Development on the Bitcoin blockchain has been on the rise. Alongside Ordinals, BRC-20 tokens have also started to grow in mentions and usage. The BinanceResearch team takes a look at how sustainable and significant they could be ⤵️
Miners must be compensated for providing security to the system. Considering this reality, Bitcoin transaction fees need to be higher moving forward. As such, many in the community – particularly the miners – have been pleasantly surprised by the attention ordinals and BRC-20s have received. They are optimistic about their impacts on the relatively subdued Bitcoin fee market.
While many are excited by the increased activity and buzz around the Bitcoin ecosystem and encouraged by the increased fees from a sustainability perspective, others are more critical. Some argue that the increase in fees is pricing out users in countries where Bitcoin is relied upon as an alternative to the local fiat system. Others are more extreme in their views and even think of ordinals and BRC-20s as an attack on the Bitcoin blockchain.As previously stated, ordinals, inscriptions, and BRC-20 tokens are extremely recent innovations and are very risky at this early stage. They are at the cutting edge of what is being worked on in crypto today.
Much work remains to be done if we are to see a market of more than a few thousand holders. While there is optimism about what BRC-20 tokens have unlocked and what they could potentially offer, the infrastructure still has a long way to go.. Almost by definition, these tokens have no utility and are largely influenced by social media and community sentiment.
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