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Meme coins on Bitcoin Blockchain in Danger as Coders are Considering their Removal

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Meme coins on Bitcoin Blockchain in Danger as Coders are Considering their Removal
Meme coins on Bitcoin Blockchain in Danger as Coders are Considering their Removal

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Recently, the Bitcoin blockchain saw a significant increase in blockchain gas fees, which particularly skyrocketed throughout May 2023.

This appears to be the result of the growth of Bitcoin-based meme coins.

Now, their very existence is threatened, as Bitcoin blockchain’s coders and validators see only one solution — the removal of meme cryptocurrencies that are causing the issue.

The meme coins are putting Bitcoin in danger

The situation seems rather dire for Bitcoin blockchain users since the rapid growth of meme coins resulted in an alarming and record-breaking 11-fold surge in processing fees.

After looking into the issue, coders and validators have found that there has been an unprecedented influx of meme coins.

One example is Pepe, a popular frog-themed meme coin that created quite a lot of traffic, disrupting the entire blockchain in the process.

Crypto purists became concerned about the potential consequences should this situation continue.

The immediate threat is the recurrence of network congestion, which would lead to the disruptions of Bitcoin’s own primary functions.

If the project cannot function as a payment system and a store of value, it might find itself in danger of losing users and becoming irrelevant.

Fearing this, the purists are arguing for the implementation of software that would filter out non-Bitcoin transactions and treat them as spam.

Bitcoin was never intended to be used in this way

One of the Bitcoin developers, Ali Sherief, stated that

Bitcoin was never intended to serve as a base layer for meme tokens.

He added that these seemingly worthless tokens stand to endanger BTC and disrupt the smooth and normal functions that the coin’s network has managed to achieve.

Sherief sent an email to the largest developer group connected to the first and oldest digital currency, stressing the urgency of addressing the matter.

However, not everyone shares Sherief’s concern. A group of developers and meme coin proponents believe that the coexistence of the two groups of cryptocurrencies is possible, and they encourage it.

In fact, Bitcoin Ordinals even proposed the idea of using the Bitcoin blockchain ecosystem to accommodate large numbers of meme coins, NFTs, and even other digital collectibles.

One of the key individuals of the movement is Casey Rodarmor, a developer who created Ordinals.

This is a platform that offers users to embed different forms of digital content, including videos, images, or text, on Satoshis.

The innovation allowed for the creation of the BRC-20 standard, which then led to the explosion of meme coins that run on Bitcoin.

However, while Bitcoin may have been able to get its own standard and start sharing its blockchain with other cryptos, the project still remains unable to scale, so this kind of traffic stands to severely affect both Bitcoin and the meme coins themselves.

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