Bitcoin is experiencing a very large anomaly that has also affected Binance; Because the biggest exchange The world’s cryptocurrency, the largest output volume Bitcoin has experienced its history.
The Ordinals protocol has been making a lot of noise in the crypto space lately. This standard is possible to create It provides NFT on the Bitcoin network. Each unit of Bitcoin can be divided into 100 million units called Satoshi. This protocol allows recording various data such as NFT activators on satoshis; A feature that led to the creation of Odrinals.
The BRC-20 standard is a protocol that currently continues to operate experimentally, and its innovations have greatly affected the Bitcoin ecosystem.
Note that BRC-20 tokens are unlike their ERC-20 ecosystem counterparts Ethereum does not support smart contracts and the possibility of providing many features of the decentralized financial space (does not have DeFi). The BRC-20 contract is essentially engraved on satoshis and is not programmable, meaning it cannot automatically perform actions based on a set of pre-determined conditions. On the other hand, it is possible to multiply and trade BRC-20 tokens using a Bitcoin wallet.
BRC-20 meme coins, including PEPE, have attracted the attention of the cryptocurrency community in recent days. Unfortunately, this increased public interest in the BRC-20 ecosystem has also created a wave of spam transactions. Despite the decrease in active addresses, congestion of the Bitcoin network, and associated costs, many people have concluded that the network has suffered from inorganic activity, followed by the fear of attacks. DDoS increased.
WccfTech He writes, the number of so-called dust transactions on the Bitcoin network has increased and the transaction fee is three times higher than the value of the transaction, which does not make sense from an economic point of view. Hackers may cause the price of this cryptocurrency to react negatively with a DDoS attack on the Bitcoin network.
Meanwhile, Binance has disabled Bitcoin withdrawals several times in recent days. This exchange also recorded the largest output volume in its history with the figure of 162,000 bitcoins worth about 4.6 billion dollars.
Binance has now reduced asset withdrawal limits. By publishing an official tweet, this exchange claimed that the unusual withdrawal of Bitcoin was the result of the transfer of assets between cold and hot wallets, which was done with the aim of adjusting the Bitcoin address. However, some Twitter users are angry with this action.