Bitcoin developers are deep in conversation brainstorming ways to prevent a repeat of the recent Meme coin frenzy . The surge in these coins caused the Bitcoin blockchain to experience record breaking transaction volumes resulting in temporary withdrawal halts on Binance and an alarming 11 fold increase in transaction fees . Determined not to be caught off guard again developers are exploring options like implementing a spam filter or even proposing a new chain through a fork.
Protecting Bitcoin’s Functionality as a Payment Method and Store of Value
The situation has calmed considerably. However, developers remain on their toes to prevent future coins like PEPE or ORDI from causing similar havoc and grabbing excessive attention . Bloomberg reports that developers are particularly worried about Bitcoin being associated with matters beyond its primary roles as a payment method and store of value.
Ali Sharif a Bitcoin developer voiced concerns that the Bitcoin blockchain was never meant to serve as the main hub for meme coins. In a previous email to the developer group Sharif stated “These worthless tokens hinder the normal functioning of an intelligent system.” This realization has prompted the need for solutions to prevent such disruptions.
On the other hand some developers argue that the Ordinals protocol which encompasses NFTs and numerous meme coins could be integrated into a broader framework. Jameson Lopp a cold wallet developer and founder of Casa a crypto custody solutions company sees the potential of Ordinals as an auction platform for block domains showcasing the versatility of the Bitcoin network.
Considering a Bitcoin Fork to Exclude NFTs and “Meme Coins”
In the developers’ email groups there have been suggestions to create a Bitcoin fork that excludes support for NFTs and meme coins. However experts are skeptical about the likelihood of this scenario becoming a reality. Andrew Poelstra the head of research at Blockstream believes that major groups are unlikely to switch to a Bitcoin chain that is not compatible with BRC-20 tokens stating “I do not see a high probability of large groups switching.”
As developers continue their discussions the ideal course of action remains uncertain. The Bitcoin community eagerly awaits further deliberations and potential solutions to ensure the long term stability and functionality of the world’s leading cryptocurrency.