BRC-20 tokens can be minted in your wallet, whether you created them yourself or want to obtain another token that has not been 100% minted yet. Minting BRC-20 tokens is free, and their price is determined later when someone lists them for sale after 100% of the tokens have been minted.
Here's how to mint (receive) BRC-20 tokens into your wallet.
What is BRC-20 Minting?
Anyone can create BRC-20 tokens on the Bitcoin blockchain, but they cannot be received until they are minted as per mint limit. The creator can set a mint limit, which is the maximum number of tokens that can be minted in one minting process.
For example, let's say you create a token called ABCD and set the mint limit to 10. This means that each person, including yourself, can only receive 10 ABCD tokens per mint.
In this tutorial, I created a token called THUD with a mint limit of 1. This meant that anyone could only get 1 THUD token in one mint. After creating the token, I didn't immediately own any tokens. I had to perform a minting process to obtain THUD tokens in my wallet according to mint limit.
There is a potential risk that other individuals may mint tokens that you created and intended exclusively for you to own. This is because the minting process is public, and once a BRC-20 token is deployed (created), anyone can mint (own) it without any cost.
To mitigate this risk, you can set the mint limit equal to the token's total supply, ensuring that you obtain all your tokens in a single minting transaction.
Mint BRC-20 Token
Step 1: Create UniSat Wallet
To create a UniSat Bitcoin wallet, follow this tutorial and create your wallet.
Step 2: Add BTC to Your Wallet
To deposit Bitcoin into your UniSat wallet, copy the UniSat deposit wallet address and send at least $10 worth of Bitcoin to it.
UniSat offers four types of deposit addresses, so you can choose the one that best suits your needs.
Step 3: Connect Your Wallet
Visit the UniSat homepage. Click Connect.
To connect your wallet to UniSat, enter your wallet password and click Unlock. Your wallet will then be automatically connected to UniSat.
Step 4: Select BRC-20 Token
To locate your desired BRC-2o token, visit UniSat homepage and click Search.
Search the token with its ticker.
Click on the inscription ID with the deploy tag. Confirm the ticker of the token as well.
You can verify that the token has not been 100% minted yet, and you can also view the limit to determine the maximum number of tokens you can mint in a single minting process.
Step 5: Mint BRC-20 Token
Click Mint Directly.
Now, you're ready to mint your token.
Please note that anyone can create a BRC-20 token. Therefore, tokens with the same ticker as popular tokens do not necessarily have the same value.
You can only mint (obtain) 1 THUD token or a lesser amount in your wallet in a single minting process due to its mint limit. But, by increasing the Repeat Mint value you can get more tokens in one transaction.
Amount (1) × Repeat Mint (5) = 5 THUD tokens
However, increasing Repeat Mint value also proportionally raises both the network fee and service fee associated with the transaction.
Therefore, the primary advantage of increasing repeat mint value is time-saving, as it allows for multiple mints to be performed simultaneously.
Now, enter the desired amount of tokens, select the repeat mint value, and click Next.
Enter your Bitcoin wallet address where you want to receive this token. Then, select the network fee and click on Submit & Pay invoice.
Select the preferred payment method for the fee. As an example, let's choose to pay with the UniSat wallet.
Confirm the transaction in your wallet, then click on Sign & Send.
Your newly minted token is now visible in your wallet.
Frequently Asked Questions
1. What are BRC-20 tokens?
BRC-20 tokens are fungible tokens created using Ordinals protocol, enabling the inscription of JSON data onto Satoshis. These tokens can be minted, transferred, and traded on the Bitcoin network.
2. What are Ordinals?
You can deploy anything including images, videos, texts, names, any files, BRC-20 tokens on Bitcoin blockchain using Ordinals protocol. These things which you deploy using Ordinals protocol on Bitcoin blockchain called Ordinals.