Inscription minting has become a popular topic in the cryptocurrency space, especially within the Bitcoin ecosystem. Many newcomers, however, find the process confusing or overly technical. This guide breaks down the essentials of minting BRC-20 tokens step by step, using straightforward methods and common tools.
Understanding Ordinals and BRC-20 Tokens
The term "Ordinals" refers to a numbering system that assigns a unique identifier to each satoshi (the smallest unit of Bitcoin). By inscribing information—such as text, images, or audio—onto these numbered satoshis, the Ordinals protocol effectively turns them into non-fungible tokens (NFTs) or other digital artifacts.
BRC-20 is an experimental token standard on Bitcoin that enables the creation of fungible tokens. These tokens operate similarly to Ethereum's ERC-20 standard but are built on the Bitcoin blockchain using inscribed data.
Pre-Minting Checklist
Before starting the inscription process, ensure you have the following:
- Bitcoin (BTC): Used to pay network (gas) fees during minting.
- A Crypto Wallet: A Web3-enabled wallet that supports Bitcoin and Ordinals.
- A Minting Platform: A service that facilitates the inscription process.
Many users prefer browser-based wallets for their convenience. For this guide, we’ll use a common Web3 wallet available as a browser extension.
Setting Up Your Wallet
- Install a supported Web3 wallet via your browser’s extension store.
- Create a new wallet or import an existing one. Always securely store your seed phrase.
- Once set up, navigate to the Bitcoin section and copy your Taproot address. This address will receive BTC for gas fees.
- Transfer a small amount of Bitcoin from an exchange or another wallet to this address.
While waiting for the BTC transfer to confirm, explore your wallet’s market or Ordinals section. Here, you can view already minted BRC-20 tokens and NFTs.
Step-by-Step Minting Instructions
- From your wallet’s main menu, select the “Market” or “Ordinals” section and locate the “BRC-20” tab.
- Browse the list of available tokens. Tokens marked as “100%” are fully minted and available for trading. Choose one with an ongoing minting process.
- Click “Mint” next to your chosen token. Ensure the token has been properly deployed to avoid errors.
- Select the quantity you wish to mint. Each “repeat” count corresponds to one inscription. For example, repeating once mints one unit.
- Review the gas fee (usually under $1) and confirm the transaction.
- Wait for the network to process your inscription. This may take several minutes.
If you don’t see a “Mint” option for a specific token, it may not yet be open for minting. Look for tokens with a low or zero minting progress percentage.
After minting, you can view your inscribed tokens in your wallet’s management section. To list them for sale, return to the market interface and select “List Inscription.”
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Frequently Asked Questions
What is the difference between Ordinals and BRC-20?
Ordinals refer to the protocol that numbers satoshis and allows data inscription, turning them into NFTs or digital artifacts. BRC-20 is a standard that uses this system to create fungible tokens on Bitcoin.
Do I need technical knowledge to mint BRC-20 tokens?
No. User-friendly wallets and minting platforms have simplified the process. Basic familiarity with crypto transactions is sufficient.
How much does it cost to mint a BRC-20 token?
Costs vary based on network congestion but typically range from $0.10 to $2 per inscription. Fees are paid in BTC.
Can I mint any token I want?
You can only mint tokens that have been deployed and are open for public minting. Always verify the token’s legitimacy before participating.
What risks are involved in minting?
Like all blockchain transactions, minting involves gas fees and market volatility. There is also the risk of token devaluation or fraudulent projects.
How do I sell or trade minted BRC-20 tokens?
Most platforms allow you to list tokens directly from your wallet. Look for a “Sell” or “List” option in the market section.
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Conclusion
Minting BRC-20 tokens is an accessible way to participate in Bitcoin’s growing token ecosystem. By following these steps and using reliable tools, even beginners can confidently create and manage inscriptions. Always prioritize security, verify transaction details, and stay informed about network conditions.
Remember that cryptocurrency investments carry risks. Only use funds you are willing to lose, and consider seeking independent financial advice before making significant investments.