CoinDesk’s davidzmorris asks a challenging question: Can Bitcoin's scalability keep pace with its surging popularity? With transaction fees peaking and the BRC20 debate intensifying, it's a moment of reckoning for Bitcoin's future. An opinion:
Leaving aside the question of “what Bitcoin is for,” there’s a much more straightforward takeaway here: Bitcoin isn’t scaling, and blaming ordinals doesn’t change that fact.
The chain would be facing the same scaling issues if only a slightly larger fraction of the world were using it for monetary transactions. That means the BRC-20 kerfuffle, ironically, is ultimately a blow to the very “maximalist” vision held by those currently railing against non-monetary uses of bitcoin.The explosion of interest in BRC-20 tokens on Bitcoin has driven a huge spike in transaction volume on the base layer network, and in turn driven up transaction prices.
Just as notable, these transactions are often tiny. You can also see, courtesy of bitinfocharts, thatThat exploding volume of small transactions seems to confirm that the demand spike has been driven by speculators frantically
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