BRC-20: Bitcoin's Future

Bitcoin miner fees grew substantially over the past few days as meme coin's took over its network causing Bitcoin price to reduce as investors took a punt on the new BRC-20 tokens.

It appears a new market has opened up in the Decentralised world on "ordinals" which now allows fungible tokens to be issues on the #1 Blockchain. A revolutionary moment in the history of Blockchains which has the potential to now end all discussions of an Ethereum flippening.

There will be further issues that arise in relation to congestion of Bitcoin networks which clearly still have work to do to enable large volumes of transactions.

Bitcoin Ordinals

Unlike ERC-20 tokens or any other blockchain that enables seperate tokens to be created BRC-20 tokens are an entirely different game. There are no seperate chains operating on Bitcoin that enables seperate tokens to be created.

Instead a unique identifier is allocated to one Satoshi which enables them to be tracked on the Bitcoin Blockchain. In short data or information is added to 1 Satoshi which can be easily identified in wallets and ownership verified.

Increasing the value of a Bitcoin Satoshi much like a rare precious metals coin is higher in value than the precious metal it holds.

This is an entirely new sector opening up that could take Bitcoin to a whole new level of investment opportunities.

BRC-20 Highest amount of volume

The latest iteration on Bitcoin has caused a market flurry and no signs of slowing down with 3.7 million transactions already flooding the network in comparison to just over 600,000 for all other networks showing the confidence in the new addition to Bitcoin.

Miners were the biggest profiters with transaction fees climbing to keep up with the transaction volume, but the added feature will likely require a growing Bitcoin mining network to keep up.

If that's the case Bitcoin's value could increase as infrastructure and development continue to grow to support the emerging sector.

Ontop of the current transactions the bitcoin network shows 4.7 million ordinals now live on it's chain and the number one chain is now cementing it's position as the world's best Decentralised currency and now network.

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