Do tokens in Bitcoin chain(BRC 20 tokens) excites you?
Do tokens in Bitcoin chain(BRC 20 tokens) excites you?
BRC-20 tokens are the latest buzz in the cryptospace and they are created in the Bitcoin Blockchain by attaching JSON in satoshis through Bitcoin Ordinals. If you do not like to go deep into technicalities then they can be simply understood as similar to ERC 20 tokens in Ethereum chain.
BRC token is not created by design but actually, they are using the Bitcoin Ordinals protocol that allows each satoshi in a Bitcoin Blockchain can be identified uniquely in the blockchain and can be transacted with additional data attached. Updates of Segwit and Taproot make this feasible to create an NFT and tokens in Bitcoin Blockchain.
BRC 20 token in the chain look like a nice extension of Bitcoin but look like BRC 20 tokens are not welcome by all in the Bitcoin blockchain. Actually, the developer did not upgrade the Bitcoin Blockchain for the BRC 20 token, and implementation of BRC 20 token or NFT in the Bitcoin Blockchain was not their purpose at all.
After the BRC 20 token get popularity and lot of transactions happened for it, it cause congestion in the Bitcoin network and miners prioritized the BRC 20 transaction instead of the Bitcoin transaction and it defeat the primary purpose of Bitcoin as a currency.
Another reason is that Bitcoin main network TPS is not high and it take almost 30 minutes for block confirmation and these transactions that are currently not of any financial value are blocking the financial transaction.
The cost of doing financial transactions increased and it look better to use other chains and another alternative method to send money. The increase cost of transactions is also a prominent reason that many Bitcoiners are not in support of it.
Bitcoin maximalist general consensus is not of supporting this feature and actually, some of them already proposed to code changes to stop it.
My 2 Sats.
There are a lot of For and Against BRC 20 in Bitcoin chain and I hope a decision might be made soon. For me as of now, they both are already part of the chain and instead of going back and reverting the changes that allow them to exist, try to find a way of co-existence of both without impacting each other.
Before I say goodbye here, I am curious to know your views and did you invest in BRC 20 token and Bitcoin NFT, and if yes, what they were?
References:
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Bitcoin just wasn't build to handle the BRC20 volume. Gas fees are way up and I feel badly for the people in El Salvador who adopted BTC as currency. Their fees to buy anything has sky rocketed. I'm not sure how it's all going to work out, but for now it's an overall negative in my view.
That's true. High transaction fees and transactions not happening are really defeating the purpose of Bitcoin.
Bitcoin devs already took notice of the situation and they will definitely take steps.
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https://leofinance.io/threads/r1s2g3/re-leothreads-g7feqf29
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