Bitcoin Forum

Bitcoin price has gone up to 47k and there are lots of altcoins which are seeing price increases too. But there is one thing that seems to be left behind, which are the BRC20 tokens.
I see BRC20 as a try to see whether the Bitcoin network is compatible with token standards, and it’s also that for the first time there existed an apparatus where one could create and transfer digital assets on top of Bitcoin network.

BRC20 tokens should deserve more attention and recognition in the future. Since they provide a new way of creating and transferring value on the Bitcoin blockchain, thus opening up new possibilities for the web3 ecosystem given that it has its roots in this coin originated from bitcoin design. so don't you think this deserves more attention?

They are literary spamming the Bitcoin network and making it unusable to the common users. Have you been paying attention to the Bitcoin transaction fee spike in the past few months due to the BRC20 spam? If you did, then you know why they are not popular.

They add no value to the Bitcoin network, and they definitely throttle the Bitcoin adoption rate.

What are the unique value proposition that BRC20 tokens  offer to the Bitcoin community? Not so much, imo. There are literally thousands of similar tokens on dozens of chains anywhere so there's nothing really special about these BRC20 tokens. But the market loves things like this so BRC20 tokens will have their own time. It's the same way majority of the Altcoins right now are ranging and haven't yet made any major moves like that October - November run.

Value will flow to BRC20 Tokens when Bitcoin goes on a cool-off. Until then, enjoy the pump.

its already being given spotlight some exchange even make some specialized market for BRC20 token its just that this token never taking off for some reason and one of them is definitely because it take advantage of exploit that causes the blockchain to be clogged with unnecessary transaction and as a result increase in fee as mentioned earlier, also the whole thing seems like a hack in my opinion, there are proper l2 for bitcoin where it truly implements smart contract system i wonder why people not gonna use that instead and choose the path of inscription.
added with the fact that these L2 aren't gonna be clogging the bitcoin blockchain with unnecessary transaction since these l2 are only submitting important data merged in one transaction to the bitcoin blockchain and thats it.
definitely more efficient technology but people are ignoring it, well, to be fair BRC20 is still kinda popular.

I have never been involved with the tokens on BRC-20. Because I think the Brc20 network only makes fees on the Bitcoin network increase very rapidly and creates a lot of congestion on the network which makes transaction costs increase very rapidly. I really don't like that. Because I often transact online with BTC. So when BTC fees became expensive I was forced to use other crypto payment methods. And my case also gave me the idea that other people would also be the same as me. That is, other people who usually use BTC as a means of payment online will also start to stop using it because the fees are expensive. and as a result bitcoin adoption may be hampered or even decline in daily use. But in investment adoption maybe that doesn't matter.

Honestly I'm not interested in brc20. I prefer that the bitcoin network remains clean and only used for bitcoin transactions, where the number of bitcoin transactions will continue to increase as the level of bitcoin adoption increases globally. So I can say that Bitcoin does not need Brc20. But I don't know what you think. But what I think is that brc20 will only be hype at a certain moment and after that it will be forgotten. If I wanted other uses in crypto I would prefer other altcoins that have their own networks. Maybe I should relearn about brc20. And I don't know if I'll change my mind or not after re-studying it.

I hope BRC-20 token are another new network and i hope very soon will be popular like others networks.

Look, if you want to invest in shitcoins that is on you, but BRC20 tokens were responsible for a massive increase on the fees regular bitcoin users had to pay, and for a time it made a lot of us to purposely avoid making a transaction as the costs were too high.

So leave the bitcoin network alone, shitcoins lovers have thousands of coins to play with, move those tokens there and leave the rest of the community that actually wants to use bitcoin to transfer value to be free to do so.

Apart from spamming the Bitcoin network amd spiking the Bitcoin transaction fees I don't see any real purpose of BRC-20 tokens. They don't have any real case use like Bitcoin and they are a bunch of useless shitcoins. That is why while Bitcoin is gaining an upper price spike they are still heading sideways or are in red. I don't think the existing tokens have any hopes in the future and like a lot of altcoins they would die too.

Maybe you've bought much of the BRC20 tokens, but you need to calm down as impatient will only make you feel this way. Just like almost all other coins and tokens that are altcoins, they've not had that huge power to move as you expected them where they will be moving in multiples of their values. There is no magic to be performed here and I even see things differently than you as some still moved over 20% of their value in recent days. I also advise you not to use the value of Bitcoin to judge them, you should compare them in percentage. Has Bitcoin moved 20% in recent days? That's a practical No.

Fine, these tokens are expected to move in multiplies, they will surely do that still, but time is needed. You can be complaining at the end of this year, or maybe the second quarter of next year. I am even sure by then that those who had invested in them would have made good income by then. The likes of 1000SATS and ORDI which first crossed the historic level of $1B market cap among the BRC20 tokens have performed so well since they were created.

More are yet to come, just continue to hold them if you've already bought them.

They've gotten enough attention. There's no need to add more.

I would prefer that BRC20 creators leave Bitcoin as is and migrate their projects elsewhere. There are plenty of chains competing for web3 so let them build there. I don't see a future for web3 platform on Bitcoin chain since no serious user would choose to pay a minimum of $1 when they have the option for $0.10

Honestly, I never thought so. I hope BRC20 can leave Bitcoin behind and stand with its own blockchain like other altcoins. It's presence causes the blockchain to become clogged with unnecessary transactions, and of course leads to increased transaction fees. I think what happening now for BRC20 is just hipe for a  momentary and after that it will end. If I had to choose, I would prefer another altcoin that has its own network. Stop doing unnecessary things. Just stop playing with those shit coins and look for other altcoins to hold and get income. They not provide a something new, but they actually create problems in the Bitcoin world and make peoples mad.

Perhaps it would be better if, before creating their BRC20 token, they first try it out on other blockchains like ethereum or on layer 2 solutions of ethereum or other blockchains such as Solana, bnb, and others. Once they have proven themselves successful and their project requires a token with high blockchain security, similar to the value of Bitcoin, they can then migrate or port it to a BRC20 token for increased security.

However, if a project hasn't proven itself yet and they create a BRC20 token right away, this could just cause congestion on the Bitcoin network and essentially spam the Bitcoin blockchain.

Then they would cease to be known as the BRC20 tokens. BRC20 is an experimental token standard built using ordinal inscriptions on the Bitcoin network. Other networks also have different token standards like ERC20, BEP20 etc

Migrate elsewhere. Where exactly?

Sure?  ;D

Ordinals and bitcoin layer 2 can be the next bubble that can blast anytime in the future. In the last bull cycle it was meme narratives that got super crazy hype even bigger than DeFi and NFT. The market is also looking for a new narrative to push and there is an easy way to find a potential one. Just find the one that is generating more money than other projects in the market. The more money you can make the bigger your community will be. Right now Brc-20 is just an idea. There isn't much adoption about that right now.

Never knew there was it was spam that caused the spike, but like you said, BRC20 throttles the Bitcoin adoption rate which means that it has something to offer to the Bitcoin Ecosystem at large and not just the Bitcoin network.

To me I see it as a good thing because we can now build other things on the Bitcoin blockchain which was the origin of crypto and where we should have paid attention to. Imagine if this was there the whole time and many platforms had their tokens on BRC20. Would have been better for Bitcoin.

There are many other tokens out there, so why this one though? It doesn't even positively affect the Bitcoin community that much to need to that much spotlight. If you already have these tokens then I'd say you should be patient till when it's price spikes like others, cause it definitely would, but if you haven't then you should properly use your money getting other better and more popular tokens or altcoins.

From where is this coming from? A thread dedicated to giving more spotlight to BRC20 tokens ;D. I mean why do you want the members of the Bitcointalk forum which is a dedicated forum of Bitcoin to look into the BRC-20 token? I don't see any benefits as they are the ones that are known spammers of the Bitcoin network. They are the whole reason why the Bitcoin transaction fees went high. There are threads here in the forum on different boards that want such spamming to stop.  I doubt these tokens would get any spotlight here as almost all of them don't have a real use case. I think it is a waste of time to discuss about them considering how badly they are performing in the current bull market created by Bitcoin.

Tell me what BRC20 tokens really offer?

We all know the primary purpose of Bitcoin that if you carefully read the Whitepaper, BRC20 tokens not much.

You are just looking at it from the hype perspective and not from the perspective of having Bitcoin as the bests alternative p2p electronic payment network. Most BRC20 just like most ERC20 tokens are just shitcoins and scams with no primary purpose except grabbing money from Newbies. The creators of BRC20 tokens know this.

Well I dont know if this helps in the blockchain or clogged it more. But more projects are into on these hypes. As of now I think many have release different brc20 and more utilization on bitcoin network but these projects also harm in the congestion of the network.

They only been trading on some exchange and marketplace but does they have some useful on the real world? Or even helps bitcoin? Still have a lot of questions about it though.

The emergence of BRC20 tokens have their own advantage whether we admit it or not...I have seen a lot people said it has caused the transaction fee on Bitcoin network to increase but forgetting that the BRC20 ecosystem has also transform the Bitcoin ecosystem into the realm of tokenization and decentralized finance, a paradigm shift from Bitcoin original P2P transaction. Whether we like it or not, more brc20 tokens will emerge as a result of ORDI and SATs success. As a matter of fact, AINN is another BRC20 tokens that is gradually getting attention.

I think there shouldn't be a token on the BRC 20 network, because there is only 1 Bitcoin, but it's different from Lightlink technology which makes fees lower and delivery faster.
but I don't like that there are many types of brc20 tokens.

The movement surrounding BRC20 tokens can't really be argued against. Personally speaking, it's fascinating where the movement goes considering we're hearing about projects and coins being developed like RATS, SATS and ORDI. Afterall, how could there not be something interesting about using the Bitcoin blockchain in such an unconventional and of course in such a non-Bitcoin way?

It will be interesting to see if those projects find true utility or remain mostly as curiosities and speculative. Anyway, we have seen a few brc20 projects making their way out to be successful in this space like recently AINN is a community-driven AI concept project on BRC20, getting listed on major cexs like bitget, you could look for such projects where its interest from those exchanges that gives them popularity and recognitions.

True, we can have feelings about it, but we can't really decide how bitcoin network can be used. Freedom always brings annoying and impractical things with it. But that's the cost of freedom, as we can't decide for others what's important and what's not. It's the public who decides. Ordinals are being traded so public has spoken. I remember back in time when people were annoyed that blockchain-based betting was basically DDoSsing the bitcoin network.

Why do you think AINN is getting attention, it's the first time I'm hearing about this, Do you think it'll follow the path of ORDI or probably grph? I've been doing research on BRC20 Tokens of late and I think it's just getting started.  Btwn is AINN on any cex ATM?

Bitcoin wasn't designed to support tokens natively on the base layer. Protocols like BRC-20 are a clunky workaround being used by opportunistic hucksters looking to make a quick buck. Most of they hype surrounding Ordinals, Inscriptions and various copycats was part of an astroturfed campaign. The mempool spam wasn't due to there being high demand for these tokens but it was a good way to draw attention towards these scamcoins. There are only so many uneducated investors you can fool and that's why we're seeing the buzz die down for the time being, until they can find new groups of people that are easy to sucker in. The scammers have already made a nice profit and can walk away but I suspect their greed, and the greed of VCs backing them, can never be satisfied and they will come up with some new spin to continue with these schemes.

I’m not even going to deny the fact I made good amounts of money on SATS and even RATS , aside the trend at the moment they both successfully maintained good price trend, don’t know where AINN is already trading at coz checking bitget it’s getting listed 14th

You really care about that? I do not but Litecoin is probably the closest they could move to since they also have inscriptions. If not there then any of the chains. I still view them as short-term money making opportunities and they can get that even if they migrate.

BRC20 network interest is gradually increasing rapidly, perhaps it will become the next hype parallel to ethereum. Some BRC20 network coins for me want to explore but the cost of one transaction is expensive which is an obstacle. imagine bull season coming BRC20 looks like there will be a lot of surprises. There are many projects currently in the testnet process

BRC20 tokens need a blanket ban. This madness needs to stop. Bitcoin developers are actively discussing to remove these BRC20 tokens from the network completely. There are multiple blockchains available for NFT. We need the bitcoin network clean to increase the confirmation speed and to reduce the transaction fees. Till the time BRC20 tokens are here, this is not possible.

Honestly Bitcoin network doesn't need the madness of NFTs. These so not need any more attention honestly. These NFT markers can use ETH or MATIC.

If there is not a ban on those tokens there is little doubt that we are going to see them again making noise during the bull run, except that at the time things are going to be many times worse than what we have seen.

Because during the bull run, a great deal of traders and investors will want to move their coins, and even those that are just holding for the long term may decide they want to spend some of their coins on something they want, so I would expect the fees will get astronomically high if the developers do not ban those tokens completely.

The bitcoin community seems to be separated regarding BRC20. Some people are against the use of brc20 for multiple reasons. One is that it contributes to the clogging of the blockchain increasing transaction fees and making transaction time slower. Some people argues that this might not be permanent and could be solved later on in the future. Besides, this is beneficial to miners.

On the other hand, we cannot completely ignore the beaming success of decentralized finance. The launch of brc20 is definitely contributing to that success. Whether you agree with the usage of brc20 or not, I think people should be able to do whatever they want. At the end of the day, each investor is unique and has different goals and needs that may lead them to brc20.

Up front, the hype has been created through spam activities, which I think is quite similar to the way many other chains operate. Developers follow trends, things like memes on them that actually contribute to the product's value, or are they just left in landfills when the FOMO process is over.
Although I'm not the type of person to have an aversion to these things, I honestly find this redundant and leisurely. Why bother with bitcoin? We already have an alt/bit environment, and here I think it's simply a way to attract attention and direct participants.

The attention that was given to them was already done. All they've done was to spam and attack the network making it clogged resulting to higher transaction fee. Honestly, I am so happy seeing a few cents of fees which is a high priority for a transaction.

How long was it when we've seen this since the last time? And for those that have made money with the BRC20 tokens and rode its craze, congratulations to all of you because you've made it.

You've made a lot of money from them and that's the reason why they've stayed for a bit but then, the demand decreased and so as the fee.

Do you think they will still be known as BRC20?  ;D

We all know Litecoin chain is less popular, though it's a good one if one wants transactions with cheaper fees whenever Bitcoin network is clogged but let's be honest. There is only one reason why the inscriptions were so much hyped up on the Bitcoin network.

BRC20 travel in time and pump before their time. Now, there is nothing new in them to convince buyers and sellers to move their prices like the way Bitcoin is doing. So far, Bitcoin is moving because it seeing green light from ETF spots, Microstrategy, coming halving but check the BRC20 tokens you are talking about, what is that thing they have that make you think they deserve to be move like how bitcoin is moving, other than the hype is there anything tang BRC20 tokens can do? Please don't tell me NFTS, they only know how to spam the mempool with useless transaction.


Attention for what exactly, why do you think they deserve to be taken like a serious tokens when most of them were created just like memes and they have their time, once that time is over, nobody look at them again. Look at Shiba and other meme coins like Floki and the rest, they are as good as dead. They might pump but it is going to be a short term pump especially when there is a single news and then they go back to sleep the usual flat market they are very used to in the chart.

I understand your concern as I also saw a low of crap with ERC20 tokens. What I meant was that it’d bring attention to Bitcoin because the chain is Bitcoin’s blockchain and yet fees are made in Bitcoin too. But I understand that what Bitcoin offers, non of these tokens would. Of course we will still see shit tokens like it was in ERC20, but I don’t expect less because Bitcoin opened a door and innovation can’t be stopped. Let’s just hope it brings more good than bad.

its because many people think that its a fresh thing to see that bitcoin blockchain can be utilized the way smart contract is utilized in ethereum blockchain through inscription.
even though in the first place the blockchain isn't mean for that, but at least it somewhat give a way for any other blockchain that are similar to bitcoin prominently ltcoin and fair amount of older blockchain to have capability that mimic smart contract even though we all know the existence of bitcoin side chain that are gaining popularity these days I remember back then some btc side chain project like sovryn and so on, giving swap capability through taking advantage of the side chain and right now there's this thing called stacks, that have existed since long ago but gaining popularity again.
even without the inscription technology we already have sufficient way of taking advantage of smart contract mechanism through the side chain but it seemed ordinal want something that directly implemented into the blockchain of bitcoin taking advantage of the security by PoW and so on.
people also hyping it up mainly because its bitcoin and as we know the market cap of bitcoin and its trading volume is humongous.

False!

Tokens on Bitcoin exist since around 2013. There's Counterparty (https://counterparty.io), Omni (https://omnilayer.org) for example, which both are vastly technically superior to BRC-20 even if they're much older. Counterparty has even NFTs, for example the "Rare Pepes". There are new, exciting concepts like Taproot Assets (https://docs.lightning.engineering/the-lightning-network/taproot-assets) and RGB (https://rgb.tech) which work partly offchain.

Whoever wants to tell you that BRC-20 tokens are something "new" or "exciting" or have something to do with "web3"  ::) is simply looking for a greater fool. BRC-20 is not only nothing new but also a extremely badly designed protocol. Get out while you can. (https://bitcointalk.org/index.php?topic=5451905.msg62211946#msg62211946) There are still opportunities to dump for an acceptable price. ;D

I think it's not the fault of the people who introduced it but it was the fault of those who intentionally spam the network, and even on the main BTC network it also happens sometimes aside from the normal network congestion. This is why I'm sad even though they already got a publicity because it was not a good publicity, so it might be okay to give them another chance again like what the OP is saying.

Maybe they really have a potential that haven't been unlocked yet because many people judged them too quickly. OP didn't said that he made money on it and me either but for those who do, they are the ones who wish for the BRC-20 to stay and improve.

I do not think there is any need to give those tokens another chance, we have seen very well what they can do, which is to clog the network with useless transactions from which just a few benefit, while the rest of the bitcoin users have to pay huge fees just to accommodate those useless coins.

Now do not misunderstand me, paying high fees because there is naturally a lot of activity on the network is fine, but paying high fees because the network is being spammed to death is not something I want to do.