What Are BRC-20 Token Wallets?

BRC-20 tokens have caused quite a stir within the Bitcoin ecosystem, ushering in a new market for Bitcoin-native fungible tokens. 

Read on the learn about the BRC-20 token standard, BRC-20 token wallets, and what to look for when choosing the best BRC-20 wallet for your needs. 

What Is the BRC-20 Token Standard?

The BRC-20 (Bitcoin Request for Comment 20) token standard is an experimental metaprotocol based on Ordinals that enables the creation of Bitcoin-native fungible tokens by embedding data into Ordinal inscriptions. 

The BRC-20 name is fashioned after Ethereum’s ERC-20 (Ethereum Request for Comment 20) token standard. 

Who Created BRC-20 Tokens?

A developer going by the pseudonym Domo created BRC-20 tokens in March 2023. He based the experimental token standard on Ordinals, a protocol launched by developer Casey Rodarmor in early 2023. 

The Ordinals protocol enabled the native issuance of non-fungible tokens on the Bitcoin blockchain by leveraging the Taproot and SegWit upgrades. Domo then expanded the protocol’s use case to include native issuance of fungible tokens. 

How Do BRC-20 Tokens Work?

BRC-20 tokens are deployed, minted, and transferred using Ordinal inscriptions (Bitcoin “NFTs”). So, to create a BRC-20 token, a native Bitcoin “NFT” must first be minted. This process begins with the deploy function, where JSON data, which includes the token’s maximum supply, ticker, and limit per mint, is inscribed on an individual satoshi. Next, the mint function generates the actual tokens, while the transfer function moves them to an Ordinals-compatible wallet.

What Is a BRC-20 Token Wallet? 

A BRC-20 token wallet is a Bitcoin wallet with Ordinals support that enables you to store, manage, send, and receive BRC-20 tokens. 

By connecting your wallet to an Ordinals marketplace, you can also deploy, mint, buy, and sell BRC-20 tokens. Most marketplaces that support BRC-20 tokens often enable users to trade and create them.  

What Is a BRC-20 address?

A BRC-20 address is a randomly generated string of numbers and letters that permits you to send and receive BRC-20 tokens in your wallet. This address is recorded publicly on the blockchain, allowing you to track your transactions. 

You will notice that your BRC-20 wallet begins with “bc1p” because BRC-20 token wallets are Taproot-enabled. Also, you will note that the Xverse BRC-20 token wallet, in particular, uses the same wallet address for BRC-20, inscriptions, Runes, and other Ordinals-based tokens.

How to Choose a BRC-20 Token Wallet: Here’s What You Need to Look for!

Let’s take a look at the most important features that a Bitcoin wallet with BRC-20 support should have. 

Clean user interface

A BRC-20 token wallet should have a clean, intuitive, and easy-to-navigate user interface, whether you are using it on mobile or PC. Look for design features like call-to-action buttons that stand out from the rest of the text and a clutter-free menu with a few icons. 

Fiat support

The BRC-20 token standard relies on BTC for transaction fees, meaning you will need Bitcoin in your wallet when sending or buying BRC-20 tokens. So, go for a wallet that enables you to buy BTC with fiat. This way, you can manage your BRC-20 tokens and purchase Bitcoin in one place. 

Robust security features

Consider a BRC-20 token wallet with strong security features to help you safeguard your assets. Some security components you should look for are biometric and two-factor authentication, PIN or password support, wallet backup, and an auto-lock timer. However, remember that the ultimate step toward securing your assets is backing up the seed phrase because you can't access your BRC-20 tokens without it should you lose access to your wallet.  

Numerous Ordinals marketplace integrations

The best BRC-20 wallets integrate seamlessly with multiple existing Ordinals marketplaces where BRC-20 tokens can be minted and traded. This gives you the flexibility to use the marketplace that best suits your needs. Additionally, a wallet with numerous marketplace integrations will enable you to interact with the entire BRC-20 token market. 

Self-custody setup

Self-custody wallets permit you to 100% control and manage your assets as no intermediary is involved. This protects you from counterparty risk and gives you peace of mind. As a result, you should choose a self-custody wallet for storing and managing your BRC-20 tokens and other digital assets.

Feature-rich 

Practical BRC-20 token wallets should provide multiple features beyond simply allowing you to send and receive tokens. Therefore, pick a wallet that enables you to do more things with it, such as interacting with Layer 2 networks and other metaprotocols within the Bitcoin ecosystem, trading assets on multiple marketplaces, and purchasing crypto with fiat.

What Is the Best Wallet for BRC-20 Tokens?

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The best wallet for BRC-20 tokens should have the features discussed above and cater to your personal needs. 

For instance, if you plan on sitting in front of your computer trading BRC-20 tokens regularly, a Chrome extension wallet might serve you better than a mobile one, so that you can easily connect to marketplaces to transact. On the contrary, a hardware wallet will be best suited for anyone who wishes to hold BRC-20 tokens long-term.   

Best BRC-20 Wallet for Android, iOS & Chrome

Xverse is arguably the best BRC-20 wallet for Android, iOS, and Chrome. It allows you to store and manage BRC-20 tokens and other Bitcoin-native assets, such as Ordinal inscriptions, Rare Sats, and Runes. 

Xverse also integrates with multiple Ordinals marketplaces and has partnered with several third parties to allow you to buy BTC with fiat directly on the wallet. 

Best BRC-20 Wallet for Cold Storage

Ledger is the best BRC-20 hardware wallet for cold storage. You can connect Ledger to your Xverse wallet to add an extra layer of security to protect your BRC-20 tokens. 

This option is especially suitable for people who wish to hold their BRC-20 tokens in the medium and long term. Cold storage allows you to store your assets offline out of hackers’ reach. 

How to Mint BRC-20 Tokens with Xverse 

By following the steps below, you can mint BRC-20 tokens using the Xverse BRC-20 mint app. 

Embed Video: https://www.youtube.com/watch?v=6TfKYLK6auc 

• If you don't have an Xverse Chrome extension wallet, download one. We recommend this wallet version for BRC-20 token minting. Load the wallet with BTC, which you will need to pay for the transaction fees.
• Open the Xverse BRC-20 Mint app on Chrome.
• Mint the popular tokens featured on the homepage or look for a token using the search field.\
• Once you have found your preferred token, hit the “Mint” button. The app will automatically enter the amount to mint, so skip that part and select a number in the “Repeat mint” field.
• Hit “Submit.” This will prompt you to unlock your wallet.
• Subsequently, review the transaction and click “Confirm.” Wait for your newly minted token to appear in your wallet. 

Xverse: Your Gateway to Bitcoin-Native Tokens

Xverse is the best wallet for storing and managing Bitcoin-native tokens such as BRC-20 tokens, Ordinal inscriptions, and Runes. 

The beginner-friendly wallet app connects seamlessly with multiple marketplaces, supports fiat in-app BTC purchases, integrates with the Ledger hardware wallet, and offers robust security features.

‍Download Xverse today to get started with BRC-20 and other Bitcoin-native tokens.

FAQs

Are BRC-20 wallets safe?

BRC-20 wallets are as safe as you make them. That means you must enable password security or any other provided options to safeguard your tokens. It’s also important to back up the wallet’s seed phrase to avoid permanently losing your assets. If you are storing your tokens in the medium or long term, consider cold storage. For example, you can connect Ledger to Xverse in a few easy steps.

How do I get a BRC-20 wallet?

You can get a BRC-20 wallet by downloading one on the Xverse website. Xverse provides a wallet for Android, iOS and Chrome, giving you a choice to use it from your preferred device. After downloading the Xverse wallet, set it up and back up your seed phrase. A seed phrase is a list of 12 words that give you access to the assets stored in the wallet.

How do I check my BRC-20 wallet balance?

Unlock the Xverse BRC-20 wallet and scroll through the list of tokens to find your desired token. Once you find it, you will note that its balance is indicated on the right side. You can also select the token to view its transaction history and connect the wallet to an Ordinals marketplace to buy more tokens.  

Which wallet supports BRC-20?

Xverse is a Taproot-enabled Bitcoin wallet with BRC-20 support. It allows you to send, receive, buy, and sell BRC-20 tokens in a few easy steps. The wallet also supports other Bitcoin-native assets like Runes, Ordinal inscriptions, and Rare Sats, making Xverse the best wallet for interacting with the Bitcoin ecosystem.

What is a BRC-20 address?

BRC-20 address is a string of numbers and letters randomly generated to enable you to send and receive BRC-20 tokens. It starts with “bc1p” since the BRC-20 token standard, together with other Ordinals-based metaprotocols, relies on the 2021 Taproot upgrade, which improves the efficiency of Bitcoin transactions.

Where can I buy BRC-20 tokens?

You can buy BRC-20 tokens on Ordinals marketplaces with your Xverse wallet. Fund it with enough BTC, find a token you like, and purchase it. Alternatively, you can acquire BRC-20 tokens by minting them on the Xverse app. Keep in mind that you can only mint deployed BRC-20 tokens that haven’t hit the maximum supply.

Where can I sell BRC-20 tokens?

You can sell BRC-20 tokens on Ordinals marketplaces by connecting your Xverse wallet and listing a given amount of tokens. The marketplace then displays this amount to potential buyers who can either make an offer or buy at the listed price. Once someone buys the listed tokens, you will receive BTC as payment. Also, the marketplace will transfer those tokens to the buyer.

How many BRC-20 tokens are there?

There are over 800 BRC-20 tokens on the market today. The top BRC-20 token by market cap and dominance is ORDI. Domo created this token when he launched the token standard in March 2023. You can buy ORDI on various centralized crypto exchanges and transfer it to Xverse for non-custodial storage.

How to receive BRC-20 tokens?

Unlock your Xverse wallet, click on the ‘Receive’ button, and then click on your ‘Ordinals, BRC-20 & Runes’ wallet address. Copy the wallet address and paste it into the wallet that is sending the tokens. Hit send and wait for the tokens to hit your Xverse wallet. Once the transfer is confirmed on-chain, your new BRC-20 token balance will appear on the wallet's main page. The same wallet address is used for all receiving tokens. 

Any BRC-20 token you receive will appear on your wallet dashboard by default. However, you can hide unwanted tokens in the manage token list section.

How to send BRC-20 tokens?

To send BRC-20 tokens using Xverse, open your wallet and load your address labeled ‘Bitcoin’ with BTC to cover transaction fees. Select the BRC-20 token you want to send. Hit the ‘Send’ button. Enter the amount and the recipient’s wallet address. You must ensure that the recipient’s address supports BRC-20 tokens. Click ‘Next’ to complete the send transaction. The recipient will receive the tokens once the transaction is confirmed on the Bitcoin blockchain, and your new balance will be visible on the wallet’s homepage.