Bitcoin transactions and fees have surged to unprecedented levels as the backlog of pending transactions remains at 400,000.
Increased fees and a backlog of transactions are besieging the Bitcoin network and it’s due to a popular new “token” standard according to a CryptoQuant analyst.that BRC-20 memecoin minting on the BTC blockchain is causing the surge in block space demand, adding:
“Unlike conventional token standards, such as Ethereum's ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the Bitcoin blockchain.” According to CryptoQuant, the average fee per transaction skyrocketed, exceeding $16 and peaking at $29 on May 9."Unlike conventional token standards, such as Ethereum's ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the
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