Bitcoin Inscription Cause Community Divide Amid Network Congestion

Bitcoin's flirtation with the $45,000 mark is overshadowed by a surge in unconfirmed transactions on the blockchain, fueling a contentious debate over Bitcoin ordinal inscriptions. These inscriptions are accused by Bitcoin Core developer Luke Dashjr of exploiting a vulnerability in Bitcoin Core to spam the blockchain. Currently, over 260,000 unconfirmed transactions clog the network, causing a spike in transaction fees and memory usage. Inscriptions, which bypass data size limits by disguising data as program code, have been a controversial topic since their rise in popularity. In May, Binance even paused bitcoin withdrawals due to overwhelming network congestion. Critics like Dashjr see inscriptions as problematic, while proponents like Jason Fang view them as an evolution of Bitcoin's blockchain, beneficial for miners due to increased fees and profits. Last year, the crypto winter severely impacted many miners, who faced significant financial challenges. Fang suggests that the negative sentiment towards inscriptions partly stems from jealousy over the attention and profits generated by ordinal and other BRC-20 investments​​​​​​​​​​​​​​.

_{Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.}