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Abstract

as a race to have the token minted as fast as possible. Those who pay more in the gas fee market are allowed to do minor transactions. People increased the importance of the B<b>RC-20 token to the point that the gas fee reached $100.</b></p><h2 id="0307">Ordinal</h2><p id="56b2">At the time of the ordinal, the Bitcoin network was a bit busy, which means activity increased, but such a spike of$ 30 did not come. Ordinal is a part of NFTs and the NFTs market is a bit small, only 10–20% of people participated in it.</p><h2 id="961d">Taproot</h2><p id="578a">The last upgrade of Bitcoin was Taproot. The developer has created a mechanism on Taproot that allows NFTs and tokens to be launched. Taproot left some free space in the block space, which you may use by inscribing Satoshi. With the introduction of Inscription, people began to use Sats for file and content storage. As a result, the trend of text storage started, and Odinal was born.</p><p id="9ba4">Taproot has given Bitcoin the power to innovate, and it is presently being tested with meme coins.</p><figure id="45ab"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*2mgvtUBsU_ZBdNNw"><figcaption>Photo by <a href="https://unsplash.com/@lime517?utm_source=medium&utm_medium=referral">Joseph Greve</a> on <a href="https://unsplash.com?utm_source=medium&utm_medium=referral">Unsplash</a></figcaption></figure><h2 id="e0bf">Miners</h2><p id="9168">Even the creators of BRC-20 were surprised by the amount of traffic. It’s possible that miners started this meme coin trend since they participated in coin trading. Miners are not satisfied just with mining and receiving rewards; they also trade. Miners in Ordinal’s project weren’t making a profit, but during the meme coin season, miners used capital as liquidity.</p><p id="ee84">All of this began to overload the Bitcoin network, and the Bitcoin community started to panic as a result. <b>Following is all you need to know about the Bitcoin community’s key members.</b></p><h2 id="aae6">Bitcoin Core Member</h2><figure id="171d"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*GL9tcqBVhdS1N0mRtjQ2tw.png"><figcaption>Source: Scrrenshot of <a href="https://github.com/orgs/bitcoin-core/people">Github</a></figcaption></figure><p id="4bd2">You can see the list of all the members by typing Bitcoin Core on GitHub. There are 4 maintainers and 12 contributors in the core team of a total of 16 members. These 4 maintainers are testing members, whereas all 12 contributors are development members.</p><h2 id="e18a">Luke Dashjr</h2><p id="6d2a">Luke Dashjr, one of those 16 members, gave a statement to the media that he is against the idea of Ordinal as it can increase congestion in the Bitcoin network. In this scenario, if the transaction volume keeps increasing quickly, the block space won’t be able to support the development of a Defi ecosystem.</p><p id="509d">Bitcoin lacks a layer 1 and, like Ethereum, has some restrictions. If the network stays congested, the transaction charge might skyrocket; in such a scenario, the public will not pay the high transaction fee every time. Everyone will pay high fees as a result of the hype, but once it has diminished even a little, no one will pay.</p><h2 id="93e2">Developers Vs Miners</h2><p id="5b9c">In the current environment, the miners are the happiest in the market. Miners are earning less from block rewards and earning more from transaction fees. For the Bitcoin network to be utilized more often, miners would like to see more developments in Taproot.</p><p id="2a83">This is a difficult time for developers since it has the potential to cause problems with the network, and all efforts are being made to find a solution. At the moment, miners like to keep ordinals, and if the developer decides to remove ordinals, miners can demand for a fork.</p><p id="5a92">Due to all these scenarios, there is a possibility of a fork in Bitcoin.</p><p id="0d1e" type="7">Clap — Share — Comment — Happily ☺</p><h2 id="3151">Disclaimer</h2><p id="e652">This is not Financial Adv

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ice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.</p><h2 id="841c">Thank You for Reading…</h2><div id="81bb" class="link-block"> <a href="https://medium.com/@jessicadoosan02/membership"> <div> <div> <h2>Join Medium with my referral link - Jessica Doosan</h2> <div><h3>Read every story from Jessica Doosan (and thousands of other writers on Medium). Your membership fee directly supports…</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*QrjjXHHNCn1Fg_e5)"></div> </div> </div> </a> </div><h2 id="012c">↑ ↓ Brain Boosting …</h2><div id="29f2" class="link-block"> <a href="https://readmedium.com/bitcoin-party-is-not-over-yet-wait-for-crazy-bull-53d25700d691"> <div> <div> <h2>Bitcoin Party is Not Over Yet — Wait For Crazy Bull</h2> <div><h3>How To Catch This Crazy Bull? — 3 Phase</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*uq991oHr5H-dh3CR)"></div> </div> </div> </a> </div><div id="2721" class="link-block"> <a href="https://readmedium.com/icp-coins-bright-outlook-200x-possible-in-bull-run-907b144db191"> <div> <div> <h2>ICP Coin’s Bright Outlook: 20x Possible in Bull Run!</h2> <div><h3>Node | Product | TPS | Web3 | Growth | Supply | Network</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*jWDDECUcjVFGh5Na8Du4Og.png)"></div> </div> </div> </a> </div><div id="899f" class="link-block"> <a href="https://readmedium.com/a-surefire-way-to-build-a-crypto-portfolio-for-bull-run-2eadc65eabbe"> <div> <div> <h2>Legendary Futuristic Crypto Portfolio for 50x</h2> <div><h3>Preplanning | Strategy | Mistake | Cash | Coins</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*gUVCHnplMrjyvutH5UpY4Q.png)"></div> </div> </div> </a> </div><div id="db19" class="link-block"> <a href="https://readmedium.com/chainlink-link-old-but-still-alive-2023-oracle-power-house-758368a8303b"> <div> <div> <h2>Chainlink(Link): Old but Still Alive 2023 — Oracle Power House</h2> <div><h3>Past | Data | Main Product | VRF | Program | Inveset | Future</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*raPSsRaHL1HL9J-4Q5qsXQ.png)"></div> </div> </div> </a> </div><div id="061a" class="link-block"> <a href="https://readmedium.com/how-to-find-and-follow-crypto-whale-predictors-to-earn-10x-to-100x-profit-9a8347e9b8f9"> <div> <div> <h2>How to Find and Follow Crypto Whale Predictors to Earn 10x to 100x Profit</h2> <div><h3>Dream Come True</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*Vowr3sDDGO939mlqolx4hQ.png)"></div> </div> </div> </a> </div></article></body>

Why Bitcoin Can Be Forked Again? — 2023

Who is the Development Team Behind Bitcoin?

We’ve seen many Ethereum forks, but can Bitcoin be forked again?

Bitcoin was forked after a SegWit upgrade in 2017–18. In this SegWit upgrade, 2 communities were divided and the block size found there is being discussed. The first community wanted to increase the block size, while the second wanted to leave it the same as it was.

After the activation of SegWit, the second community collaborated with a big mining pool to fork Bitcoin, resulting in the birth of bitcoin cash (BCH). After bitcoin cash, there was Bitcoin SV, and then there was bitcoin gold. As a result, three new currencies, BCH, BSV, and BTG, entered the market.

Why Fork

Here the miners also fork together with each other, like if 10% of the bitcoin miners have decided that we have to fork or if any demand of the miners is not accepted, then it is forked in these cases. Fork is the last way to solve miners’ disputes.

You may have seen in Ethereum that when Ethereum was going to move to POS, preparations were made to connect POW, but miners separated ETHw by forking at that time. These were the same miners who were dissatisfied with POS and opposed this idea.

You must have noticed that after the fork of Ethereum, the price of the ETHw token did not increase. After the fork of Bitcoin, the price of BCH increased for a while before falling, the same has happened with all other coins.

Today We are Going to Discover Who is Behind Bitcoin’s Development and Who has Technical Control.

First, we’ll look at Bitcoin pools to see how congested the network is right now.

At present, there are 294,815 unconfirmed transactions in Bitcoin, and a few days back they were around 0.4 million. This Unconfirmed transaction shows us how much congestion is there in the network.

No Priority — 26 sat/vB — $1.01
Low Priority — 266 sat/vB — $10.30
Medium Priority- 388 sat/vB — -$15.03
High Priority — 508 sat/vB — $19.67

The above data clearly show that the gas fees are rising, however, it has dropped significantly in the previous two days.

Looking at the above gas fee chart, you can see that the price of gas has only risen since April. Prior to April, the gas fee was roughly $1, but with the arrival of Ordinal, the game changed completely. The gas fee had not changed significantly at the time of the ordinal, but with the introduction of BRC-20, the transaction fee surged and reached up to $30.

BRC-20 came when the meme coin hype started. In the trend of meme coin, meme coin was also launched on BRC-20, and due to more arrival of these token investors, the demand for block space of bitcoin started increasing. The reason for the increase in block demand is because people started to create these tokens, which resulted in a race.

It was a race to have the token minted as fast as possible. Those who pay more in the gas fee market are allowed to do minor transactions. People increased the importance of the BRC-20 token to the point that the gas fee reached $100.

Ordinal

At the time of the ordinal, the Bitcoin network was a bit busy, which means activity increased, but such a spike of $30 did not come. Ordinal is a part of NFTs and the NFTs market is a bit small, only 10–20% of people participated in it.

Taproot

The last upgrade of Bitcoin was Taproot. The developer has created a mechanism on Taproot that allows NFTs and tokens to be launched. Taproot left some free space in the block space, which you may use by inscribing Satoshi. With the introduction of Inscription, people began to use Sats for file and content storage. As a result, the trend of text storage started, and Odinal was born.

Taproot has given Bitcoin the power to innovate, and it is presently being tested with meme coins.

Miners

Even the creators of BRC-20 were surprised by the amount of traffic. It’s possible that miners started this meme coin trend since they participated in coin trading. Miners are not satisfied just with mining and receiving rewards; they also trade. Miners in Ordinal’s project weren’t making a profit, but during the meme coin season, miners used capital as liquidity.

All of this began to overload the Bitcoin network, and the Bitcoin community started to panic as a result. Following is all you need to know about the Bitcoin community’s key members.

Bitcoin Core Member

You can see the list of all the members by typing Bitcoin Core on GitHub. There are 4 maintainers and 12 contributors in the core team of a total of 16 members. These 4 maintainers are testing members, whereas all 12 contributors are development members.

Luke Dashjr

Luke Dashjr, one of those 16 members, gave a statement to the media that he is against the idea of Ordinal as it can increase congestion in the Bitcoin network. In this scenario, if the transaction volume keeps increasing quickly, the block space won’t be able to support the development of a Defi ecosystem.

Bitcoin lacks a layer 1 and, like Ethereum, has some restrictions. If the network stays congested, the transaction charge might skyrocket; in such a scenario, the public will not pay the high transaction fee every time. Everyone will pay high fees as a result of the hype, but once it has diminished even a little, no one will pay.

Developers Vs Miners

In the current environment, the miners are the happiest in the market. Miners are earning less from block rewards and earning more from transaction fees. For the Bitcoin network to be utilized more often, miners would like to see more developments in Taproot.

This is a difficult time for developers since it has the potential to cause problems with the network, and all efforts are being made to find a solution. At the moment, miners like to keep ordinals, and if the developer decides to remove ordinals, miners can demand for a fork.

Due to all these scenarios, there is a possibility of a fork in Bitcoin.

Clap — Share — Comment — Happily ☺

Disclaimer

This is not Financial Advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.