550K Transactions Waiting on #bitcoin Network! What Causes the Congestion? Will Stock Markets Stop Shooting?

This situation in the Bitcoin network is not the first. A similar picture occurred in May 2023, when the popularity of #BRC-20 tokens increased, and Binance suspended Bitccoin withdrawals on May 8 due to network congestion. His current congestion is thought to be due to a similar cause.

BRC-20 tokens use a protocol called #Ordinals that allows users to write data to the Bitcoin network using JSON, a format for data storage and exchange. Simply put, BRC-20 tokens are actually nothing but #Satoshis , the smallest unit of Bitcoin. Extra data is associated only to these Satoshis using the Ordinals protocol