total bitcoin transaction from BRC-20 increased every day.

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