Bitcoin now supports ERC-20 and you too can create your own BRC-20 Token.This is how?
Bitcoin now supports ERC-20, let’s take a look
ERC-20 has come to Bitcoin as BRC-20, and this might be what fuels the kick-off of the next Bull Run. It has reached over $300,000,000 in market cap just 2 months after it was launched. Do we hear Airdrops coming?
What we will talk about
Let us start off by saying that this is not financial advice. It’s still an experiment and we urge everyone to Do Your Own Research (DYOR) before investing.?
What is BRC20???
BRC-20 is a great addition to the Bitcoin Blockchain where the concept is to inscribe text to represent a fungible token. Think of it as ERC-20 for Bitcoin.?
BRC-20 vs ORC-20
However, there are many limitations. For example, a big one is that BRC-20 doesn’t support smart contracts. To tackle this, ORC-20 was recently launched.
While BRC-20 was launched 2 months ago, ORC-20 is relatively new. You might not find any well-known projects on it. BRC-20 currently has a market cap of approximately $300 Million.
Creating a wallet
1. Download and create a wallet: https://ordinalswallet.com
2. Click on your wallet profile.?
3. Click on "Receive".?
4. Copy the wallet address.?
5. You can visit any taproot-supported crypto exchange & withdraw some Bitcoin to this address.?
How to buy BRC-20 tokens:??
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1. Click on the BRC-20 Tab, and choose any token from the list.
2. Now check the No. of tokens, per token price. Click on "Buy Now".?
3. Confirm password.?
4. Click on "Buy Now."
5. Confirm the transaction, and you’re done!
Where to view your BRC-20 token??
?1. Go to your wallet profile.?
Free mint other tokens.
1. Go to the BRC-20 list and check for the progress bar under the supply of each token. (You can mint tokens as long as the progress bar hasn’t reached 100%).
2. Click on the token, check the details, and Mint.
3. Set fees, and Inscribe.
4. Confirm the transaction.
Minting your own BRC-20 token.
1. Go to the "Inscribe" section.
2. Choose "BRC-20" and enter the symbol, enter the amount, and click on the "Submit" button.
3. Choose the transaction fee & click on the "Inscribe" button.
That's all for this guide!
Note: The technology is very new and you should only experiment with crypto you can afford to lose.
Equipment Health Analyst
1 年i had read the paper about BRC-20 & ORC-20, i'm really interested .. but now days you can see such an expensive gas fee on the blockchain.. we hope someday this new way much has use case.
Project Lead at Shamlatech Solutions with expertise in Blockchain and Cryptocurrency Development
1 年tokens also have some disadvantages, such as: * They have limited functionality and flexibility compared to other token standards, as they cannot support complex logic or features like smart contracts. * They require users to have a basic understanding of Bitcoin transactions and JSON data, which can be a barrier to entry for some users. * They are still in the experimental stage and have not been extensively tested or audited, which means there may be unknown security or reliability issues. Overall, BRC-20 tokens are a new type of fungible token standard on Bitcoin that is based on the Ordinals protocol. They have some advantages over other token standards, such as being stored on the bitcoin base chain and having high interoperability, but also have some limitations and risks. - Tokens have limitations in terms of flexibility and functionality compared to smart contract-based tokens, and have less adoption and support within the Bitcoin community.
Project Lead at Shamlatech Solutions with expertise in Blockchain and Cryptocurrency Development
1 年One of the limitations of the BRC20 token standard is that it does not support advanced features of decentralized finance (Defi), such as stacking and burning. Stacking allows users to lock up their tokens and earn rewards, while burning reduces the total supply of tokens and increases their scarcity. These functionalities are available in other token standards, such as ERC20 and BEP20, but not in BRC20.