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Wondering about Bitcoin high fees and when those will go low? a quick look at BRC-20 inscriptions

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by COINS NEWS 16 Views

Are you tired about seeing the BTC mempool with fees above 80 sats/byte?

Why is that?

It seems now is really easy to upload random stuff (pictures, text) to the blockchain and is even easier to create your own BRC-20 token.

On the website you can do that very easily. You simply put a ticker and the amounts units and that's it. There is zero checks as long as you pay the fees on the blockchain.

For example in this caption you can see someone is inscribing a token named MMSS and for doing that he is clogging the blockchain with more than 1 Million Bitcoin transactions paying fees around 60-80 sats/byte for each transaction.


Another example, those minting the "Bear" token paid about 83 BTC in fees and the market cap of "Bear" is, at most, 145 BTC (and presumably not actually very liquid). So most of the profits from this trend seem to flow to Bitcoin miners and to a few sophisticated bulk inscription operations.

submitted by /u/polloponzi
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