Money Printer Issue #8: Let's get you ready for Bitcoin summer. (PART I - BRC20)
The Money Printer is a new newsletter focused on market strategies, opportunities, and resources in the crypto space. The first edition discusses navigating the complex world of cryptos and NFTs.
BTC Summer is here and opportunities to make your next 1000X investment is here.
In part I, I will be covering how to create a unisat wallet and how to mint, buy and sell BRC20s.
Now, a little backstory...
The Ordinals, also known as "Bitcoin Ordinals," are a recent innovation that allows for the permanent and immutable inscription of data on the Bitcoin blockchain.
This technology was developed by Casey Rodarmor, a former Bitcoin Core developer, who announced the completion of the Ordinals protocol in January 2023.
This innovation became possible due to two major updates to the Bitcoin blockchain:
SegWit in 2017 and Taproot in 2021.
These updates increased the block size fourfold to reach 4 megabytes, providing enough space to accommodate the data recorded on Ordinals.
Inscriptions on Ordinals are often compared to non-fungible tokens (NFTs), but they have some differences.
Casey Rodarmor refers to them as "digital artifacts" and emphasizes that they are self-contained, unlike NFTs, which generally link to content hosted on other platforms.
Additionally, digital artifacts are permissionless and immutable, whereas NFTs can be sold with fees and royalties and can be subject to updates.
Comparison between BRC-20 and ERC-20 tokens:
Unlike ERC-20 tokens, which operate on the Ethereum blockchain, BRC-20 tokens cannot interact with smart contracts.
The BRC-20 standard relies on a method of storing a script file within Bitcoin and using it to allocate tokens to satoshis.
These tokens can then be transferred between users, effectively turning the Bitcoin blockchain into a full-fledged exchange.
Now how do you actually buy BRC-20?
Let's dive into it.
To buy BRC-20 tokens using UniSat Wallet, you need to go through the unisat platform.
It is a platform designed for BRC-20 tokens, serving as a wallet and marketplace at the same time.
To create an account on UniSat Wallet, follow these steps:
Visit the unisat website and download the browser extension.
Similar to Metamask, this extension will serve as your wallet that you connect to the platform.
Open UniSat Wallet and choose to create a new wallet.
Enter a strong password to protect your wallet and confirm it. Keep this password safe as it will be required to access your wallet.
UniSat Wallet will generate a 12-word recovery phrase (Seed).
Write down and securely store this phrase. It is essential for recovering your wallet in case of access loss.
Choose the Taproot network when selecting the network to use for your wallet.
This ensures compatibility with BRC-20 tokens.
Once these steps are completed, your UniSat Wallet will be created and ready to use.
UniSat Wallet offers various features for BRC-20 token users, including:
Sending and receiving digital currencies
UniSat Wallet allows you to send and receive cryptocurrencies like Bitcoin using different addresses on networks such as SegWit, Taproot, and Legacy.
Buying and selling BRC-20 tokens
The platform enables you to buy and sell BRC-20 tokens using the UniSat Marketplace.
Users can browse available offers, set buying or selling prices, and conduct secure transactions.
Minting tokens
UniSat Wallet provides the ability to mint tokens, meaning you can create new tokens by participating in mining operations.
Asset management
Users can view their assets, check balances, and track the performance of their investments directly from their UniSat Wallet account.
To mint BRC-20 tokens, you can follow these steps:
Visit the UniSat website and go to the BRC20 tab.
There, you will find a list of launched tokens, their deployment date and time, as well as those whose supply is currently being distributed (in progress).
Select a token that is currently being distributed (in progress) to participate in the minting process.
Minting involves generating a portion of the token's supply during its launch.
Choose the number of times you want to mint (recurrences).
For example, if you choose to mint once, you will receive a certain number of tokens (e.g., 2100).
If you decide to mint 10 times, you will receive 10 times more tokens (e.g., 21000).
Select the gas fees to accelerate the validation process of minting.
Gas fees depend on the priority you want to give to your transaction.
The higher the gas fees, the higher the transaction priority.
Things to consider when minting a BRC-20 token:
Pay attention to the total token supply and the number of tokens distributed per minting.
If the supply is very high and the number of tokens per mint is low, it may take a long time before minting process ends.
Monitor the progress of the minting and ensure that you are not "front-run" by other users.
In summary, to mint tokens on UniSat, select a token that is being distributed, determine the number of recurrences, choose the appropriate gas fees, and closely monitor the minting progress to avoid being surpassed by other users.
Remember to carefully analyze the supply and the number of tokens per mint to avoid any pitfalls.
How to buy and sell BRC-20 tokens on UniSat Wallet:
Now that we know how to mint tokens, we can move on to buying and selling on the UniSat marketplace.
Buying on the UniSat marketplace:
Log in to your UniSat Wallet account and access the UniSat Marketplace.
Select the BRC-20 token you want to buy or sell.
Check the available offers and choose the one that suits you best.
I recommend sorting the prices in ascending order to ensure you don't pay more than the current market price of the BRC-20 token you are investing in.
Click on "Buy" and confirm the transaction using your Wallet.
Always do your research on projects before investing, or focus on the major ones like Ordi, Pepe, Moon, or Meme, to minimize the risks associated with this rapidly expanding market.
Selling your BRC-20 tokens on UniSat:
To sell your BRC-20 tokens, you need to make them transferable: Click on "My Assets" and then on "Inscribe Transfer".
Choose the quantity of tokens you want to sell and confirm the operation.
You need to wait for a certain period of time depending on the token and the congestion of the BTC blockchain before your tokens are listed (usually between 10 minutes and 1 hour).
Once your BRC-20 tokens are assigned with the status "Listed," they are transferable, and you can proceed to sell them.
Go back to "My Assets" and click on "List" next to the BRC-20 token you want to sell.
Set the selling price and the quantity of tokens, then confirm the operation.
To determine the selling price, similar to buying, sort the offers for the token you are selling in ascending order and position yourself in the market accordingly.
Interested buyers can view your offer and proceed with the purchase.
Once the transaction is completed, the funds will be transferred to your UniSat Wallet account.
This is the end for PART I on how to get in the BRC-20 game.
Stay tuned tomorrow as I'm dropping a series of threads that will help you get an edge on the market.
Hey good please Can you get in touch on Twitter? @midleveltrader
This article offers valuable perspectives and knowledge concerning BRC-20 tokens, and how to buy and sell BRC-20 tokens. BRC-20 tokens possess immense potential to significantly influence the cryptocurrency ecosystem. As they further develop and integrate, they will undoubtedly pave the way for fresh prospects and possibilities.
If you're interested in delving deeper into the realm of BRC-20 tokens and cryptocurrencies, look no further than HyperPay. It is the first digital crypto wallet that provides minting and deploying services, specifically for BRC-20 tokens.
One notable advantage is its solution to the issue of high BTC gas fees. It achieves this by offering multiple cryptocurrency payment options such as USDT, ETH, and BTC, enabling convenient deployment of BRC-20 tokens using USDT as the payment currency. HyperPay also stands as the largest wallet that supports BRC-20 token recharge, and trading making it a prominent player in the industry.
To learn more about HyperPay and its services related to BRC-20 token minting, please visit the HyperPay website at:https://bit.ly/download-hyperpay