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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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Home Web 3

Bitcoin Just Yoinked One of Ethereum’s Best Features

April 23, 2024
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Bitcoin Just Yoinked One of Ethereum’s Best Features
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TL;DR

Full Story

Damn, what’s up with Bitcoin right now??

Activity has recently exploded on the chain, with miners raking in a cool $80M in transaction fees this past weekend alone.

So what was it? (The halving?)

Nope! It was Runes, which have taken a key feature from Ethereum, and added it to Bitcoin.

Confused? Here’s what we’re on about:

All cryptocurrencies are just software.

Back in the day, if you wanted to start a brand new crypto coin/token — you had to write your own software (or copy/paste someone else’s).

Then Ethereum came along and was like:

“Hey, we’ve created a system that lets you piggy back off our software and network — all you need to do is tell us what you want to call your token, how many tokens you want generated, and we’ll host it (processing transactions for a fee).”

All of a sudden, new tokens were popping up left, right and center (this was known as the ‘ICO boom’) — and every time these tokens were traded, they boosted the value of the Ethereum network.

Runes does that for Bitcoin — allowing users to launch their own tokens on the Bitcoin network.

Which wouldn’t be anything special if it weren’t Bitcoin (most new blockchain projects allow users to add their own tokens to the network — it ain’t a rarity!).

BUT!

Because Bitcoin has the most amount of value sloshing around in it ($1.3T as of this writing), it incentivizes folks to create tokens on the network, in an attempt to syphon some of that value into their newly created token.

See also  Bitcoin struggles: How long do you need to wait for a rally?

…and incentivized they have been!

Our bet is that this $80M in fees is just the start of a new boom for Bitcoin.

Tags: BitcoinEthereumsfeaturesYoinked

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024

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The Perfect Ethereum Game to Play While Taking a Poo

The Perfect Ethereum Game to Play While Taking a Poo

May 25, 2024
Bitcoin Miners Are Still Buying New Hardware Despite Headwinds—Here’s Why

Bitcoin Miners Are Still Buying New Hardware Despite Headwinds—Here’s Why

September 12, 2024
Halliburton Invests in Bitcoin Mining Startup

Halliburton Invests in Bitcoin Mining Startup

December 21, 2024
Galaxy Digital goes long on Bitcoin: What’s next?

Galaxy Digital goes long on Bitcoin: What’s next?

October 30, 2023

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