Although no official announcement has been made, there are rumblings of a possible new Bitcoin (BTC) fork. This comes amid ongoing debate about Ordinals protocol inscriptions, the block space these inscriptions occupy, and increasing Bitcoin transaction fees. Such speculation has led some to believe that a Bitcoin fork may occur in 2024.
As of December 23, 2023, there are 291,660 unconfirmed BTC transactions and the cost to transfer Bitcoin is 81 satoshi per virtual byte (Sat/vB) or $4.97 per transaction. Of course, compared to the fees on December 16, 2023, when each transfer had a fee of $40, the transfer fee has been greatly reduced.
Some Bitcoin enthusiasts have dismissed Ordinals' inscriptions as spam, attacks, scams, and basically abuse of resources. Meanwhile, Adam Simecka's claim that the Ordinals inscriptions are a scam has sparked debate among Bitcoin enthusiasts. Simka predicts that this trend may eventually lead to a Bitcoin hard fork, which he says will not be successful in the long run.
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An X user named Pledditor also claimed that the Taproot Wizards project is trying to make it more like Ethereum (ETH) by forking Bitcoin. In contrast, Tyler Whittle of Taproot Wizards highlighted the risks associated with Bitcoin's resistance to change. He compared this resistance to the downfall of companies such as Blackberry, Kodak and Nokia, which failed to adapt to the evolving market trends and technologies. Whittle called for a more consistent approach in 2024.
Over the past year, the average daily block size of Bitcoin has increased from 1.19 MB to 1.7 MB. However, there is no additional capacity to expand, and the possibility of proposing and agreeing to increase the block size is practically impossible.
Meanwhile, it's not bad to know that the increase in unconfirmed BTC transactions has caused an increase in searches for the term bitcoin fork in Google trends.
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