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‘Real opportunity’ for Bitcoin Runes will come after first wave of investor hype

Due to their initial lack of utility, Runes will trade akin to volatile memecoins at the beginning, according to pseudonymous DeFi researcher Ignas.

Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network, is set to go live with the Bitcoin halving later this week.

Yet, the real market opportunity for Runes may only come months after the first wave of investor hype subsides, according to pseudonymous decentralized finance (DeFi) researcher, Ignas, who wrote in an April 17 X post:

Rune floor prices could see a significant drop, mainly because they don’t immediately improve the trading experience of BRC-20 tokens, and because small traders may be priced out of the increasing Bitcoin transaction fees, according to the pseudonymous researcher.

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Bitcoin maximalism cool in 2023? Joe Hall shares his thoughts

Bitcoin advocate Joe Hall believes that all other cryptocurrency projects will collapse into Bitcoin in the coming years.

In this episode of Hashing It Out, recorded on the eve of Bitcoin 2023 in Miami, Cointelegraph’s Elisha Owusu Akyaw spoke to Cointelegraph journalist Joe Hall about what it means to be a Bitcoin (BTC) supporter and the current state of the Bitcoin network. The discussion ranged from Bitcoin maximalism and living on the Bitcoin standard, to Bitcoin Ordinals, BRC-20 tokens and the BTC price.

Hall’s first interaction with Bitcoin was through buying things on the internet. His initial impression of the first cryptocurrency was that it was difficult to use at the time, but that changed in the years that followed. Hall explains that some personal events led him to find the time to conduct extensive research on Bitcoin during the COVID-19 pandemic. This research changed his mind and made him realize how revolutionary Bitcoin is to global finance.

Over the years, the Bitcoin community has evolved to include multiple philosophies intending to define Bitcoin’s place in the broader cryptocurrency market, and to express how some community members perceive Bitcoin. Hall highlights this by referring to the increase in multiple labels, with people referring to themselves as Bitcoin purists, minimalists, moderates and maximalists. Hall argues that labels can create a toxic environment, but there is also a good reason why they exist and are regularly used.

Hall explains that he identifies a Bitcoin maximalist as someone trying to get the most out of Bitcoin and maximize its impacts while only holding and using Bitcoin, and no other cryptocurrencies. The Cointelegraph journalist also explains that due to his line of work, he uses other crypto-related platforms solely for experimental reasons.

Hall also shares his experience living on the Bitcoin standard over the last few years. Hall says it is easier to live on Bitcoin than the British pound because more people accept BTC in different places than the pound. However, he also highlights issues, including payment of taxes and price volatility, which he argues can be a good thing sometimes.

Related: Account abstraction could bring the next billion users to Ethereum — Ambire CEO

Check out the latest episode of Hashing It Out featuring Joe Hall on Apple Podcasts, Spotify, Google Podcasts, or TuneIn. For more informative podcasts, visit the Cointelegraph Podcasts page.

Ethereum (ETH) Price Soars As Bloomberg Analysts Increase ETF Approval Odds To 75%