Early Uses of Bitcoin BRC-20 Could Be Illegal

MicroStrategy’s Michael Saylor Says Bitcoin BRC-20 Activity Can Be » unethical or illegal “. He clarifies that he is not completely against their use. Furthermore, he asserts that this partly comes down to the use case and partly comes down to how they are perceived

Decrypt on Twitter relaying the words of Michael Saylor, co-founder of MicroStrategy

What are BRC-20 bitcoins?

BRC-20 stands for “Bitcoin Request for Comment”. Indeed, it is an experimental framework for creating fungible tokens on Bitcoin using the Ordinals protocol. Ordinal inscriptions work much like NFTs, which primarily exist on the rival Ethereum network. Indeed, these registrations allow arbitrary and non-financial information, such as images, to be included on the Bitcoin blockchain. Ordinal and BRC-20 tokens have created a lot of anger over the past two weeks. Thus, they caused a spike in transaction costs. Some even believed that the network was under attack. Now that BRC-20 is known to be the cause, the Bitcoin community is wondering if these transactions should be censored.

Ordinals and inscriptions: what is the problem?

Michael Saylor became one of the few to publicly declare that it adopts the ordinals. Indeed, during a discussion with DecryptSaylor, on ordinals, BRC-20 registrations, said that many of the early use cases “are not very serious.”

If BRC-20 tokens are considered fungible tokens to issue unregistered securities, there are many objections to this. In effect, it is unethical. It’s illegal. And you can’t blame [la communauté] to oppose it “, he added.

For him, everything will be decided on a case-by-case basis. He assures : ” What if I used them to tokenize all stocks and ETFs traded on the NASDAQ so that individuals could personally take the guard of their shares instead of leaving them locked up with a centralized custodian “. ” If presented this way, then Bitcoiners would love it. »

In short, several pressures have weighed on the crypto community for several months in the United States. So, every kind of underhanded strategies are used to banish them. Couldn’t BRC-20 and Ordinals make this easier for crypto haters?

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