What Happened on May. 9th | Bitcoin Security Issue and BRC-20 Debate
Bitcoin's security budget issue remains a hot topic in the development of the cryptocurrency. The concern is whether there will be security issues once block subsidies are reduced to nearly zero. While Satoshi Nakamoto's response was that transactions fees would replace miner rewards and keep the network secure, this has been met with skepticism from the community.
Some believe that Bitcoin's security is fine as the network grows, but others argue that declining block subsidies will lead to lower commitment from miners and pose a risk to the protocol.
The advent of ordinals has increased demand for Bitcoin's block space, and hence bring higher transaction fees to bitcoin miners. However, it has also divided the community, with some calling it an attack on the network, making the normal users suffering from higher fees and slower transaction speed.
It is yet unclear what the Ordinals and BRC20 frenzy will mean for the Bitcoin network, but we must remember that Bitcoin transactions per second are only 7, and the network is not designed for complex transactions. As a result, rather than simply executing complex applications on the base Layer, it makes more sense to create a Layer 2 network that leverages Bitcoin's security.
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