{"id":62298,"date":"2023-10-23T02:56:22","date_gmt":"2023-10-23T06:56:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62298"},"modified":"2023-10-23T02:57:34","modified_gmt":"2023-10-23T06:57:34","slug":"magic-eden-suspends-bitcoin-brc-20-trading-for-user-safety","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/magic-eden-suspends-bitcoin-brc-20-trading-for-user-safety\/","title":{"rendered":"Magic Eden Suspends Bitcoin BRC-20 Trading for User Safety"},"content":{"rendered":"\n

Magic Eden, a Non-Fungible Trading<\/a> (NFT) marketplace, has temporarily halted trading in BRC-20 assets to safeguard its clients' marketplace.<\/p>\n\n\n\n

\"Magic
Magic Eden Suspends Bitcoin BRC-20 Trading for User Safety<\/figcaption><\/figure>\n\n\n\n

According to Magic Eden's statement outlining the suspension, the BRC-20 trading will remain banned until the entire Ordinance Consensus is reached across all BRC-20 assets. <\/p>\n\n\n\n

Magic Eden stated that despite the inconvenience to traders, all other forms of trading are still active on its site. BRC-20 is an experimental token standard that employs ordinal inscription. <\/p>\n\n\n\n

On March 9th, 2023, an unnamed developer named Domo released it. They typically do not employ smart contracts<\/a> and instead use script file storage on the Bitcoin blockchain because they are fungible tokens that are part of the Bitcoin network.<\/p>\n\n\n\n

BRC-20 has gained enormous popularity in digital collectibles since its introduction. Magic Eden included them in the first place due to their rising demand. <\/p>\n\n\n\n

This suspension comes after BRC-20's decreasing effect\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. They substantially impacted the trading volume of the most popular cryptocurrency in the first few weeks after their debut, giving users the impression that a completely new asset class has established itself.<\/p>\n\n\n\n

The development of Bitcoin Ordinals served as a showcase for the myriad of fresh opportunities present in the ecosystem of digital currencies. The Ordinals assisted in connecting BTC to new protocols on a broad scale to make Bitcoin more universally usable outside of the restricted regular payment context.<\/p>\n\n\n\n

As reported earlier, plans to link the BRC-20 to the Terra Luna Classic<\/a> (LUNC) protocol were made public. This created a new possibility that is considered advantageous for both ecosystems.<\/p>\n\n\n\n

RUNE, a Bitcoin UTXO protocol targeted at improving BRC-20 user experiences, was introduced by the author of Ordinals to increase the overall influence of BRC-20 Ordinals. <\/p>\n\n\n\n

Even while BRC-20's popularity is waning in terms of adoption, many continue to believe that it is the nucleus for further development of Bitcoin's utility.<\/p>\n","protected":false},"excerpt":{"rendered":"

Magic Eden, a Non-Fungible Trading (NFT) marketplace, has temporarily halted trading in BRC-20 assets to safeguard its clients’ marketplace. According to Magic Eden’s statement outlining the suspension, the BRC-20 trading will remain banned until the entire Ordinance Consensus is reached across all BRC-20 assets. Magic Eden stated that despite the inconvenience to traders, all other […]<\/p>\n","protected":false},"author":43,"featured_media":62301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16871,11069],"class_list":["post-62298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brc-20","tag-magic-eden-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/croc_1698041446082.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62298"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62301"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}