This is Part 2 of a 2-part series about the new BRC-20 tokens. Here is a link to Part 1. In Part 1, we looked at five popular questions about the BRC-20 tokens.
Here are four more questions relating to the new BRC-20 tokens.
Mega Thread:
Do we think BRC-20 Tokens have a future? What is the hype about? Here's all you need to know
In Jan'23, @rodarmor found a way to index every sats (the smallest Bitcoin unit) and keep tabs as it moves through the Bitcoin network.https://t.co/oHdH5BgIvD
🧵👇 (1/10)— Altcoin Buzz (@Altcoinbuzzio) May 9, 2023
The Most Popular BRC-20 Tokens
Let’s look at a list of BRC-20 tokens by market cap. These will most likely also be the most popular ones. However, there are also exceptions. For example, spot #1 has Ordi. This token facilitates platform transactions. But, Pepe, VMPX, Nals, Meme, Moon, etc, are all meme coins.
Their supply varies from 108 million (VMPX) to 99,999 for Pepe tokens. As already mentioned, in Part 1, a lower supply most likely means a higher price. At least, for the tokens listed in the top 30.
So, the meme coin Pepe occupies spot #2. This seems to be by far the most popular meme coin. We’re currently in the middle of meme coin season and Pepe leads this dance. It’s likely that most other meme coins over time will fade and disappear. The picture below shows the top BRC-20 tokens by market cap.
Source: BRC-20 tokens website
How to Store BRC-20 Tokens
When you want to store BRC-20 tokens, you need a compatible wallet. For example, MetaMask and Ledger were fast to adopt, and you can use them. However, there are also specific BRC-20 wallets. For instance, UniSat Wallet or Ordinals Wallet.
The UniSat Wallet has an extra feature that we like. It spots unconfirmed NFTs. So, in general, these two wallets offer you, for instance:
- Storing, minting, and transferring the BRC-20 tokens.
- Inscribing satoshis.
- Storing and transferring your Ordinals NFTs. (Only UniSat)
UniSat also offers a marketplace. It is a lightweight Chrome extension. In contrast to the Ordinals Wallet, you don’t need to run a full node. Furthermore, the Ordinals Wallet can store NFTs but can’t transfer them.
Source: UniSat Wallet
How to Mint BRC-20 Tokens
When you want to mint BRC-20 tokens, you need a specific environment. This can be a native Bitcoin browser extension. On the other hand, you can also use a wallet like UniSat or Ordinals. Furthermore, be ready to pay high gas fees.
When minting in a UniSat Wallet, you must first set up this wallet. Once you have done that, follow these steps:
- Search the BRC-20 token section.
- Find a token that has an ongoing distribution.
- Select how many tokens you like to mint. This number can have limitations. It is possible to mint the required number of tokens at various times.
- Add your gas fee. The higher the gas fee you’re willing to pay, the faster your tokens will mint.
The picture below shows two tokens that you can mint in your UniSat Wallet. Those are ‘sat’ and ‘doge’.
How to Transfer BRC-20 Tokens
Transferring BRC-20 tokens is different. For example, you need JSON data. That’s short for JavaScript Object Notation. But remember, this is an experimental token. Unfortunately, this means that it is not a user-friendly exercise. So, let’s have a closer look at how you can do this.
First, you need to inscribe another JSON data object. This needs to contain the following:
- Sender address.
- Receiver address.
- The number of tokens to transfer.
This data object is also encoded inside an ordinal address. It sends this to itself, in a Bitcoin transaction. This transaction is your token transfer.
Conclusion
This is Part 2 of a 2-part series about the BRC-20 token. In Part 1 we covered five popular questions about these tokens. Here, in Part 2, we covered another four popular questions.
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