Binance resumed bitcoin withdrawals after a second pause, as the Bitcoin network suffers from congestion. This comes as fee rates on the bitcoin blockchain surged to a 2-year high after Taproot enabled inscriptions and BRC-20 to take up coveted block space. Sam Reynolds, CoinDesk Senior Markets Reporter for Asia, breaks down this developing story.
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Ordinals are dangerous to the bitcoin network. A month or two ago I was able to send 50$ for about .03 – .18 cents in fees. Yesterday it was at a record 18.32$ in fees to send 50$. Keep in mind the fact that we aren’t yet in a full on bull market where the amount of transaction will skyrocket. Think of how it affects people in El Salvador who use the lightning network for small transactions. A malicious 3rd party can use ordinals to increase bitcoin fees. They can also attach disgusting and illegal pornography of the worst kind. They can then use that to pressure politicians to ban bitcoin under that narrative. I hope people work on these complex problems to protect bitcoin. In a world where governments are continuously inflating currencies we need bitcoin.