Meme Coins on Bitcoin Blockchain Under Threat as Coders Seek Removal
Meme coins may be facing a terrifying threat to their existence. The coders and validators of the Bitcoin blockchain, the very foundation on which these meme coins operate, are considering removing them.
This pivotal decision comes in the wake of a significant spike in Bitcoin blockchain gas prices witnessed in May, a spike fueled by the relentless growth of Bitcoin-based meme coins.
But what does this mean for the future of meme coins? Is this the end of their wild and unpredictable journey?
Bitcoin Blockchain Faces Threat From Rising Meme Coins
A wave of speculative coins flooded the Bitcoin blockchain in May, resulting in a record number of transactions and an alarming 11-fold increase increase in processing fees. The unprecedented influx of meme coins, such as the popular frog-themed Pepe, created a logjam in the blockchain, causing concern among cryptocurrency purists.
Fearing a recurrence of network congestion and disruption of Bitcoin’s primary functions as a payment system and store of value, these purists advocate the implementation of software that can filter out such transactions, effectively treating them as spam.
BTC market cap currently at $518 billion on the daily chart: TradingView.com
Bitcoin developer Ali Sherief expressed concerns about the exploitation of the system, Bloomberg reports:
“Bitcoin was never intended to serve as a base layer for meme tokens.”
He further emphasized the potential threat these seemingly worthless tokens pose to the smooth and normal functioning of the Bitcoin network as a peer-to-peer digital currency.
In an email addressed to the largest developer group associated with the leading digital resource, Sherief highlighted the urgent need to address this issue, as meme tokens continue to challenge the integrity and utility of the Bitcoin blockchain.
Image: BSC News
Debate ensues as Bitcoin Ordinals Embrace Meme Coins
As concerns arise over the impact of meme coins on the Bitcoin blockchain, a faction of developers and advocates are steadfast in their support for their coexistence.
Bitcoin Ordinals has championed the idea of accommodating a large number of NFTs, meme coins, and other digital collectibles within the BTC blockchain ecosystem.
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One of the key figures in this movement is developer Casey Rodarmor, who created Ordinals, a platform that allows users to embed various forms of digital content, including images, videos and text, on Satoshis – the smallest unit of Bitcoin. This innovation paved the way for the development of the BRC-20 standard, which facilitated the explosion of meme coins on the Bitcoin blockchain.
In the middle of the ongoing debate comes the fundamental nature of the Bitcoin network. With no single person or entity exercising control over the decentralized network, the way forward in terms of sustained action against meme coins and NFTs remains uncertain.
– Featured image from Crypto News