Cryptocurrencies
Bitcoin Coders Feud Over Whether to Crush $1 Billion Frenzy for Memecoins
- Explosion of meme tokens choked the Bitcoin blockchain in May
- Network developers debate whether to reject such transactions
A cryptocurrency ATM.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
The coders who maintain Bitcoin’s blockchain are clashing over whether to stamp out the meme tokens swarming the network.
A torrent of speculative coins led to a record number of transactions and an 11-fold spike in processing fees on the blockchain in May, creating a logjam and forcing the Binance exchange to temporarily halt Bitcoin withdrawals.