Category: Cryptocurrency News

What are BRC-20 Tokens? BRC-20 tokens are a novel standard on the Bitcoin blockchain, BRC-20 tokens were inspired by Ethereum’s ERC-20. Like Ethereum’s ERC-20 strands for Ethereum Request for Comment, BRC-20 also strands for Bitcoin Request for Comment. BRC-20 tokens allow the creation, minting, trading, and transfer of fungible tokens or assets on the Bitcoin blockchain through the Ordinals protocol. The Bitcoin Ordinals protocol is a numbering system that allows users to attach extra data to satoshis, the smallest unit of Bitcoin. Related Reading: How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network The process of attaching extra data to satoshis is called inscription, BRC-20 tokens do not need smart contracts to execute transactions as ERC-20 tokens do, their transactions are done through JSON inscriptions on satoshis through Bitcoin Ordinals. Differences And Comparison Between BRC-20 And ERC-20 Ethereum’s ERC-20 might have inspired the creation of BRC-20 on the Bitcoin blockchain, but make no mistake, they are not the same, and we are going to explore that in this section of this article. Operation: One of the key differences between BRC-20 and ERC-20 is that BRC-20 tokens find their home within the Bitcoin blockchain while ERC-20 operates on the Ethereum blockchain. Implementation: BRC-20 and ERC-20 are both implemented differently; however, BRC-20 is experimental, meaning it has not undergone the BIP process. It only implements changes in the Bitcoin protocol, while ERC-20 has undergone the EIP process, which was approved by the Ethereum community before implementation after being scrutinized. Security: They are both secure as they are both secure by the top two blockchains in the crypto space, but BRC-20 is secured by the Bitcoin blockchain and ERC-20 is secured by the Ethereum blockchain. High Gas Fee Or Transaction Fees: They both have high gas fees if you are trading on decentralized exchanges (DEXs). Wallets: Their wallets are different, you can store your BRC-20 token on wallets that support the Bitcoin Taproot upgrade like Unisat, Xverse, CoinW, and Alex. While ERC-20 tokens are stored on Ethereum-supported wallets like Metamask, Exodus, Trust wallet, Atomic, MyEtherWallet, and all EVM compactable wallets Smart Contract functionality: BRC-20 tokens do not rely on smart contracts to execute transactions, but ERC-20 tokens do. Token Value Drive: BRC-20 tokens are token values driven by inscriptions, and ERC-20 token values are driven by utilities and speculations. Related Reading: How To Buy, Sell, And Trade Tokens On The Avalanche Network Fungibility: BRC-20 tokens are semi-fungible because they are only interchanged in set increments. For example, BRC-20 tokens are being sold in sets, so you can’t buy 1003 xBRC-20 tokens (x being the token) if the only people sell decide to sell in sets of 250, 500, 750, and 1000 depending on how many tokens they want to sell. Meanwhile, ERC-20 tokens are fully fungible because they can be exchanged in any quantity. Functions: The BRC-20 token standard is majorly to create meme tokens currently, while the ERC-20 token standard is used for a good number of fungible tokens on Ethereum, including stablecoins, governance tokens, wrapped tokens, and utility tokens. Pros of the BRC-20 Token Standard The fact that BRC-20 tokens are built on the most secure blockchain in the crypto space Bitcoin, should help you understand these tokens are going benefit from the security that the Bitcoin Blockchain provides. The interoperability with the Bitcoin network is one of the major advantages of the BRC-20 tokens, as they enjoy and leverage the widespread acceptance of Bitcoin as the most successful crypto, which has contributed to the BRC-20 token’s overall success. Also, this compatibility with Bitcoin gives the BRC-20 standard access to utilize the existing infrastructure the Bitcoin network already has, including its wallets and exchanges. BRC-20 standard is still in its early stages, so there is huge potential for growth in the future, and as more people keep adopting and investing in BRC-20 tokens  Cons of the BRC-20 Token Standard In the same way, as the BRC-20 token standard enjoys the benefits of the Bitcoin network, they are still going to be affected in the areas where Bitcoin lags behind. This is because Bitcoin is not as scalable as some other blockchains like Ethereum. As BRC-20 tokens keep gaining popularity and awareness there are concerns about congestion, which could lead to potential higher gas or transaction fee issues. Another consideration is that BRC-20 tokens run on ordinals protocol, a protocol that is still in its early phases of development, which means there is a possibility of it being vulnerable or having glitches as the technology evolves. Related Reading: How To Buy, Sell, And Trade Tokens on The Polygon Network The Bitcoin Request for Comment (BRC-20) token standard is still in its early stage of development, so it is safe to say it is still semi-fungible compared to the ERC-20 token standard. It has some limitations, like it being sold and bought in sets, you are limited to what is available in the DEX marketplace, and you can’t buy any amount you want, whether in large or small quantities. BRC-20 Tokens DEX Exchanges This article is going to cover how to trade Bitcoin Request for Comment (BRC-20) tokens on UniSat, the most used decentralized exchange (DEX) to trade BRC-20 tokens. You can also check out other DEX like Xverse and Alex. How To Install And Set up UniSat Wallet  To trade on a decentralized exchange (DEX) you need a wallet, go to your Chrome browser and search for the UniSat Wallet extension as shown below, click on “Add to Chrome” to download and add the UniSat Wallet extension to your Chrome browser. Click the “Create new wallet” button to create your UniSat Wallet. Create your password, use a password you can remember, as you would need your password to make transfers and click on the “Continue” button. The Secret Recover Phrase page will pop up. Write down your secret phrase and keep it in a safe place because anyone who has access to your secret phrase has access to your wallet. Then click on “Continue”. Related Reading: How To Buy, Sell, And Trade Crypto Tokens On The Tron Network Expect you are a crypto genius I would advise you to leave the Step 2 page the way it is, just click on “Continue”. The“Compatibility Tips” will pop up check the boxes and click on “Ok” You have now successfully created your UniSat wallet, where you can receive, send, and buy crypto. When you click on “Receive” you will be given a QR code that you can scan on your phone and also an option to copy your wallet address manually.  When you click on “Send”, you will see where to fill in the Recipient address you want to send your Bitcoin to, and underneath it is where you will input the amount of Bitcoin you want to send. You can choose the transfer speed you want, but note that the faster the transfer, the higher your gas fee or transaction fee. I would not recommend that you use the “Buy” feature as it is too expensive, and it is better to buy your Bitcoin on a centralized exchange and send it to your UniSat wallet. Related Reading: How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network How To Buy, Sell, and Trade on UniSat  To buy, sell, and trade BRC-20 tokens you need Bitcoin in your wallet for gas fees and Bitcoin to buy the BRC-20 token. So go to any centralized exchange of your choice like Binance, OKX, or ByBit to buy your Bitcoin, copy your UniSat wallet, paste it into the recipient address on the centralized exchange, and send the Bitcoin. Now that your wallet has been funded it is time to trade, go to the UniSat website, and click on “Connect”. Click on “UniSat Wallet”, and connect your UniSat Wallet. Once your UniSat Wallet is connected, Click on “brc-20”, as shown below, to see the full list of BRC-20 tokens you can trade on UniSat.  Click on any of the BRC-20 tokens you which to buy, for example, I clicked on the “meme” token below. There are buttons on the top right of the screenshot circled in red “View” and “Trade”. If you click on View, it will take you to OKLINK where you can see the meme BRC-20 inscription with all its details, Total Supply, Limit per mint, Holders, Minted tokens, and Price. When you click on Trade, it will take you to the UniSat Marketplace, where you will see all the listed meme token inscriptions you can buy. Click on any of the sellers that have the exact number of meme inscriptions you want to buy or any of the sellers that come close to how many meme inscriptions you want to buy. After selecting a seller, the buy page below with the “Buy Now” button will pop up. Related Reading: How To Buy, Sell, And Trade Crypto On The Base Network Click on “Buy Now” and the confirmation page to confirm your order will pop up, click on “Confirm” and you have bought the BRC-20 token. After buying your BRC-20 and you want to sell, go to the marketplace, click on “my brc-20”,  click on the inscription you want to sell, and then click on the list. Click on the plus button, input the exact number you like to sell, and click on “Next”. Click “Next again”. “Sign and pay”, and “Done”,  your inscriptions will be listed. When your order gets picked up, your inscription will be sold, and the money will be transferred to your wallet. Related Reading: How To Buy, Sell, and Trade Tokens On The Arbitrum Network Use CoinW To Track The Price Of Your BRC-20 Tokens CoinW is a centralized crypto exchange where you can track your BRC-20 and use the charts to make well-informed decisions on the token you want to buy. To search for BRC-20 tokens, click on “Market”, click on “Hot”, and then click on “BRC-20”, as shown below. For example, I clicked on ORDI, as you can see in the chart below. Here is another example with RATS, another BRC-20 token on the list. Conclusion In conclusion, BRC-20 tokens provide a novel avenue for tokenization within the Bitcoin blockchain, expanding its utility beyond traditional cryptocurrency transactions. They offer a seamless integration of additional data onto satoshis, enabling a broader range of use cases and applications.  Related Reading: How To Buy, Sell, And Trade Tokens On The BSC Network With BRC-20 tokens, the Bitcoin ecosystem gains enhanced functionality and opens up possibilities for innovative decentralized finance (DeFi) solutions. By leveraging the Ordinals protocol, BRC-20 tokens contribute to the growing diversity and maturity of the blockchain industry as a whole. Featured image from IQ.wiki

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Hello, how do we check ithe earnings we get from wstETH? How do we know it is accruing or not? I am fairly new with DEFI and ETH Staking. As background to my question, I had converted around 1500$ ETH to wstETH and deposited to AAVE V3. I leveraged this thru deposit-borrowing and now is…
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I started to trade on Uniswap last month, I created an ETH wallet for it for security. After started trading, I hope to swap coin automatically at certain price, so I searched and found this tool, then I made a bad call which is to put the private key of my wallet into the tool.…
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Understanding the challenges of crypto after death is vital for anyone investing in digital assets. Without proper preparation, your digital wealth could become inaccessible after your passing. This guide aims to navigate the complexities of managing cryptocurrencies after death. It covers essential steps, from documenting holdings to navigating legal considerations, ensuring your digital legacy is secure and your loved ones are taken care of. The Importance Of Planning For Crypto After Death In the realm of crypto, your investments don’t automatically transfer to your next of kin upon your demise. The absence of traditional banking or legal structures in the crypto world means the responsibility of managing and passing on your assets falls entirely on you. Planning becomes essential to ensure that your crypto holdings do not get locked away in the digital world, but instead, serve as a valuable part of your legacy. Proper planning not only secures your assets but also simplifies the process for your beneficiaries. It mitigates the risk of loss due to forgotten passwords or keys and prevents potential legal hurdles that your loved ones might face. As the crypto market continues to mature, understanding and preparing for the implications of crypto after death becomes increasingly crucial. Understanding The Unique Challenges Of Cryptocurrencies After Death Navigating the unique challenges of crypto after death is crucial for effective estate planning. Cryptocurrencies operate on technology that inherently promotes anonymity and security. While these features are advantageous for protecting your assets during your lifetime, they pose significant challenges after death. The absence of a central authority like a bank means there is no straightforward process to claim or transfer assets. Accessing cryptocurrencies after death requires knowledge of private keys or seed phrases, which are often known only to the asset holder. Without proper planning and communication, these crucial pieces of information might never reach the intended beneficiaries, leading to permanent loss of the assets. Additionally, the legal landscape surrounding digital assets is still evolving, which adds another layer of complexity to managing crypto after death. Recognizing these challenges represents the initial step toward crafting a robust plan to ensure your digital assets are passed on as intended, streamlining the process for your loved ones as much as possible. How To Pass On Your Crypto After Death Understanding how to pass on your crypto after death ensures that your investments continue to benefit your loved ones, aligning with your wishes and intentions. This section outlines the essential steps you need to take to prepare your digital estate, focusing on documentation, secure information sharing, and the mechanisms to ensure a smooth transition of your assets. Essential Steps Inventory Of Assets: Begin by compiling a comprehensive list of your cryptocurrencies, including wallet addresses, balances, and the platforms where they are stored. Instructions For Access: Provide detailed instructions on how to access your wallets, including hardware devices or any specific software needed. Legal Documentation: Consult with a legal professional to integrate your digital assets into your estate planning. This includes wills, trusts, or any other relevant legal documents that ensure your crypto assets are recognized and managed as part of your estate. Backup And Security: Make sure to securely back up all information pertaining to your crypto holdings, including access instructions and legal documents, in a manner that allows your executor or beneficiaries to access it when needed. Documenting Your Crypto Holdings Documenting your crypto holdings thoroughly is the cornerstone of ensuring they can be successfully passed on. This documentation should include: List Of Assets: List all the cryptocurrencies you own, their respective amounts, and specify the wallets or exchanges where they are held. Access Details: Wallet addresses, private keys, seed phrases, and any other information necessary to access and manage the cryptocurrencies. Transaction Records: Records of transactions, purchases, or sales, which can be crucial for tax purposes or for tracking the evolution of your portfolio. Regularly update and securely store this documentation in a manner that remains accessible to those entrusted with managing your estate. Securely Sharing Access Information Securely sharing access information is delicate but essential. Consider the following: Physical Storage: Use a safety deposit box or a secure home safe for storing hardware wallets and paper records of your access information. Digital Security: If you store information digitally, use encryption and secure backups. Ensure your beneficiaries know how to access and decrypt these files if necessary. Best Practices For Storing Private Keys And Passphrases Redundancy: Store your private keys and seed phrases in multiple secure locations. Avoid Digital Copies: If possible, avoid storing your private keys or seed phrases on internet-connected devices. The Role Of Multi-Signature Wallets In Managing Crypto After Death Consider setting up a multi-signature wallet that requires multiple approvals for transactions. This can provide an additional layer of security and a clear pathway for your beneficiaries to access the funds with the right set of keys. Legal Considerations for Cryptocurrencies After Death Addressing the legal considerations for cryptocurrencies after death is crucial to ensure that your digital assets are transferred according to your wishes and in compliance with the law. As the legal framework for digital assets continues to evolve, understanding how to navigate this landscape is key. How To Incorporate Crypto Assets In Your Will Incorporating crypto assets into your will requires careful planning and precision. Consider these steps: Specify Your Assets: Clearly list all your crypto assets in your will. Include details like wallet addresses and the types of cryptocurrencies you own. Access Instructions: Rather than including sensitive access information directly in your will (which becomes a public document upon death), use a letter of instruction or a similar private document to provide detailed access instructions. Choose Your Beneficiaries: Specify who inherits each portion of your crypto assets. Be as clear and unambiguous as possible. Select An Executor: Choose an executor who is not only trustworthy but also has or is willing to gain a basic understanding of cryptocurrencies and how to handle them. Consult Legal Professionals: Work with attorneys who have expertise in estate planning and a solid understanding of digital assets. They can help ensure that your will complies with current laws and effectively encompasses your crypto holdings. Navigating Inheritance Laws And Cryptocurrencies Navigating inheritance laws in the context of cryptocurrencies can be complex due to the relatively new and evolving nature of these digital assets. Consider these factors: Legal Status Of Cryptocurrencies: Gain an understanding of how your local jurisdiction classifies cryptocurrencies – as property, currency, or something else – as this classification can impact how they treat these assets in the context of inheritance. Taxes: Be aware of potential tax implications for your heirs. In some jurisdictions, inheriting cryptocurrencies can trigger tax events like inheritance tax or capital gains tax upon their eventual sale. International Considerations: If your crypto assets reside in wallets or exchanges located in different countries, international laws and regulations may come into play, potentially complicating the inheritance process. Updating Estate Plans: The legal landscape surrounding cryptocurrencies is still in flux. Regularly review and update your estate planning documents to accommodate new laws and regulations. By addressing these legal considerations and preparing thoroughly, you can ensure that your cryptocurrencies are managed after your death as you intended. This provides clear guidance to your loved ones and reduces the potential for legal complications. Technological Solutions To Ensure Safe Transfer Of Your Crypto After Death The following solutions aim to address the unique challenges posed by the digital nature of cryptocurrencies, ensuring a smooth and secure transfer of your assets. Consider the following technological strategies: Smart Contracts: Utilize smart contracts on blockchain platforms to automate the transfer of assets upon meeting certain conditions, such as verifying death. This ensures a direct and automatic transfer to your beneficiaries, eliminating the need for intermediaries. Multi-Signature Wallets: Implement multi-signature wallets that require multiple keys to authorize transactions. Allocate one key to your beneficiary and another to a trusted third party or attorney, ensuring that your assets can only be accessed after your death. Dead Man’s Switch: Consider services or programmable arrangements that automatically release your crypto assets if you fail to perform certain actions within a specified period, indicating potential incapacitation or death. Encrypted Backup Solutions: Use encrypted backup solutions to store access information securely. Ensure that your beneficiaries have a way to decrypt the information when needed, without compromising security during your lifetime. Cold Wallets: Utilize hardware wallets like Trezor or BitBox02 for storing cryptocurrencies. These cold wallets keep your assets offline and secure from online threats. You can physically hand them over to your chosen heirs, along with instructions for access. Steel Wallets For Your Private Key Backup: Protect your private keys against physical damage by using steel wallets. These wallets safeguard your backup seed phrases or private keys from fire, water, and other environmental risks. They ensure that your crucial access information remains intact and retrievable by your heirs. Common Mistakes To Avoid With Crypto After Death When planning for the transfer of crypto assets after death, it’s crucial to be aware of common pitfalls. Avoiding these mistakes can save your beneficiaries from unnecessary stress and potential loss of assets: Lack Of Documentation: Failing to comprehensively document your crypto holdings and access information may result in the permanent loss of your assets. Ignoring Security Measures: Underestimating the importance of secure storage for access information can expose your assets to theft or loss. Overlooking Legal Aspects: Neglecting to incorporate your crypto assets into your will or estate plan properly can result in legal challenges for your heirs. Assuming Family Know-How: Assuming that your beneficiaries understand how to manage cryptocurrencies can lead to loss of assets. Provide clear instructions and, if possible, basic education on handling cryptocurrencies. Not Updating Your Plan: The crypto landscape and your personal portfolio are likely to evolve. Regularly update your estate plan to reflect changes in your holdings, the regulatory environment, and technological advancements. FAQ – Key Questions About Crypto After Death How Can I Ensure My Loved Ones Access My Cryptocurrencies After Death? Create a detailed inventory of your crypto assets and store access information securely. Integrate your crypto holdings into your will or trust. Consult a legal professional for proper documentation. What Legal Documents Should I Prepare For Managing My Crypto After Death? Prepare a will or trust that includes your crypto assets. Create a separate, secure letter of instruction for access details. Consider a Power of Attorney for asset management in case of incapacitation. Can Cryptocurrencies Be Part Of A Traditional Will Or Trust? Yes, you can include cryptocurrencies in traditional wills or trusts. Clearly list each asset and provide guidance on access without exposing private keys or passwords in the documents. What Are The Risks If I Don’t Plan For My Crypto After Death? Without a plan, your crypto assets may become inaccessible, potentially leading to loss of assets. Legal disputes or confusion can arise among heirs, potentially compromising the value of your digital legacy. What Happens To Your Crypto After You Die? Without proper planning, you risk losing your crypto assets or making them inaccessible. A comprehensive plan enables secure transfer to your designated beneficiaries. What Happens To Crypto Assets Held On Exchanges After Death? Heirs can transfer crypto assets on exchanges if they provide proper legal documentation and account details. Without these, accessing or transferring the assets can be complex and may require legal intervention. What Happens To Your Crypto When You Die? Your crypto remains in its respective blockchain or exchange until accessed by someone with the correct credentials. Effective estate planning ensures that your assets are managed in accordance with your wishes. Featured images created with DALL·E

A recent ‘Navigating Narratives’ report by K33 Research provided insights on how to trade altcoins. Interestingly, as part of their analysis, they highlighted Solana (not ETH) as the main focus and elaborated on why this was so.  Related Reading: Chainlink Price Surge Powers Altcoin Market, Bulls Aim For $20 Target Why Solana Is The Main Focus The report, written by DeFi Analyst David Zimmerman, stated that they were focusing primarily on buying SOL if there was an opportunity to buy lower. They claim the reason for this is that “SOL has solidified its place in the market as one of the market leaders.” They also expect that SOL’s outperformance of ETH will continue in this market cycle.  Meanwhile, Zimmerman highlighted how SOL’s on-chain activity has continued to flourish and noted that the narrative of SOL being ETH’s main competitor was still intact. The Solana network has long been dubbed the “Ethereum Killer,” with the belief that the former will dethrone the latter at some point.  Indeed, Solana has gone toe-to-toe with Ethereum in recent times, momentarily surpassing it in significant metrics. Back in December, Solana ranked above Ethereum in seven-day DEX volume for the first time in history and outperformed it in NFT trading volume during that same period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap in daily trading volume.  Solana currently trading at $98.9700 on the daily chart: TradingView.com SOL also outperformed ETH last year, with the former seeing a gain of about 1000%. Crypto analyst Santiago Santos also recently gave his opinion on Solana and Ethereum’s fight for dominance. Comparing Ethereum’s run during the ICO boom to Solana’s current run, he noted that Solana had an edge since it has “applications seeing meaningful usage and growth.”  This happens to be one of the reasons he believes that Solana will “converge on Ethereum faster than most believe.” What Price Levels Present Buying Opportunities For SOL Having explained why SOL was the main focus among altcoins, the Navigating Narratives report highlighted price levels they were eyeing in case in case the market gives deeper pullbacks for SOL. These levels include the $70, $50 and $30 price range.  Related Reading: Stablecoins Surge: USDT Leads $400 Million Inflows, Signaling Investor Confidence However, they noted that they weren’t expecting the $30 buy order to be filled since it would require a crash like the one that happened in March 2020. This was the period when Bitcoin lost almost half of its value in a two-day plunge. Other crypto tokens also experienced similar pain then. Meanwhile, if SOL continues to rally, K33 Research highlighted the $115 and $140 price ranges as ideal areas for selling and taking profits.  At the time of writing, SOL is trading at around $99, up in the last 24 hours according to data from CoinMarketCap.  Featured image from Adobe Stock, chart from TradingView