Introduction
The Bitcoin (BTC) halving on April 20 has been a major 2024 cryptocurrency event. Along with reducing mining rewards, the halving introduced something new: Bitcoin Runes.
The Runes protocol enables crypto enthusiasts to create and exchange meme coins directly on the Bitcoin blockchain. It serves as an alternative to Bitcoin Ordinals and the BRC-20 protocol on the Bitcoin blockchain. If it gains traction, it might even challenge the large non-fungible token (NFT) market on the Ethereum network.
What is Bitcoin Runes?
Following the introduction of Bitcoin Ordinals, developer Domo created BRC-20, a protocol for making fungible tokens on the Bitcoin network. Unlike NFTs, which are non-fungible and unique, BRC-20 tokens are fungible—they're identical and interchangeable, much like various $1 bills in a wallet.
Bitcoin Runes introduces a significant innovation with its use of the unspent transaction output (UTXO) model. While other token standards often rely on off-chain data, Runes' UTXO model operates entirely on-chain. Unlike BRC-20, Runes functions as an independent protocol that doesn't rely on Ordinals.
According to Casey Rodarmor, the developer of Bitcoin Ordinals, Bitcoin Runes will provide a platform for creating "shitcoins"—cryptocurrencies that are highly volatile and inspired by internet memes or social media trends.
How to buy Bitcoin Runes?
Unlike many tokens or other cryptocurrencies with ticker symbols of four letters or fewer, Runes require ticker symbols to be at least 13 characters long. For example, early popular Runes include tickers like SATOSHI•NAKAMOTO, MEME•ECONOMICS, Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z and WANKO•MANKO•RUNES.
So to begin trading Runes, you can find out by following these steps below:
- Step 1: Choose and create a Bitcoin wallet application compatible with Runes, these are highly trusted options for you to choose:
XVerse - https://www.xverse.app/
Magic Eden - https://magiceden.io/runes
OKX Wallet - https://www.okx.com/web3/marketplace/runes
You can create and import these wallets by downloading their extensions from Google Chrome Store.
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Step 2: Move BTC to the wallet you've chosen to cover the cost of acquiring Runes and the transaction fees associated with trading.
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Step 3: Connect your wallet to a Bitcoin Runes Marketplace, here are some well-known and highly trusted marketplace:
UniSat - https://unisat.io/runes/market
Magic Eden - https://magiceden.io/runes
OKX Web3 - https://www.okx.com/web3/marketplace/runes
- Step 4: Choose the Runes ticker that you want to trade and own yourself a Runes ticker. These are some of Runes meme tokens with huge market cap and strong community that you can refer:
LOBO•THE•WOLF•PUP
DOG•GO•TO•THE•MOON
HONEY•BADGER•COIN
RSIC•GENESIS•RUNE
Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z
SATOSHI•NAKAMOTO
Overall
Looking forward, Runes could significantly expand Bitcoin's utility by enabling it to compete more directly with other blockchains that support complex financial instruments and decentralized applications.
Bitcoin Runes could have huge potential in the future, so don’t miss the chance to own your favorite Bitcoin Runes ticker and have a chance to gain big profits!
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