As the realm of cryptocurrency continues to evolve, new opportunities for innovation emerge. One of the latest additions to this space is the BRC-20 token standard, a new type of fungible token developed on the Bitcoin network. Similar to the Ethereum blockchain‘s ERC-20 tokens, the BRC-20 tokens are created using the Ordinals protocol and offer unprecedented potential for token creation and trading on the Bitcoin blockchain.
The rising prominence of these tokens necessitates a discussion on the best crypto wallets that support the BRC-20 standard. In this article, we delve into the world of BRC-20 tokens, the various types of wallets you can use for storing these tokens, and present a curated list of top BRC-20 compatible wallets.
What is the BRC-20 token standard?
The BRC-20 token standard emerged as a novel addition to the cryptocurrency sphere as it got launched on the Bitcoin blockchain in March 2023. This revolutionary standard grants users the capacity to generate and exchange fungible tokens on the Bitcoin network. While sharing similarities with Ethereum’s ERC-20 tokens, it’s worth noting that they are not interchangeable. The genesis of BRC-20 tokens is facilitated by the Ordinals protocol.
The Ordinals technology empowers users to safely and efficiently archive data on the Bitcoin blockchain. The metadata of each freshly minted BRC-20 token is safeguarded through an ordinal inscription. This vital data encapsulates the token’s name, emblem, total supply, and the identity of its owner.
Transferring BRC-20 tokens between users is made possible on the Bitcoin network. The sender has to specify the recipient’s address and the number of tokens to be transferred in a digitally signed transaction. Subsequently, the tokens can be redeemed by the receiver using their wallet.
Though still in their infancy, BRC-20 tokens have the potential to revolutionize the creation and exchange of tokens on the Bitcoin blockchain. By simplifying the generation and utilization of tokens, BRC-20 could foster greater adoption of Bitcoin and augment its versatility as a platform for decentralized applications.
However, despite sharing a resemblance in nomenclature, BRC-20 and ERC-20 tokens have stark differences. While BRC-20 tokens are native to the Bitcoin network, ERC-20 is a staple of the Ethereum network. BRC-20 tokens do not utilize smart contracts and thus have fewer functionalities. In contrast, ERC-20 tokens are capable of interacting with other protocols and applications, unlocking a broad spectrum of services, including but not limited to lending and borrowing.
In terms of maturity, ERC-20 outshines BRC-20. Born in 2015 and officially recognized in 2017, ERC-20 tokens have stood the test of time, proving their stability and functionality in the crypto world. On the other hand, BRC-20 tokens are fresh to the scene, with their future still shrouded in uncertainty. As time passes, we shall see how they evolve.
Which Wallets Are Suitable for BRC-20 Tokens?
Storing BRC-20 tokens is as straightforward as storing any other cryptocurrency token, with the primary difference being their existence on the Bitcoin blockchain. In principle, BRC-20 tokens can be stored on any wallet that accommodates Bitcoin Taproot addresses. However, keep in mind that not all wallets that offer this support are equipped to display the Ordinals scripts. This means that while many wallets may store BRC-20 tokens, they might not be capable of displaying or sending them.
Therefore, if you’re keen on harnessing the full potential of BRC-20 tokens, it’s recommended to use one of the wallets listed in this guide. These wallets are selected for their comprehensive support of BRC-20 tokens, including both sending and receiving functionalities. Most of these Bitcoin wallets are non-custodial, meaning you retain full control and responsibility over the funds stored within.
What About Hardware Wallets?
As of now, hardware wallets do not offer explicit support for BRC-20 tokens. However, theoretically, any wallet that backs Taproot could accommodate the new token standard. So, if your hardware wallet is known to support Taproot addresses and you wish to store your tokens on it until they provide an interface feature for BRC-20, you can transfer them there. If your wallet doesn’t support this yet, continue to monitor this blog post for updates. Hopefully, we’ll be adding some hardware wallets to this list in the near future.
List of the Best BRC-20 wallets
Now let’s explore the most efficient wallets that are compatible with the innovative Bitcoin BRC-20 token standard.
Ordinals Wallet
Ordinals Wallet is a non-custodial wallet, allowing users to save, transfer, receive, and create Bitcoin Ordinals. Ordinals are a unique type of non-fungible token (NFT) that assigns unique identification to each satoshi on the Bitcoin network. This feature lets users generate exclusive digital assets that can be traded and collected. Additionally, this wallet supports BRC-20 tokens.
Being web-based, the Ordinals Wallet can be accessed from any device with an internet connection. It’s open-source, meaning the code is transparent and verifiable by anyone, providing a secure way to manage and store Bitcoin Ordinals.
UniSat
The Unisat wallet is a unique browser extension enabling users to store, send, and receive Ordinals on the Bitcoin blockchain easily. It allows for the inscribing, or minting, of Ordinals on-the-go without requiring a full node. The wallet is fully open-source and operates on a hierarchical deterministic framework, enabling users to generate accounts from their Secret Recovery Phrase. It places a high priority on user privacy by encrypting private keys on the user’s device and never storing any sensitive data. Moreover, it supports BRC-20 tokens.
OKX Wallet
The OKX Wallet is a powerful, multi-platform crypto wallet that supports over 3000+ tokens (including BRC-20s) and thousands of dApps in the web3 ecosystem. As a non-custodial decentralized wallet, users are fully in charge of their private keys and crypto assets.
OKX Wallet is also multi-chain supportive, catering to both EVM and non-EVM chains with more chain support planned in the future. This flexibility enables users to seamlessly access dApps on different chains without having to switch wallets.
Bitkeep
BitKeep is a decentralized wallet, trusted by over 10 million users globally. It provides a secure, transparent platform for managing various coins and tokens. By supporting over 90 blockchain networks, BitKeep allows you to delve into NFTs, DeFi protocols, and DAOs, and engage in cross-chain trading, facilitating easy access to trending NFTs and tokens.
Its Web3 dApp browser lets you explore more than 20,000 dApps across numerous networks. BitKeep, being one of Asia’s largest decentralized wallets, ensures secure, convenient transactions to users in 168 countries spanning America, Europe, and Asia. Crucially, BitKeep also supports BRC-20 tokens.
Xverse Wallet
Xverse Wallet is an advanced, user-friendly Web3 Bitcoin wallet, specifically designed for individuals interested in DeFi and other decentralized applications. It supports managing Bitcoin Ordinals/BRC-20 tokens and NFTs.
With Xverse, you can earn Bitcoin (BTC) with the Xverse stacking pool, connect to Bitcoin web3 dApps powered by Stacks, and safely store your Bitcoin digital assets.
Xverse prioritizes user safety and security by allowing full control over assets and data, storing encrypted private keys only on your device, conducting regular security audits, and offering biometric authentication.
Sparrow Wallet
Sparrow Wallet is a Bitcoin-focused wallet that emphasizes security, privacy, and usability. It supports single-sig and multisig wallets on standard script types and provides full PSBT support.
It also features a comprehensive transaction editor functioning as a blockchain explorer, enabling easy inspection of transaction bytes before broadcasting. Sparrow Wallet is best suited for technologically adept users who value financial self-sovereignty and a gradual journey towards enhanced privacy.
Earth Wallet
Earth Wallet, a cryptocurrency technology firm, aims to establish a novel regenerative economy via the decentralized web. With Earth Wallet, users can store and manage their Bitcoin BRC-20 and Ethereum digital assets on Android devices.
The wallet app features a user-friendly interface, enabling users to effortlessly send and receive tokens and collectibles while tracking the market in real time. Earth Wallet places a high emphasis on user privacy and security, ensuring that users’ funds are as safeguarded as possible.
Hiro Wallet
The Hiro Wallet is a trusted and widely-used tool for managing applications built on the Bitcoin blockchain. It supports multiple types of assets, including Ordinals, and BRC-20 tokens. With its feature-rich interface and ease of use, Hiro Wallet is preferred by many Stacks blockchain users.
Notably, it allows receiving Bitcoin into Native SegWit addresses across multiple accounts and sending Bitcoin to any Bitcoin address. It also simplifies the management and viewing of Bitcoin balances and transactions across accounts. Also, Hiro provides flexibility to switch between networks, such as testnet for testing with tBTC.
Token Pocket
TokenPocket is a user-managed cryptocurrency wallet, providing effortless blockchain connectivity. It supports EVM-compatible chains, including Ethereum and BNB Chain, empowering users to interact with dApps, DeFi, and crypto assets straight from their Chrome browser.
Being an open-source, multi-blockchain wallet, TokenPocket has a robust user base and provides multiple node options across various blockchains. Its intuitive interface facilitates easy interaction with dApps, letting users participate in staking, mining, DeFi protocols, and blockchain games.
TokenPocket is included in this list as they announced the integration of the BRC-20 standard into their wallet on May 9th, thereby expanding the suite of wallets supporting BRC-20s.
Conclusion
Understanding and navigating the BRC-20 token environment can significantly enhance your cryptocurrency experience. By choosing a wallet that supports BRC-20 tokens, you are taking a step towards optimizing your engagement with the evolving Bitcoin network. While currently, hardware wallets lack specific support for these tokens, the future holds promise for greater integration.
As the BRC-20 token standard continues to evolve, so will the tools and technologies around it, expanding its reach and impact in the decentralized digital asset space. Remember, the right wallet can make a vast difference, empowering you to leverage the best of the Bitcoin network and the BRC-20 token standard.
