Before we proceed, kindly make sure to read our BRC-20 guide first as your knowledge reference throughout the article.
I know it’s time-consuming, but this is for you to gain an understanding of what it is and how it works in the Web3 ecosystem.
This way, you’ll know what you’re dealing with, and who knows, it might increase your chances of becoming a millionaire.
But if you know enough about it already, then let’s dive in without further ado!
BRC-20 vs. ERC-20
Despite the similarity in their names, there are significant differences between them that people need to consider.
BRC-20 is a token standard implemented in the Bitcoin network, while ERC-20 is another standard built under the Ethereum blockchain.
As you’ve known, ERC-20 standard utilizes smart contracts, meaning that it can interact with other protocols and platforms to allow a wide range of services, such as lending.
On the contrary, BRC-20 doesn’t use smart contracts. Therefore, it has lesser functionalities and services compared to the former.
But given that BRC-20 is still under development, it’s current limited system is not really a bad thing if you analyze it deeply.
Un combat crypto pas comme les autres.
ERC 20 VS BRC 20 🧵 pic.twitter.com/WlzsImYg0r
— L'Entrepreneur_Web3 (@AptEntrepreneur) May 3, 2023
BRC-20’s Potential
If you note the BRC-20 standard’s process, its system relies on the process of inscriptions to connect tokens to individual satoshis.
BRC-20 token holders can then transfer these tokens between each other, making the Bitcoin blockchain a newly innovated decentralized exchange.
Sounds great, right? Aside from that, if you consider the BRC-20 standard’s progress, it’s still in development, which means it’s new.
And what does new mean in the context of Web3? Uncertainty yet filled with enormous opportunities.
Although ERC-20 is proven to be stable, its market cap is very much saturated, leaving you with lesser space and chances to stand out financially.
On the other hand, BRC-20 currently has a small market cap yet, which provides you with higher opportunities to emerge.
BRC-20 Mcap vs ERC-20 Mcap 😏
Yes we are early
🟧🟧🟧🟧🟧🟧 pic.twitter.com/XjXZNVk6DQ
— DΞmon ⚡️ (@ToTheDemon) May 28, 2023
How do you become a millionaire with BRC-20
Well, becoming a millionaire through BRC-20 is by investing with its tokens.
Some tokens have been mostly free to mint so far, and there are others that are incredibly cheap.
Because of their prices, this gives you a minimum risk when investing and gives you lesser worries as long as you invest only what you can afford to lose.
A massive number of tokens have recently emerged since BRC-20’s rise in the blockchain.
So, make sure to take a look at these tokens and invest in ones that are promising because, just like the ERC-20 standard, not all tokens are legitimate.
Things to consider
It’s important to remember that investing in BRC-20 tokens involves a high risk of losing money, and you should manage your budget properly.
But if you got lucky investing in a promising token, then you deserve a celebration.
Let’s take $ORDI as an example; one of the most profitable trades has been those who minted the token for $0.1 each during its early stages.
Now, the price of the token is sitting at $8. So, if you spent $100,000 on the coin’s mint, it would’ve been worth $8,000,000 today.
Don't underestimate the power of #Ordinals token know as $ordi the digital token.
He is the first ever token created in #bitcoin chain.
Get now at least 10 $ordi before he going to 4 digits..
The plan is
1ordi=1btc. pic.twitter.com/eVhm1kzfwN
— {1ordi=1btc} (@1btc1ordi) June 25, 2023
Conclusion
BRC-20 seems an ideal opportunity for investors seeking to invest their money in new cryptocurrency assets.
Although this may be a good idea, it’s essential to note that only 0-5% of all newly released tokens can make it in the long term.
So, always do your own research, make insider connections if you have to, and, most importantly, invest wisely.
