Meanwhile, bitcoin technologists are working on Ordinal filters and considering other more radical solutions, like a soft fork of the whole network. For example, these high fees make El Salvador 's Chivo ATM system almost unusable for average Salvadoran people. This network environment reportedly makes the Bitcoin network too expensive for most people to use in El Salvador. At least, all this is true for users who prefer the Bitcoin blockchain instead of the Lightning Network’s bitcoin scaling solution. According to mempool.space, the number of unconfirmed bitcoin transactions is now at an all-time high, with more than 465,000 transactions waiting to be processed, and fees reached more than $20. Rising transaction fees and longer confirmation wait times indeed make it harder to use bitcoin for small transactions. Critics see bitcoin NFTs as a new kind of graffiti movement, defacing the peer-to-peer financial network enabled by the Bitcoin blockchain. The main criticism of Bitcoin NFTs is that Bitcoin should be a money network, not a tool for distributing and recording digital art pieces. On the other hand, there are plenty of bitcoin users who are calling this an attack against the network. The next halving, which continues cyclically reducing the rewards that bitcoin miners earn, is expected to occur in 2024. This makes it harder to mine bitcoin as the total supply approaches the 21 million bitcoin the protocol limits bitcoin’s overall supply to. Halving is an automatic process that happens every 210,000 blocks, cutting the block reward that bitcoin miners earn by 50% every few years. Transaction fees have exceeded the regular mining subsidy, which miners see as a positive side effect, especially with the next Bitcoin halving so close. "In the long term, this new use of Bitcoin's block space may play a major role in Bitcoin's security budget, which we all care deeply about," Spears said.
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