Bitcoin ‘under siege’ by BRC-20 coins with soaring fees, claims analyst
Bitcoin transactions and fees are at high levels, and 400,000 of them are still unconfirmed on the blockchain. Increased fees and a backlog of transactions are besieging the Bitcoin (BTC) network and it’s due to a popular new “token” standard according to a CryptoQuant analyst . On May 9, Axel Adler Jr, an analyst with the crypto data firm, explained that BRC-20 memecoin minting on the BTC blockchain is causing the surge in block space demand, adding: “Unlike conventional token standards, such as Ethereum's ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the Bitcoin blockchain.” According to CryptoQuant, the average fee per transaction skyrocketed, exceeding $16 and peaking at $29 on May 9. Bitcoin under siege from BRC-20 "junk" coins : record fees and thousands of unconfirmed transactions! "Unlike conventional token standards, such as Ethereum's ERC-20, BRC-20 does not utilize smart contracts and operates only with ...