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Introduction: BRC-20 tokens are an experimental token standard built on Bitcoin, utilizing the Ordinals protocol. They enable fungible tokens to be minted and traded on the Bitcoin blockchain. Ordinals, on the other hand, allow users to make individual satoshis unique by attaching extra data to them, a process known as "inscription". Both BRC-20 tokens and Ordinals are part of the rapidly evolving Bitcoin ecosystem, offering new possibilities for digital ownership and value transfer.
1. Wallet Setup: To start, you'll need a wallet. Xverse and Unisat are the two main wallets used in the Bitcoin ecosystem. Xverse is great for inscription mints and BTC payments, while Unisat is ideal for BRC-20 tokens and their marketplace (possible airdrop - not confirmed).
How to set up your Xverse wallet:
How to set up your UniSat wallet:
2. What Can You Do Now?: Once you have your wallet, you can:
3. Understanding Ordinals: Ordinal theory allows users to make individual satoshis unique by attaching extra data to them. This process is known as "inscription". The Ordinals protocol, launched in January 2023, allows users to inscribe data on satoshis, the smallest units of bitcoin. Each inscription is called an Ordinal. The inscribed data can include smart contracts, enabling the satoshis to carry NFT-like functionalities. Ordinals are a numbering scheme for bitcoin that allows tracking and transferring of individual satoshis. The number of inscriptions using Ordinals exploded in February 2023, shortly after the protocol’s launch, as users flooded the network inscribing various content, such as images, video games, and other digital items.
4. Understanding BRC-20: BRC-20s are an experimental token standard built on Bitcoin utilizing ordinals theory. You mint it like an NFT, but it can split into tokens much like a fungible token. BRC-20 tokens were created in March 2023 by a pseudonymous programmer named Domo to make minting fungible tokens on Bitcoin possible. BRC-20 tokens utilize Ordinals inscriptions of JSON (JavaScript Object Notation) data to deploy token contracts, mint, and transfer tokens. Despite the hype, BRC-20 tokens have little utility at present. The outlook is also highly questionable. Due to the ease of minting BRC-20 tokens, it's possible that most could end up being worthless. Users and investors should be cautious and conduct proper research before engaging with this new token type.
5. Most Used Apps: Some of the most used apps in the Bitcoin ecosystem include:
6. Additional Tips: Here are some more details to keep in mind as you navigate the Bitcoin ecosystem:
Remember, the world of Bitcoin and BRC-20 tokens is complex and constantly evolving. Always do your own research.
1. Wallet Setup: To start, you'll need a wallet. Xverse and Unisat are the two main wallets used in the Bitcoin ecosystem. Xverse is great for inscription mints and BTC payments, while Unisat is ideal for BRC-20 tokens and their marketplace (possible airdrop - not confirmed).
How to set up your Xverse wallet:
- Download Xverse for Android, iOS, or as a Chrome extension from their official site xverse.app.
- New users select "Create New Wallet". Existing users click "Restore Wallet" and enter seed phrase to restore wallets.
- Backup your 12-word secret recovery phrase. Write it down offline and test for accuracy. Store it in a secure location.
- Choose your security mode. You can choose between Biometric/PIN for easier access or Password required for each transaction for higher security.
- Fund your wallet. You can buy BTC, STX, and SIP-10 tokens using Binance, Moonpay, or Kingz Crypto Exchange section. Or send assets to Xverse by clicking "Receive".
How to set up your UniSat wallet:
- Visit unisat.io and download the Chrome extension or wallet.
- Open the wallet and select the option to create a new wallet.
- You will be prompted to create a strong password to proceed. Ensure that you use a strong password that you can remember.
- After confirming the password, UniSat will create a 12-word recovery phrase. Note the phrase and keep it safe, as it would be required for wallet recovery.
- The next prompt will be to select a network. Choose the Taproot Network to proceed. Taproot is compatible with BRC-20 tokens.
- You can now interact with BRC-20 tokens on your UniSat wallet.
2. What Can You Do Now?: Once you have your wallet, you can:
- Inscribe/Mint Ordinal inscriptions (NFTs) & BRC-20s (Fungible Like Tokens)
- Buy/Sell your inscriptions
- Mint & trade BRC-20s
- Be a part of history
3. Understanding Ordinals: Ordinal theory allows users to make individual satoshis unique by attaching extra data to them. This process is known as "inscription". The Ordinals protocol, launched in January 2023, allows users to inscribe data on satoshis, the smallest units of bitcoin. Each inscription is called an Ordinal. The inscribed data can include smart contracts, enabling the satoshis to carry NFT-like functionalities. Ordinals are a numbering scheme for bitcoin that allows tracking and transferring of individual satoshis. The number of inscriptions using Ordinals exploded in February 2023, shortly after the protocol’s launch, as users flooded the network inscribing various content, such as images, video games, and other digital items.
4. Understanding BRC-20: BRC-20s are an experimental token standard built on Bitcoin utilizing ordinals theory. You mint it like an NFT, but it can split into tokens much like a fungible token. BRC-20 tokens were created in March 2023 by a pseudonymous programmer named Domo to make minting fungible tokens on Bitcoin possible. BRC-20 tokens utilize Ordinals inscriptions of JSON (JavaScript Object Notation) data to deploy token contracts, mint, and transfer tokens. Despite the hype, BRC-20 tokens have little utility at present. The outlook is also highly questionable. Due to the ease of minting BRC-20 tokens, it's possible that most could end up being worthless. Users and investors should be cautious and conduct proper research before engaging with this new token type.
5. Most Used Apps: Some of the most used apps in the Bitcoin ecosystem include:
- Unisat Wallet: BRC-20 Inscribing, BRC-20 Marketplace, Wallet unisat.io
- MEonBTC: NFT Marketplace magiceden.io/ordinals
- Ordinals Wallet: NFT Marketplace, BRC-20 Marketplace, Wallet ordinalswallet.com
- Ordinals Bot: NFT Inscribing, BRC-20 Inscribing, BRC-20 Launchpad ordinalsbot.com
- Ord.io: Ordinal Inscriptions Explorer ord.io
- Alex: BRC-20 Exchange alexgo.io
6. Additional Tips: Here are some more details to keep in mind as you navigate the Bitcoin ecosystem:
- Wallet Security: It's crucial to keep your wallet secure. Never share your secret recovery phrase with anyone, and avoid storing it on a device connected to the internet. If someone else gets your recovery phrase, they can access your wallet and your funds.
- Network Fees: When interacting with the Bitcoin network, such as when minting or trading BRC-20 tokens, keep in mind that there will be network fees. These fees can vary based on network congestion.
- Token Minting: When minting BRC-20 tokens, you'll need to provide details like the token name, symbol, and total supply. Once minted, these tokens can be traded or sold.
- Token Management: You can manage your BRC-20 tokens directly from your UniSat wallet. This includes viewing your token balance, adding new tokens, and sending or receiving tokens.
- Community: The Bitcoin ecosystem has a vibrant community. Following key influencers and joining community discussions can help you stay updated with the latest developments and trends.
- Sats Names: Sats Names (.sat) are similar to domain names on the internet, allowing users to easily remember and type in website addresses. They are stored on the Bitcoin blockchain, which means they are decentralized and cannot be censored. To create a sats name, read our Kingz-Friendly guide here
Remember, the world of Bitcoin and BRC-20 tokens is complex and constantly evolving. Always do your own research.