If you’ve been feeling like you’re missing out on the latest wave of millionaires being made by meme coins, don’t worry. The new frontier of 100x gains is here, and it’s called BRC-20 tokens. These tokens are meme coins built on the secure Bitcoin protocol, with over 14,000 tokens created and a market cap that has skyrocketed to over $350 million in less than two months. Here’s what you need to know about BRC-20 tokens to get ahead of the game.
What are BRC-20 tokens?
An experiment into “brc-20’s” and fungibility on bitcoin with ordinals 1/x pic.twitter.com/9khKLbEPk6
— domo (@domodata) March 9, 2023
BRC-20 is an experimental token standard for Bitcoin created by Twitter user @domodata in March of 2023. This token standard utilizes ordinal inscriptions of JSON data, making it easy to deploy token contracts, mint tokens, and transfer them seamlessly. The benefits of these tokens include fungibility, security, and compatibility with the Bitcoin ecosystem.
The Debate Over BRC-20 Tokens
While some members of the Bitcoin community have embraced BRC-20 tokens, others see them as contrary to Satoshi Nakamoto’s vision. There are also some limitations to the ecosystem, including a smaller ecosystem than ERC-20 and potential increases in gas fees.
Meet $ORDI, the First BRC-20 Token
$ORDI is the first BRC-20 token, with a limited deployment of 1,000 tokens per mint and a total supply cap of 21 million tokens. Multiple startups have developed tools for users to mint and store these tokens. On-chain details for these tokens can be found at brc-20.io.
BRC-20 tokens, a new breed of meme coins built on top of Bitcoin, have surged in popularity over the past few days, driving up the market cap of tokens like ORDI and MEME to nearly $1 billion. According to brc-20.io, which tracks the market for these tokens, the total market cap for all of these tokens is currently sitting at $991 million.
The framework for building these fungible tokens on Bitcoin uses an experimental protocol called Ordinals, which enables the creation of NFT-like assets called inscriptions. This emergent space has seen a surge in popularity recently, with ORDI, the first BRC-20 token, reaching a market cap of $480,333,000.
Other tokens like MEME, PIZA, and DOMO have also seen significant gains. Ordi was recently listed on Crypto.com and Gate.io, suggesting mainstream adoption of these tokens.
The volatile nature of these tokens highlights the experimental nature of the Ordinals space, as text-based inscriptions take over from image-based inscriptions. The popularity of these tokens is also having an impact on Bitcoin transactions, with 65% of Bitcoin transactions on Sunday related to these tokens and Binance briefly halting Bitcoin withdrawals due to network congestion.
How to Acquire BRC-20 Tokens
There are two ways to acquire these tokens: minting new tokens for the price of gas fees or purchasing them from existing projects using a marketplace.
Getting Started with Trading
To get started with trading these tokens, you’ll need to create a new wallet using a service such as UniSat Wallet. From there, you can find your Bitcoin address, and withdraw Bitcoin using a centralized exchange such as Kucoin, and mint these tokens to gain access to the marketplace. Once you have access, you can explore the many tokens, choose from bundled packs of tokens for purchase, or list your own tokens for sale.
Remember to be cautious when trading these tokens, as they are not fragmentable and are exchanged OTC with other individuals. Additionally, anyone can deploy a BRC-20 token, so most will go to 0. Finally, keep in mind that Bitcoin transactions can be slow and may take a few hours.
Conclusion
BRC-20 tokens are the new frontier of meme coins on Bitcoin, and they’re already making people millionaires. With the right knowledge and tools, you can get ahead of the game and potentially profit from this exciting new market.
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Source: https://cryptoticker.io/en/brc-20-tokens-on-bitcoin/