The recent surge in Bitcoin-based memecoins like PEPE has reportedly led to increased network congestion on the Bitcoin blockchain and significantly higher gas prices. As a result, some Bitcoin developers are contemplating the removal of these coins from the network in an effort to avoid future congestion.
Last month, network activity driven by memecoins caused a major logjam on the Bitcoin blockchain, even prompting crypto exchange Binance to temporarily halt withdrawals. Some Bitcoin coders are now considering deploying software that could act as a spam filter and block memecoin transactions. They argue that these “worthless tokens” threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.
However, not everyone is on board with the idea of removing memecoins. Critics argue that the BRC20 standard, which allows the Bitcoin blockchain to host large numbers of NFTs, memecoins, and other digital collectibles, has played a significant role in the growth of the network. At one point last month, NFTs alone accounted for 65% of all transactions on the Bitcoin blockchain.
Furthermore, the increased network activity also proved to be lucrative for Bitcoin miners, who reportedly earned $45 million from Ordinals-related activity. Some developers, like Casey Rodarmor, believe that Ordinals tokens, which allow users to inscribe digital content on Satoshis, are an integral part of the Bitcoin ecosystem.
However, others like Bitcoin developer Luke Dashjr, believe that Ordinals transactions are spam and should be kept off the Bitcoin blockchain. Dashjr has even proposed considering a hardfork or a new version of the Bitcoin blockchain that would support only Ordinals.
The debate over the role of memecoins on the Bitcoin blockchain ultimately boils down to the core purpose of the network. If it is solely intended to serve as a peer-to-peer digital currency, then perhaps there is merit in removing these tokens. However, if the network is meant to be a flexible platform for digital assets, then perhaps memecoins and other digital collectibles have their place. Whatever the outcome, it is important for both proponents and critics to engage in constructive dialogues, weighing the potential benefits and drawbacks of these assets on the network. After all, the ultimate goal should be to ensure the long-term sustainability and success of the Bitcoin blockchain and the broader cryptocurrency ecosystem.
Source: Coingape
