Don’t you think BRC20 tokens need more spotlight? - page 2.

TheVeteranAngel

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Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

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?

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.

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Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

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?

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.

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Quote from: oktana on February 11, 2024, 06:06:00 AM

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.

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.

Quote from: oktana on February 11, 2024, 06:06:00 AM

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.

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.

pakhitheboss

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From where is this coming from? A thread dedicated to giving more spotlight to BRC20 tokens Grin

. 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.

Bitco55

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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.

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Quote from: JeromeTash on February 10, 2024, 04:55:21 PM

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.

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.

Sophokles

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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.

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Quote from: Fatema Begum on February 10, 2024, 09:36:33 PM

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

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

Quote from: Yogee on February 11, 2024, 03:19:33 AM

I would prefer that BRC20 creators leave Bitcoin as is and migrate their projects elsewhere.

Migrate elsewhere. Where exactly?

Quote from: husencoe on February 11, 2024, 04:21:03 AM

Honestly, I never thought so. I hope BRC20 can leave Bitcoin behind and stand with its own blockchain like other altcoins.

Sure?

Adreman23

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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.

husencoe

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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.

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Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

[...]so don't you think this deserves more attention?

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

EarnOnVictor

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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.

Bureau

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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.

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Quote from: R1dwanRz on February 10, 2024, 09:40:02 AM

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?

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.

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

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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.

Bazzu

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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.

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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.

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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.

JeromeTash

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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.

Topic: Don’t you think BRC20 tokens need more spotlight? - page 2. (Read 482 times)