Bitcoin cryptocurrency is in danger — developers are already drawing up a plan to save BTC

A new public scandal may take place in the Cryptocurrency ecosystem — it’s all about the growing transaction fees and the phenomena that lead to this. Bitcoin developers are unhappy with high fees and want to take a terrible step to «save» the cryptocurrency.

The culprit behind what is happening now is the new BRC-20 token standard launched in March 2023 on the basis of the Ordinals project. The latter is a protocol that allows you to «record» various unique information in satoshi — 1 BTC equals 100 million satoshi.

The topic of high fees in BTC has become the main news in the crypto community this week. Moreover, the situation has reached such a degree of tension that Binance was forced to suspend BTC withdrawals twice a day.

At the beginning of the week, the fee for a single transaction on the bitcoin network exceeded $ 20. At the same time, today the same figure is $ 3. This means that the situation has returned to normal, but the BTC community is still investigating the reasons for the initial increase in fees.

As for the Ordinals project, its success is related to the novelty of the concept directly for the BTC ecosystem and memes, as BRC-20 also has a lot of memecoins. The hype continues to gain momentum: just two days ago, the capitalization of BRC-20 tokens exceeded $ 600 million, and today it stands at $ 685 million.

However, as the popularity of such tokens grows, the usability of the BTC blockchain decreases. This is exactly what the developers of Bitcoin Core, the main organization of independent BTC developers, want to fight against.

Popular developer Luke Dash Jr. has proposed a radical approach to the issue and completely stop the operation of Ordinals. His initiative provoked a mixed reaction on Twitter. Some commentators noted that stopping the issuance of NFTs based on Ordinals would make previously issued tokens much more valuable. Others said that the problem with blockchain congestion really needs to be addressed by any means necessary.

Another Bitcoin Core developer named Ali Sherif suggested making changes to the BTC codebase that would limit the ability to create such transactions.

Such ideas are quite controversial, as they essentially call for censorship of certain activities within the decentralized blockchain. However, Bitcoin is designed to provide its users with complete freedom.