The rise of crypto is opening up new avenues for creativity. The BRC-20 token standard, a fungible token based on the Bitcoin network analogous to Ethereum’s ERC-20 tokens, is the most recent addition to this environment. These are formed with the help of The Ordinals protocol, hence increasing the number of tradable tokens on the Bitcoin blockchain.
These tokens are growing more important, and it is therefore critical to examine the top crypto wallets that handle BRC-20 currencies. The article delves into the BRC-20 token ecosystem the best wallets for these tokens, and highlights the top BRC-20 compatible wallets.
What Does the BRC-20 Token Standard Entail?
Introducing BRC-20 Token Standard
In March 2023, the BRC-20 token was a new entrant into the cryptocurrency landscape. This is a novel standard that makes it possible for the issuance and exchange of the same type of digital assets or tokens on Bitcoin’s blockchain. Please note that although it resembles ERC-20 tokens on the Ethereum network, you cannot exchange them for them. The Ordinals protocol must provide for the generation of BRC-20 tokens.
Securing Metadata with Ordinals Technology
As a result, Ordinals enable users to save information safely and seamlessly into the Bitcoin blockchain chain. Incorporating important metadata for every new BRC-20 token generated achieves this. Essential facts regarding this include:
- The token’s name.
- The overall supply in existence.
- The identity of its owner.
Transferring BRC-20 Tokens on the Bitcoin Network
These are BRC-20 tokens that may be moved from one user to another in the Bitcoin network. A transaction needs to be digitally signed by the sender, where he indicates the address to which it is required, together with the number of coupons involved. Afterward, the sender transfers these tokens into their wallet for redemption.
The Potential of BRC-20 Tokens
The emergence of BRC-20 is an infant technology that can reform ticket creation and trading on the Bitcoin network. Using BRC-20 tokens would lead to the faster expansion of Bitcoin usage, increasing its possibilities in the DApps market.
Contrasting BRC-20 and ERC-20 Tokens
However, BRC-20 and ERC-20 tokens have many dissimilarities despite their similar names. ERC-20 tokens dominate the Ethereum network, where they are a standard type, and BRC-20, in turn, are natives of the Bitcoin network.
The limited functionality of BRC-20 relies on something apart from smart contracts. On another note, ERC-20 tokens are capable of communicating with many protocols as well as applications, thereby providing some services such as lending and borrowing, among others.
In terms of maturity, ERC-20 tokens exceed BRC-20. ERC-20 tokens have validated their existence since their inception in 2015 and approval in 2017, demonstrating their stability and functionality in the crypto world, where they continue to stand the test of time.
However, we are still determining what lies ahead for BRC-20 tokens, as they are relatively new. We can only wait and see as time shall tell what becomes of them in the crypto-sphere.
Best Wallets for BRC-20 Tokens
As a result, storing BRC-20 tokens is no different than storing any other cryptocurrency token that mainly exists in the Bitcoin chain. The cryptocurrency can be transferred and stored in any wallet with Bitcoin addresses based on tap root.
However, let me clarify that only some wallets designed with these features show the Ordinals scripts. For instance, though there are many wallets for storing BRC-20 tokens, these wallets cannot showcase or send these coins. Hence, if you are interested in maximizing the capabilities of BRC-20 tokens, it’s advisable to employ any of the wallets discussed herein.
Their selection is based mainly on the comprehensive support they offer for sending and receiving BRC-20 tokens. You assume complete custody over your funds in most such wallets because they are considered non-custodial.
Exploring Hardware Wallets: A Closer Look
There is no built-in capability for BRC-20 tokens in the current hardware wallets. Nevertheless, a Taproot wallet could support these novel token standards. Therefore, if your hardware wallet keeps Taproot addresses and you want to hold your tokens on it until its functionality integrates with a BRC-20 interface, feel free to move them over. börd, Korea’s demographic structure does not only affect population size but also Check out this blog post if your wallet does not support this. In a short while, we shall include a few more hardware wallets.
Top BRC-20 Wallets to Consider
Now, let’s explore the most efficient wallets compatible with the innovative Bitcoin BRC-20 token standard.
This is a non-custodial wallet that allows users to store, transmit, and receive Bitcoin Ordinal and other cryptocurrencies all in one spot. Each satoshi on the Bitcoin network is assigned a unique ordinal NFT through this process. The feature enables users with a chance to create amazing digital properties, which are also tradable and collectible.
Also, it has been proven compatible with BRC-20 tokens. The Ordinals Wallet is online. Hence, one can access it via any internet-connected device. It’s free (open source), and people can track how it functions and check every Bitcoin ordinal stored.
The company introduced Unisats wallet as an exclusive browser add-on that allows individuals to deposit, dispense, and accept Ordinals over the Bitcoin blockchain. Therefore, it enables one to write ordinals on a run without needing a full node.
It is an open-source wallet that uses a hierarchical deterministic framework, allowing one to create their accounts using their Secret Recovery Phrase. Additionally, it emphasizes user privacy as it encrypts private keys on the user’s device and never stores any sensitive data. Additionally, it facilitates BRC-20-tokened payment.
OKX Wallet is an advanced web3 wallet for multiple platforms with over 3000+ tokens, including BRC-20s and thousands of dapps supported. As a non-custodial decentralized wallet, users hold on to their private keys and virtual currencies completely.
OKX Wallet supports many EVM and non-EVM chains, and we plan to keep additional chains in the future. The flexibility allows for easy switching between various chains, thereby making it convenient for users to use dapps at any time without necessarily changing their wallet.
A trusted decentralized wallet, BitKeep accommodates more than ten million users. The technology creates a secure and open network to manage cryptocurrencies and digital tokens. Bitkeep supports over ninety blockchains, enabling individuals to dive straight into NFT, decentralized finance (DeFi) protocols, Decentralized Autonomous Organizations (DAO), and cross-chain transactions, giving individuals quick access to popular NFT and tokens.
Moreover, it has a Web3 dAPP browser that enables the exploration of more than twenty thousand dApps on different networks. One of the largest decentralized wallets in Asia (BitKeep) provides safe and user-friendly transactions for customers living in 168 countries spread around American, European, and Asian regions. BitKeep additionally backs BRC-20 tokens.
XvWorl (Xverse Wallee) is the most innovative, easy-to-use BTC wallet for those seeking DeFI and other decentralized apps. The software helps manage Bitcoin Ordinals/BRC-20 tokens and NFTs.
By using Xverse, you can stake the Xverse-stacking pool to acquire BTC, connect to Stacks-powered Bitcoin web3 Dapps, or store your Bitcoin digital assets safely.
Xverse values users’ safety for their assets’ control and privacy by storing only encrypted private keys in your devices. The audits ensure full security in operations, and for more integrity of accounts, use biometric authentication.
Sparrow Wallet is a secure and convenient wallet focusing on privacy, bitcoin, and user-friendliness. The software supports script-type multisig and single-sign wallets, which is all for PSBT.
Moreover, it has an advanced transaction editor and a blockchain explorer to view transaction bytes before broadcasting conveniently. Sparrow Wallet would suit tech-savvy users passionate about financial freedom and an incremental path toward greater anonymity.
The Earth Wallet is a cryptocurrency technology company attempting to create a new decentralized web-based regenerative economy. Using Earth Wallet, users can send, receive, and store Brc-20 and ethers on an Android device.
A simple-to-use wallet app that allows users to send and receive tokens or collectibles seamlessly but also monitors the market live. Earth Wallet lays a great emphasis on the privacy and security of users’ funds to protect them as much as one can.
Hiro Wallet is a common tool for controlling applications running on the Bitcoin blockchain. Provides a base for different kinds of assets like Ordinals and BRC-20. Many Stacks blockchain users prefer Hiro Wallet because of its intuitive interface and advanced features.
It facilitates Bitcoins into Native Segwit addresses through various accounts for all Bitcoin destination addresses. The last function makes it easier to manage Bitcoin addresses as well as Bitcoin balances and transactions across different wallets. Additionally, Hiro allows users to move between networks like testnet for testing with BTC.
It is a non-custodial cryptocurrency wallet for TokenPocket effortless blockchain connectivity. It supports EVM-compatible chains such as Ethereum and BnB chains, allowing the user to engage dapps, Defi, and cryptos directly through their Chrome browser.
As an open-source multi-blockchain wallet, TokenPocket has many users and several nodes for different blockchains. It has an intuitive interface that enables interaction with dApp, allowing stakeholders in staking, mining, DeFi, and blockchain gaming.
The second is TokenPocket, which announced the implementation of BRC-20 onto their wallet on the 9th of May and, therefore, now adds to their suite of wallets that BRC-20 tokens are supported.
How is the BRC-20 token different from the ERC20 token?
The Bitcoin network mints BRC-20 tokens, and Ethereum’s blockchain issues ERC-20 tickets. These tokens have similar functions but are incompatible because they have separate blockchain protocols.
Are BRC-20 tokens secure?
However, protecting the user’s wallet and managing private keys mainly ensures the safety of BRC-20 tokens. Provided their purse is secure and they practice good key management, users can assume that holding BRC-20 tokens is safe.
What are the use cases for BRC-20 tokens?
This means that BRc-20 tokens may find uses in various decentralized apps such as gaming platforms, decentralized exchanges, or Defi programs for the Bitcoin network.
Can I trade BRC-20 tokens on any crypto exchange?
Trading of the BRC-20 tokens will be contingent on each exchange and its preparedness to provide a platform for this token. However, always check out the details of the conversation you will use.
How does token supply work for BRC-20 tokens?
The token’s founder predefines the total supply of each particular BRC-20 token and hardcoded into the corresponding smart contract.
Can I store BRC-20 tokens on any Bitcoin wallet?
However, not all Bitcoin wallets support BRC-20 tokens. The wallet should be able to show the Ordinals scripts on the screen of the wallet. However, some wallets need help to hold, let alone transfer, or communicate BRC-20 tokens.
Can BRC-20 tokens be mined?
People often airdrop tokens like BRC-20 into a wallet through minting rather than mining. The unique rules stipulated for the token’s issuer determine the creation method.
Having a clear understanding of how to operate in the BRC-20 token environment will improve your general crypto journey. Choosing a BRC-20-enabled wallet indicates your effort to maximize the emerging Bitcoin environment. At this time, the hardware wallet does not have particular support for these tokens, but it is expected that this integration will become more popular soon.
The BRC-20 token standard will change with more tools and other digital technologies to expand its influence or footprint in digital assets. Choosing the perfect Bitcoin wallet will go a long way, allowing you to achieve maximum benefits from the Bitcoin network and BRC-20 tokens.