Monday, September 25, 2023
HomeBTCBitcoin Coders decides to remove memecoin from BTC network

Bitcoin Coders decides to remove memecoin from BTC network

Bitcoin network’s programmers and validators want to eliminate memecoins operating on the Bitcoin blockchain network. The decision was made after a dramatic rise in Bitcoin blockchain gas fee, which coincided with an increase of activity on the network driven by Bitcoin-based memecoins like PEPE.

The price of PEPE plunged by over 6 percent in the following day as soon as the news surfaced. At the time of writing, PEEP is now trading at $0.0000011.

This eventually caused a significant blockage on the Bitcoin network and forced cryptocurrency exchange Binance to stop accepting withdrawals.

Currently, Bitcoin supporters and programmers are debating the possibility that any future frenetic trade for memecoins like PEPE may clog the network and interfere with Bitcoin’s usage for transactions or as a store of value.

The developers of Bitcoin are considering implementing computer software that will operate as a spam detector and prevent transactions involving memecoin.

Bitcoin programmer Ali Sherief told, “The system is, in my opinion, being abused. Bitcoin was never meant to act as the foundation for meme tokens. The seamless and regular usage of the Bitcoin network as a peer-to-peer virtual currency is threatened by useless tokens.”

On the other hand, others have emerged to support Bitcoin Ordinals, working on the BRC20 standard, which enables the BTC blockchain to house significant quantities of NFTs, memecoins and other digital valuables.

In order to allow customers to engrave digital material such as photographs, videos, and messages on Satoshis, the smallest unit of Bitcoin, developer Casey Rodarmor built Ordinals.

Notingly, a huge surge of memecoins was caused by the creation of Bitcoin Request for Comment, or BRC-20. There are already 25,000 shit coins on the blockchain of Bitcoin, with an overall market value of about $500 million.

NFTs alone represented 65% of the transactions performed on the Bitcoin network in May’s final month. The average transaction price increased to $30 throughout the previous month before dropping to $4 at the conclusion of the month.

Although this increase in gas prices turned out to be beneficial for those mining Bitcoins, who made $45 million only from activities associated with Ordinals.

Luke Dashjr, a Bitcoin developer, also classified Ordinals transactions as spam and thinks that they need to be excluded from the blockchain network of Bitcoin.

Dashjr stated in one of the programmer groups: “Action ought to have been taken months ago. Since day one, Bitcoin Core has included spam filtration as standard functionality.

Other supporters of cryptography added their voices as well, making some surprising suggestions. A few have proposed the idea of forking the Bitcoin network to include only Ordinals or a hardfork.




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