Bitcoin’s BRC-20 Mania: Is It Sustainable? - Ep. 493

Unchained

Laura Shin

News, Business News, Tech News

4.6 • 1.3K Ratings

🗓️ 16 May 2023

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ordinal theory has unleashed a new wave of NFTs, memecoins and innovation on Bitcoin — but not without controversy. Bitcoin educator Dan Held and Bitcoin Frontier Fund Managing Partner Trevor Owens join the show to discuss the breakneck rise of BRC-20s and why they’re both bullish on what memecoins mean for the original blockchain. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: what ordinal theory is and how it enabled Bitcoin “NFTs” how the Ordinals Protocol differs from the ERC-721 token standard used by many Ethereum NFTs how BRC-20s work by relying on some off-chain mechanisms why Bitcoin is not a “dinosaur chain,” according to Dan why Trevor says BRC-20 memecoins are superior to those on Ethereum what the practical utilities of BRC-20s are, if any why transaction fees in Bitcoin rose so much and why it’s healthy for the network whether innovation is coming back to Bitcoin whether Satoshi Nakamoto would have approved of Bitcoin NFTs the role of speculation in fueling bitcoin adoption the current and future state of layer 2s on Bitcoin why Dan says BRC-20s “absolutely” solve the problem with Bitcoin’s security budget why it’s hard to determine an “appropriate” amount for the security budget of Bitcoin how the NFT market could be shaped after the rise of Ordinals and BRC-20s what needs to be developed so that BRC-20s can flourish Thank you to our sponsors! Crypto.com Guests: Dan Held, Bitcoin educator and marketing advisor at Trust Machines Trevor Owens, managing partner at Bitcoin Frontier Fund Previous coverage of Unchained on Ordinals: Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - NFT Crypto Links Unchained: How to Create a Bitcoin Ordinal Bitcoin Core Developers Mull Getting Rid of BRC-20 Transactions Binance Briefly Halted Bitcoin Withdrawals Amid Network Congestion Domo’s thread on BRC-20s Anita Posch’s comments.on the high fees Nic Carter: There's No Such Thing as High Fees on Bitcoin Nic Carter’s MIT presentation: MIT Bitcoin Expo 2019 - 10 years of Bitcoin: Evaluating its Performance as a Monetary System Decrypt: Michael Saylor: Bitcoin Ordinals Are a ‘Catalyst’ for Adoption [bitcoin-dev] [Mempool spam] Should we as developers reject non-standard Taproot transactions from full nodes? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no-hate resource for all things crypto. I'm your
0:09.0	host, Laura Shin, author of The Crypto Peans. I started having crypto eight years ago,
0:14.4	and as a senior editor, Forbes was the first mainstream media reporter to cover cryptocurrency
0:18.4	full-time. This is the May 16, 2023 episode of Unchained.
0:23.4	If you've been enjoying Unchained and find the discussions here, fascinating, mind-blowing,
0:27.6	or as crypto tends to be, downright bonkers, please share this episode with a friend to keep
0:32.8	the conversation going.
0:34.3	Buy, trade, and spend crypto on the Crypto.com app. New users can enjoy zero credit card fees
0:40.3	on crypto purchases in the first seven days. Download the Crypto.com app and get $25 with
0:46.3	the code Laura. Link in the description.
0:49.8	Today's topic is BRC20s. Here to discuss our Dan Held, Bitcoin Educator and Marketing
0:56.3	Advisor at Trust Machines and Trevor Owens, Managing Partner at Bitcoin Frontier Fund.
1:01.8	Welcome, Dan and Trevor.
1:03.8	Thanks, Laura.
1:04.8	Thanks for having us, Laura.
1:06.3	BRC20 tokens are generating a ton of interest, plus they're causing a bit of a furor in the
1:11.5	Bitcoin community. Before we dive into the topic of BRC20s, we need to define a few terms
1:17.6	and give some background. And I personally feel like people need to understand a bit more
1:22.9	about ordinals before we can even get there. So why don't we start by explaining what
1:28.0	Bitcoin ordinal theory is?
1:31.3	Sounds good.
1:32.3	So I'll start with the basics and Trevor's, you know, he's really deep in this space
	...

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