BRC20 has caused a lot of buzz in the market lately as many of its tokens are giving multiple returns. After Ordinals, the price of BRC20 tokens has seen a significant increase. The BRC20 experiment was carried out after the serial number, and it was successful; at the same time, another experiment was carried out. Almost no one knows about this experiment.
The name of the experiment is Bitcoin Stamps. The Bitcoin (BTC) stamp doesn’t get a lot of attention because it’s not as well-known as the BRC20. In comparison, over 18,000 protocols have been launched on BRC20, but only 111 on SRC-20 on Bitcoin Stamps.
Everything in the cryptocurrency industry can change quickly and without warning. It is difficult to detect and predict when a trend will start. After BRC-20, the next big thing is SRC-20.
If you are worried about the risk of BRC-20, the risk of Bitcoin Stamp is several times higher. Only consider investing in it if you are ready to accept small risks. The risk-reward ratio is directly proportional to the reward, because the greater the reward, the greater the risk.
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Before deciding whether to accept the risk, it is important to understand the concept of a Bitcoin stamp. If you like the concept, please consider it. Well, from my point of view, bitcoin stamps can be a money making opportunity.
In order to understand the various aspects of Bitcoin Stamps, you must first understand the concepts of Ordinal and BRC-20.
BRC-20 & SRC-20
The Ordi token is the most popular token on BRC-20 as it was the first token to be minted on BRC-20. Likewise, the first token Kevin has been issued in Bitcoin Stamps SRC-20. The minting volume of Kevin tokens has exceeded 100%, which means that after 100%, the person who minted the tokens will be invalid.
Source: SRC-20 index screenshot
We need to be extra careful with BRC-20 and SRC-20 tokens as their suitable markets are untapped. Their indexing is not working properly and minting is taking a lot of time. However, the SRC-20 token could be an opportunity we can grab first.
First, keep in mind that the coin with the lowest minting percentage should be chosen. Do not try to mint any tokens that have reached 50%. The reason for this is that when your minting time is up, the minting pool may be empty.
The index of all SRC-20 tokens is shown above. Since this index is not regularly updated, the percentages you are currently seeing may not be correct. You will want to check different sources for Bitcoin Stamps for updates, such as joining their Telegram group.
Tokens such as Kevin, Stamps, Pepe, Bobo Shib, and Punks can be found in the index. Because of their potential to resonate in the future, it’s okay to track only valuable and rare coins in this case. Names are important here. 4
You must ask this question: What is the difference between the SRC-20 and the BRC-20?
The difference between the two is small, but huge on a technical level.
All transactions that occur in BRC-20 are stored in witness data. Whereas SRC-20 data is stored in spendable data transactions. Don’t worry if you don’t understand these two types of transactions as I will explain the difference between these two types of data transactions.
Here, if the core developers of Bitcoin decide not to cut and keep the witness data transactions in the Bitcoin blockchain, then the existing BRC-20 and serial number can theoretically be removed from the blockchain. For this reason, I wrote an article two days ago, Bitcoin may be hard forked.
Bitcoin stamps are never removed from the blockchain, as all data is stored in spendable data transactions. It also has a disadvantage, here you can store very small amount of data.
Bitcoin Stamps was launched after Ordinal. Many NFT stamps are listed on Bitcoin Stamps. To store these Stamps images, the image size should be less than 6 KB. If the image size exceeds 6 KB, it will not be saved because it stores very little data.
These stamp photos cannot be removed from the Bitcoin blockchain, so they may become popular in the future.
I hope you now understand the basic concepts.
How to Mint Stamps
Photo by Mark Fletcher-Brown on Unsplash
Their website is really corny, like we’re in the 19’s.
In fact, there is no advanced minting facility as no marketplace has been launched so far.
Stampchain Explorer is pictured above; it is very slow and the data in the browser is not updated regularly. Their blocks are currently experiencing sync delays. All minted stamps can be found on their explorers.
If you would like more information on a particular stamp, click “View More”. You’ll find out which wallet it was minted in and how many stamps it contained. Remember, this is not real-time information.
Source: GitHub screenshot
All requirements for SRC-20 can be found on their GitHub page. The process of all technical procedures, including how to mint Stamp, deploy Stamp, and transfer Stamp, is explained in the GitHub source code.
Don’t despair if you’re having trouble understanding the code; there’s an easy solution.
You can visit the official website of SRC-20 for support. Minting costs here are extremely high. It costs four times as much as the BRC-20.
We have to go to the SRC-20 conferencing utility.
You have to copy the code name of any stamp you want from the list.
There will be three columns in the SRC-20 Conference Utility. Tick, amount and operation
- Operation: Select mint
- Tick : stamp name
Source: SRC-20 index screenshot
See Mint column
- Quantity: We have to write in the list the stamp minting limit given to us. Limits of 42000, 100000 and 1000 are written on the page in front of each stamp; we must enter these limits in the Amount box.
- Address: There are two options here. First, your bitcoin address must start with 1 or 3. Second, your bitcoin address must start with bc1q, and you must enter the same address.
If your address does not start with 1 or 3 in legacy, or bc1q in Segwit, and you enter another bitcoin address in Mint, you will not receive tokens.
When you click on a quote, you will be told how much to charge. The estimated fee is 0.0026 BTC, which is about $71.
Send BTC fee
Finally, after clicking the Stamp or Token button, the transaction will be generated. There you will get details like billing.
The minting fee amount that will be shown to you needs to be transferred to the bitcoin wallet address in the sending line above. Stamps will arrive in your wallet 10-12 hours after the fee is sent.
This is the whole stamp casting process.
I hope you now know how to make a stamp.
how to make a stamp
Source: Screenshot of SRC-20 Utility
Now let’s get into our topic and get back to the SRC-20 conference utility for that…
- Action: Select a deployment option.
- Tick: Write the name of your choice.
- Total Supply: Write down the required supply.
- Mint on Limit: How many stamps can be minted in a wallet, this number must be written down.
- Wallet Address: In which wallet the stamp will be placed.
Once you click Quote, your stamp will be created instantly. You can choose Hiro wallet to store your bitcoin stamps.
Bitcoin Stamps are similar to Ordinal NFTs. So far, only 30,503 stamps have been created and 6 million NFTs have been minted in Ordinal. The difference in the number of mints shows how much more noise is coming.
I’m sure if you get some stamps early on, you’re bound to get something in return in the future. Remember, this is quite risky.
how to buy stamps
Source: Screenshots taken from Xchain.io and Rarestamp
Go to the official website of Rarestamps and click on the desired stamp. Stamp details are displayed immediately after clicking. Specifically, in Open Dispensers you will find a link, clicking on it will take you to xchain.io.
Some details must be checked on xchain.io, such as Give Quantity, Escrow Quantity, Give Remaining; none of the three should be 0, and there should be no confirmed transactions.
One thing you must know about xchain.io is that this is all experimental stuff, they are developing and developing new features.
The Bitcoin address above the QR code on the left and the BTC amount below it will be displayed. A written BTC amount must be entered. After the transaction is completed, the seal will appear in your legacy address or Segwit Bitcoin address within a short time.
Follow the whole process carefully so you don’t make mistakes.
I hope you have learned almost everything about the SRC-20.