While the Bitcoin and crypto markets are deep in the red, one altcoin stands out today, posting a double-digit price increase: Stacks (STX). Along with the Lightning Network, the project is considered the most promising layer-2 technology for Bitcoin at the moment and is currently benefiting from the network congestion dilemma.
There are currently over 425,000 unconfirmed transactions in the meme pool. Before being added to the Bitcoin blockchain, transactions are sent to the network’s meme pool, where they wait to be selected by a Bitcoin miner and inserted into the next Bitcoin block. At medium priority, a transaction currently costs an average of $19.04.
The Case For StacksThe congestion is causing a heated debate: While one side calls it a DDoS attack on Bitcoin, the opposing side is calling the reason for the high fees, Bitcoin ordinals and BRC 20 tokens, a revolution. But no matter which side one takes, one thing becomes obvious. Layer-2 technologies are absolutely necessary and could emerge as a big winner.
Revolution or DDoS?
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Tue, 18 Apr 2023