What is BRC-20?
Last updated
Last updated
The BRC-20 token standard is an experimental fungible token standard for Bitcoin created by Twitter user @domodata on March 8th, 2023.
It utilizes Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens.
BRC-20 is a token issuance standard that mimics ERC-20 but is executed on the Bitcoin network. Based on the Bitcoin NFT inscription, BRC-20 defines rules for attaching information to each Satoshi, making it easier for different users/developers/wallets to interact and trade using a uniform set of rules.
As of May 2023, the Bitcoin network has nearly 10,000 different types of tokens issued using the BRC-20 standard. The largest and first one issued is $ORDI, which has a market capitalization of $63 million as of May 4th, 2023. Following $ORDI are $PEPE and $MEME, with market capitalizations of $11.8 million and $6.2 million, respectively.
Where can I find BRC-20 token info?
You can find all the BRC-20 token info on brc-20.io
What wallet should I use if I want to buy / hold Bitcoin NFT or BRC-20 tokens?
You can use the unisat wallet, which can be found at unisat.io.
Can I use my old Bitcoin wallet?
We don't recommend you do that. Firstly, you need a Bitcoin wallet that is compatible with Bitcoin NFTs. Otherwise, you will not be able to see your NFTs or BRC-20 tokens.
Secondly, when you make any transactions, you don't want to accidentally use an inscribed Satoshi as the Gas fee. In that case, you will give your Bitcoin NFT or BRC-20 token to the Bitcoin miners.
Want to learn more about Bitcoin NFT and its tech part? You can read What are BTC Ordinals? Are they Ape-able?
