The BRC-20 beginner guide.
The Ordinal Protocol Rookie Handbook
By Rick Rides Crypto • May 29, 2023
Missed the meme coin rush? Fancy catching the wave of the next big thing as it's born, rather than turning up to the funeral? This guide's got your name on it.
Bitcoin tokens have come a long way, from trading through Discord with Google Sheets, to being a part of a user-friendly ecosystem. They're gaining traction and about to catch some serious rays in the crypto limelight.
Here's what you'll find in this guide: 1. What the heck are Ordinal Inscriptions (NFTs) & BRC-20’s (Fungible Like Tokens)? 2. Bitcoin WEB3 wallets 3. Minting BRC-20 tokens on Unisat 4. Most used Apps / Amazing follows
1. What the heck are Ordinal Inscriptions (NFTs) & BRC-20’s (Fungible Like Tokens)?
Ordinals, the game-changer on the Bitcoin blockchain. It's got two types of tokens:
Ordinal Inscriptions, like NFTs, unique and special. They can stand for anything, be it some cool digital art or even a slice of real-world assets.
Then we have BRC-20 tokens, fungible and uniform, like Ethereum's ERC-20, but on Bitcoin. They're all identical, think of them as arcade tokens, all swappable one-for-one.
But here's the kicker - both these tokens are running on the same Ordinals protocol. The difference? Just in the data they carry - unique for Ordinal Inscriptions, and identical for BRC-20s. Now, Bitcoin isn't just digital gold, it's a thriving digital asset jungle
More info here:
https://academy.binance.com/en/glossary/brc-20-tokens
https://academy.binance.com/en/articles/what-are-ordinals-an-overview-of-bitcoin-nfts
To kick things off, you're gonna need a wallet. Most of 'em play nice with Chrome. There's a ton of wallet options, but the cool kids seem to love:
- Xverse (https://twitter.com/xverseApp)
- Unisat (https://twitter.com/unisat_wallet)
Once you've whipped up a wallet, your next mission is to pick the right address.
For Xverse:
- Go to your Gallery
- Press "Receive"
- Select your "Ordinals" wallet
It is the wallet that you will receive your Ordinals to.
For Unisat:
- Go to settings
- Select a "Taproot" wallet that starts with "bc1p".
It is the wallet that you will receive your Ordinals to.
Your next step will be to in up your wallets with some BTC.
- For Unisat you can use the same Taproot wallet to receive BTC
- For Xverse you need to use your Bitcoin address.
And now, my crypto comrade, you're ready to:
Mint and trade Ordinal Inscriptions (NFTs) & BRC-20’s (Fungible Like Tokens)
Need a demo? Here's how DeGods NFT were minted: https://www.xverse.app/blog/how-to-mint-degods-ordinals-bitcoin-nfts-with-xverse
3. Minting BRC-20 tokens on Unisat.
1. Got your eyes on new tokens? The "BRC-20" section is your early bird spot. Choose "In-Progress" to check out tokens that are still mint-able.
Avoid tokens with:
• More than 90% progress (lose fees)
• Low holders & transactions (red flag)
2. Once you click a specific token, you'll see more info such as: supply, minted, limit per mint, etc. Click "Mint Directly" to proceed with the mint. But before, check the holder distribution:
3. If you scroll down, you'll see both:
• Holders
• Transfers
Make sure that no holder has a high % of the supply (red flag).
Otherwise, it could have a significant price impact (manipulation).
You can see a normal holder distribution in the screenshot.
4. To proceed with the mint, you have to:
1. Insert your BTC address (must start with "bc1p")
2. Set the gas fees you have to pay for the mint (select "Custom")
Here's a trick for the gas fees:
UniSat Marketplace
Go to the "Marketplace" section to trade tokens in the secondary market. Once you select the token of your interest, you'll see different "bundles". You can't buy a single token but rather whatever amount people list to sell.
4. Most used Apps / Amazing follows:
https://twitter.com/unisat_wallet - BRC-20 Inscribing, BRC-20 Marketplace, Wallet
https://twitter.com/ordinalswallet NFT Marketplace, BRC-20 Marketplace, Wallet
https://twitter.com/ordinalsbot NFT Inscribing, BRC-20 Inscribing, BRC-20 Launchpad
https://twitter.com/trygamma - NFT marketplace, creator launchpad
https://twitter.com/MEonBTC - NFT Marketplace
https://twitter.com/ordinlsmarket_ - NFT Marketplace
https://twitter.com/xverseApp - Wallet
https://twitter.com/ord_io - Ordinal Inscriptions Explorer
https://brc-20.io/ stats
@LeonidasNFT @TO @Psifour @p0stc4p0n3 @pazNGMI @nonfungible_jan @rodarmor @udiWertheimer @hash_bender @rocktoshi21 @0xfar @ChartFuMonkey @ZK_shark @ercwl @z3thnft @adam_7_btc @GGstarlord @cbspears @swagt0shi @0xLoopring @BRC20Coins
And there you have it, folks! From rookie to seasoned pro in one guide. Happy trading, my crypto compadres! 🚀
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