The new BRC-20 standard, which has spiked fees by enabling the creation of Bitcoin-based meme-coins like Pepecoin, has divided the Bitcoin developer community. mikejcasey lays out the pros and cons of censoring NFTs on the Bitcoin blockchain.
). It motivated the founding of the Lightning Network, which allows for small transactions to be processed off-chain to save valuable blockspace for bigger ones.
We can all agree that rising transaction fees and blockchain congestion are a problem. It goes to the heart of Bitcoin’s resource efficiency and utility. But what can be done about it? Echoing Bitcoin Policy Institute fellow Troy Cross’s view on taxation and energy policy – on our podcast this week he said the
If Lightning is not sufficient to improve Bitcoin’s scalability, is there anything to learn from the various Layer 2 scaling projects of the Ethereum community, such asOr, might it be possible, or even appropriate, for the protocol to bake in time-lock constraints or costs on certain speculative activities that challenge the liquidity of the entire system? I’m specifically thinking of short-term asset flipping. Folks way smarter than I will, I’m sure, point out flaws in these suggestions.
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