The BRC-20 token standard is an experimental format for issuing fungible tokens on the Bitcoin network. Unlike the ERC-20 standard on Ethereum, the Bitcoin network does not natively support smart contracts. Instead, BRC-20 utilizes the Ordinals protocol to inscribe JSON-formatted data for token deployment, minting, and transfer. This innovative approach allows developers to create and issue fungible digital assets directly on Bitcoin's blockchain.
This guide provides a clear, step-by-step walkthrough for navigating the BRC-20 marketplace, from listing your own assets to acquiring new tokens.
How to List and Sell Your BRC-20 Tokens
Engaging with the BRC-20 marketplace as a seller is a straightforward process. Follow these steps to list your tokens for sale.
- Access the Marketplace: Open your application and navigate to your wallet. From there, find and select the 'Market' section, then choose 'Ordinals' to enter the marketplace interface.
- Choose Your Token: Inside the Ordinals market, locate the BRC-20 section. Browse through the available tokens and select the one you wish to sell. Tap on the 'List for Sale' option.
- Prepare Your Assets: If your tokens are not yet in the marketplace (uninscribed), you will need to inscribe them. Select 'Register Transfer,' input the amount you wish to make available, and proceed by confirming the transaction details.
- List the Inscription: Once the transfer is confirmed (typically after 3 network blocks), the inscription will be available. Select it and then choose 'Sale List'.
- Set Your Price: Enter your desired selling price for the inscription in the price field. Finally, select 'List' to place the offer on the market.
- Final Confirmation: A final screen will appear summarizing the listing details. Verify that all information, including the price, is correct and confirm the action to complete the listing process.
👉 Explore the Ordinals marketplace
How to Buy BRC-20 Tokens
Purchasing BRC-20 tokens allows you to add these Bitcoin-based assets to your portfolio. The buying process is designed for ease of use.
- Enter the Ordinals Market: Launch the application and go to your wallet. Access the 'Market' tab and select 'Ordinals' to view the available marketplace.
- Select a Token: In the BRC-20 section, you will find a list of tradable tokens. Browse and select the specific token you are interested in purchasing.
- Choose a Listing: You will be presented with available inscriptions for sale. Review the prices and select the 'Buy' option next to the listing that matches your desired price and amount.
- Review and Pay: Carefully check all the transaction details on the confirmation screen. In the 'Pay with' section, ensure your preferred funding wallet is selected.
- Complete the Purchase: After double-checking all information, select 'Confirm' to execute the trade. The purchased BRC-20 tokens will be transferred to your wallet.
Frequently Asked Questions
What exactly is a BRC-20 token?
BRC-20 is a experimental token standard on the Bitcoin blockchain that uses the Ordinals protocol to inscribe JSON data for creating and transferring fungible tokens. It is different from ERC-20 as it does not rely on smart contracts but instead leverages Bitcoin's security model for asset issuance.
Do I need a special wallet to hold BRC-20 tokens?
Yes, you need a wallet that supports the Bitcoin Ordinals protocol and the specific functionality to handle BRC-20 token inscriptions. Most major cryptocurrency apps that have integrated Ordinals support will provide a compatible wallet for holding and managing these assets.
What are the network fees like for BRC-20 transactions?
Transaction fees for BRC-20 operations, like inscribing and transferring, are paid in Bitcoin (BTC). These fees are highly variable and depend on the congestion of the Bitcoin network at the time of your transaction, similar to standard BTC transfers.
Can I transfer BRC-20 tokens to any Bitcoin address?
No, you cannot. BRC-20 tokens are specific to the Ordinals protocol. Sending them to a standard Bitcoin address that does not support Ordinals could result in the permanent loss of the tokens. Always ensure the receiving wallet is compatible.
Is there a risk of losing my tokens during the inscription process?
The inscription process is a transaction on the Bitcoin blockchain. While it is secure, it is crucial to double-check all addresses and transaction details before confirming. An error in the process could lead to a loss of funds.
How does the price of a BRC-20 token inscription work?
The price of an inscription is set by the seller and is typically denominated in Bitcoin (BTC). The value is determined by the market dynamics of supply and demand for that specific token and can fluctuate significantly. 👉 View real-time market data