BRC-20 tokens are presenting new opportunities for Bitcoin buyers
2 min read
As the first blockchain and cryptocurrency, Bitcoin (
While the architecture may be unorthodox, the net result is the same. Just as communities formed around shared tokens and shared interests following the launch of Ethereum’s ERC-20 token standard, something similar is occurring on Bitcoin. BRC-20s aren’t beloved by all Bitcoiners, it should be noted: some take exception to the block space the tokens take up, which can cause fees to spike. Others simply aren’t interested in anything that isn’t pure BTC.
Look to the future
When Ethereum launched, it had the ability to support a rich and diverse ecosystem of token-based projects — and that’s exactly what it did eventually. It took time for the communities to form and tooling to be built out, however. Bitcoin and the BRC-20 standard are currently where Ethereum was in 2017: full of potential that has yet to be realized.
Key infrastructure connecting Bitcoin tokenization to the EVM chains is being completed, with MultiBit the latest project to make headway here, launching a two-way bridge for BRC-20 and ERC-20 transfers. 12 months from now, what will the BRC-20 landscape resemble, and what opportunities will it have delivered to those bold enough to have gotten in early? The surge of ERC-20 tokens and ICOs in 2017 propelled Ether’s (ETH) price thirtyfold within a year. While current market dynamics are different, the prospect of Bitcoin replicating Ethereum’s success remains promising.
For a growing band of supporters who are tired of what they perceive as stagnation on Ethereum and who don’t quite fit in with Bitcoin maximalists, Ordinals and BRC-20 tokens have made crypto fun again. To them, the movement represents a return to Bitcoin’s experimental, creative roots. If there’s a chance to make some money along the way, while advancing their understanding of Bitcoin and spreading memes into the bargain, all the better.
Gracy Chen is the managing director of the crypto derivatives exchange Bitget, where she oversees market expansion, business strategy, and corporate development. Before joining Bitget, she held executive positions at the Fortune 500 unicorn company Accumulus and venture-backed VR startups XRSPACE and ReigVR. She was also an early investor in BitKeep, Asia’s leading decentralized wallet. She was honored in 2015 as a Global Shaper by the World Economic Forum. She graduated from the National University of Singapore and is currently pursuing an MBA degree at the Massachusetts Institute of Technology.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
