Bitcoin Pizza Day is a fun and exciting event that celebrates the humble beginnings of bitcoin and its incredible journey over the years. As a bitcoin holder or investor, you can celebrate this day by ordering some pizzas with bitcoin, attending local bitcoin meetups, donating to bitcoin-friendly charities, organizing a bitcoin-themed party, or starting your bitcoin journey. It's a great way to spread awareness about the importance of bitcoin and support its growth worldwide. So, mark your calendars for May 22nd, 2023, and enjoy some delicious pizza with a side of bitcoin!

#binancepizza #bitcoinpizzaday #ceocrypto25

Bitcoin daily transactions have surged past 600k and the average Bitcoin transaction fees as of 8 May reached a whopping USD 30.91, these are levels not seen since the 2021 bull market.

Citing heavy transaction volumes and a surge in processing fees, Binance even halted Bitcoin withdrawals twice in a span of 12 hours on May 7 and 8 due to fee miscalculation! 

Why is that so?

Some Bitcoin maximalists who are detractors of BRC-20 tokens will likely tell you that people apeing into these tokens are to blame!

What are these BRC-20 tokens and why are they to blame for the surge in transaction fees?

What are BRC-20 tokens?

These tokens are new tokens on the Bitcoin network based on the BRC-20 standard that was created by Domo (@domodata) on 8 March 2023. The first and most popular one is a meme coin known as "ORDI". 

Users can mint and trade these fungible tokens by inscribing data in the form of NFTs on satoshis (there are 100M satoshis per Bitcoin) via the Ordinals platform. 

Through the use of ordinal inscriptions to attach data to individual satoshis, many BRC-20 tokens have been created.

The market capitalization of BRC-20 tokens has surged past USD 500M. BRC-20 transaction volumes have also surpassed that of regular Bitcoin transactions, accounting for more than half of all BTC transactions on multiple days since 29 April.

While BRC-20 tokens have gained in popularity, critics are quick to highlight that these tokens defy Bitcoin’s original vision of a simple and efficient peer-to-peer electronic cash system.

The process of minting and transferring BRC-20 tokens requires the user to inscribe a new ordinal and hence requires more data as compared to a regular BTC transaction. 

As a result, this has intensified the competition for block space and led to a spike in transaction fees.  

BRC-20 vs. ERC-20 Token Standards

Although "domodata" drew inspiration from Ethereum’s ERC-20 token standard when creating the BRC-20 standard, both token standards have fundamental differences.

First and foremost, unlike the ERC-20 standard, the BRC-20 standard does not have smart contract capabilities and this severely limits its utility and value. BRC-20 tokens cannot interact with other protocols and dApps.

Secondly, the ERC-20 token standard is an established token standard that has proven to be stable. The BRC-20 standard is merely a proposal that has yet to be finalized and it may not be fully integrated with crypto wallets and exchanges.  

In fact, "domodata" highlighted back in March that “It is unlikely that balances will be safely tradable using existing marketplace infrastructure.” 

Hence, even if the BRC-20 standard becomes widely accepted, it may be some time before markets are fully liquid.

Thirdly, the BRC-20 token standard was conceived as a means to issue and transfer fungible tokens on the Bitcoin blockchain by exploiting a loophole in Bitcoin’s 2021 Taproot upgrade. The most active BRC-20 tokens are meme coins.

ERC-20 tokens, on the other hand, are primarily designed as utility tokens that serve different functions within the Ethereum ecosystem.

Closing my thoughts

The popularity of BRC-20 tokens was propelled by the ongoing meme coin mania. A vast majority of the 8,500 tokens minted using the BRC-20 token standard are meme coins with little to no utility due to the lack of smart contract capabilities.

This hype has resulted in high demand for block space and skyrocketing transaction fees that inevitably drew the ire of some Bitcoin maxis.  

While Bitcoin miners have benefited from the surge in transaction fees due to the high BRC-20 transaction volumes, it is important to note that the BRC-20 standard has its flaws and is still in an experimental stage. 

In my opinion, the underlying ordinals' inscription technology would evolve and survive the test of time but not the BRC-20 meme coins as these are more likely to be a passing fad.

That's the wrap-up finally, if you found this content helpful pls follow me for more updates and stay tuned for more heavy insights and analysis from my end!

Keep building and don't create FOMO With your trades because it's the things that take you to lose nothing else in it.

#BINANCETOURNAMENT #binancepizza #bitcoinpizzaday #googleai #feedfeverchallenge

Bitcoin Pizza Day is an annual event celebrated on May 22nd to commemorate the first documented real-world transaction using Bitcoin. On this day in 2010, Laszlo Hanyecz, a Bitcoin enthusiast, made a purchase of two pizzas for 10,000 Bitcoins. This transaction is now widely recognized as the first commercial transaction involving Bitcoin.

To celebrate Bitcoin Pizza Day, here are a few suggestions:

Order pizza with Bitcoin: Find a local pizzeria or online food delivery service that accepts Bitcoin as a payment method. You can use websites or apps that facilitate Bitcoin transactions to make your purchase.

Host a Bitcoin-themed pizza party: Invite friends and fellow Bitcoin enthusiasts over for a pizza party. Decorate your space with Bitcoin-related decorations, and have Bitcoin trivia or discussions about cryptocurrencies.

Bitcoin-themed desserts: Get creative and bake or order desserts with Bitcoin-themed decorations. You can use edible Bitcoin logos or create designs resembling the Bitcoin symbol.

Watch Bitcoin-related documentaries: Gather your friends and watch documentaries like "The Rise and Rise of Bitcoin" or "Banking on Bitcoin." These films provide insights into the history and impact of Bitcoin.

Organize a Bitcoin discussion or meetup: If you're part of a local Bitcoin or cryptocurrency community, organize a meetup or discussion session. Share experiences, insights, and thoughts about the future of Bitcoin.

Engage on social media: Join the conversation on social media platforms like Twitter, Reddit, or Bitcoin forums. Share your Bitcoin Pizza Day celebrations, thoughts, and pictures with the wider Bitcoin community.

Remember, Bitcoin Pizza Day is a celebration of the early adoption of Bitcoin and the growth of the cryptocurrency ecosystem. It's an opportunity to appreciate the progress made since the first pizza transaction and to reflect on the impact of cryptocurrencies on our world. Enjoy your celebrations!

#binancepizza #bitcoinpizzaday #Binance

Bitcoin Pizza Day is an event celebrated on May 22nd each year to commemorate the first documented real-world transaction using Bitcoin. The event marks a significant milestone in the history of Bitcoin. Here's the story behind Bitcoin Pizza Day:

On May 22, 2010, a programmer named Laszlo Hanyecz made history by completing the first Bitcoin transaction for a tangible item. He posted on the Bitcointalk forum, offering 10,000 Bitcoins in exchange for two pizzas. At the time, Bitcoin was in its early stages, and its value was not yet established.

A few days later, on May 22, 2010, a user named "Jercos" responded to Laszlo's post and agreed to accept the offer. The transaction was conducted, and Laszlo sent 10,000 Bitcoins to Jercos. In return, Laszlo received two Papa John's pizzas, which were purchased and delivered to his address in Jacksonville, Florida.

The significance of this transaction lies in the fact that it demonstrated the use of Bitcoin as a medium of exchange for real-world goods. It highlighted the potential of cryptocurrencies to serve as a decentralized and borderless form of digital currency.

Initially, the 10,000 Bitcoins Laszlo spent on those pizzas were worth very little. However, as Bitcoin gained popularity and its value skyrocketed over time, the transaction took on a symbolic meaning. It became an example of the opportunity cost associated with early Bitcoin spending. The 10,000 Bitcoins Laszlo used to buy the pizzas would be worth a staggering amount today.

Bitcoin Pizza Day gained prominence within the cryptocurrency community as a reminder of the humble beginnings of Bitcoin and the incredible value appreciation it has experienced since then. It serves as a reminder to hodlers (Bitcoin holders) about the potential long-term value of cryptocurrencies.

Since that historic transaction, Bitcoin Pizza Day has been celebrated annually, with cryptocurrency enthusiasts often ordering pizza on May 22nd to honor the occasion. It has become a lighthearted and widely recognized event in the crypto world.

#binancepizza #bitcoinpizzaday