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Home Cryptocurrency

Do NFTs and Meme Coins Hurt Bitcoin?

Sean Odhran by Sean Odhran
22 May 2023
in Cryptocurrency
Reading Time: 2 mins read
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Do-NFTs-and-Meme-Coins-Hurt-Bitcoin--2

There has been a backlog of transactions sitting in the mempool and high mining costs in recent weeks, making it difficult for users to interact with the Bitcoin network . In May 2023 a torrent of NFTs and BRC-20 meme coins joined the network making “ordinary” Bitcoin transactions more difficult to fit into blocks . Since the present scenario has affected some individuals negatively the question “Is Bitcoin under attack?” has been making the rounds in online forums, newsgroups and social media .

People Have Different Opinion on Bitcoin’s Situation

The Bitcoin community is still divided about whether or not there has been an assault . Recent facts and occurrences are the subject of speculation .

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Calle, a company that creates Lightning Network-related products tweeted in jest about the issue early on Monday morning (August 8), writing “Speak attack one more time” with a picture of a character from a Quentin Tarantino film brandishing a gun .

Although this is the case, software developer and miner Con Kolivas has posted a thread in which he boldly declares “Make no mistake . For all intents and purposes this seems like a well-planned assault .” One example he gives of this “coordinated attack” is the recent influx of NFTs into the Bitcoin network .

Meanwhile, “Mike in Space,” the man behind the Bitcoin Stamps says that a restriction on NFTs in Bitcoin Core upgrades in the future would be the true assault . This notion first appeared on Crypto Twitter .

Do-NFTs-and-Meme-Coins-Hurt-Bitcoin-

Some Think That Bitcoin Should Only Be Used for Monetary Transactions

A spam attack or denial of service attack is an attempt to disrupt or otherwise damage the service of an electronic system by flooding it with a large volume of unsolicited data making it impossible or very difficult for authorized users to access .

The concept of “legitimate user” is unclear and somewhat arbitrary in a decentralized and non-permissioned network (which does not need permission or authorization from a central body) like Bitcoin which is why disputes arise .

That “the code is law” is an argument made by some . If the Bitcoin protocol supports a certain use case then it must be genuine . However there are many who think Bitcoin should be used only for monetary transactions and that any other use of the currency is improper .

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Sean Odhran

Sean Odhran

Financial Writer Hello there, my name is Sean, and I'm a financial reporter with a particular interest in the world of cryptocurrency. I'm passionate about delivering accurate and insightful reporting that helps my readers navigate the complex world of finance and make informed decisions about their investments.

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