Inscriptions are very popular recently, but most newbies still don’t understand what inscriptions are? So today I will focus on talking to you about the emerging field of Bitcoin inscriptions.
What exactly is an inscription? An inscription is a digital imprint created on Bitcoin using new technology. If Bitcoin is compared to digital gold, then inscriptions are gold jewelry, and they share the same essence.
Bitcoin does not have smart contracts and EVM functions like Ethereum, and the once popular BCH and BSV have now declined. As a storage unit of value, Bitcoin is simple and uncomplicated. Although it does not have the sophisticated features of Ethereum, inscriptions still have some value.
Looking back at the analogy of gold jewelry, we can find that although gold itself costs more than $300 per gram, the price of gold jewelry varies greatly depending on the maker. For example, Chow Tai Fook's gold jewelry may cost $600 per gram. LV may be as high as US$10,000 per gram. After learning this information, many people began to get involved in the "gold jewelry" market of inscriptions.
Some time ago, Ordi’s inscription increased by as much as 1,000 times. Known as the Hermès of the currency circle.
As people pursue the money-making effect, more and more inscriptions begin to emerge. Some inscriptions have increased up to 100 times, such as Pepe and Meme. This crazy phenomenon completely imitates Dogecoin and Meme on Ethereum. It is worthless and is purely hype emotions, expectations and consensus. Just two days ago, someone spent only $300 and made 100,000, such as Nals and Gmgn.
In short, there are endless memes on the market, and there are always people willing to take over. Current status of the inscription. In addition to token-like inscriptions, there are also NFT types. They are essentially the same, they are both a string of codes. The difference is that NFT is on-chain data, while Bitcoin is off-chain data. The Bitcoin network has the highest security, and the data on the chain cannot be tampered with.
Therefore, some people believe that the Bitcoin chain is more suitable for making NFTs because they have something in common in terms of scarcity, aesthetics, culture, and community. Many NFT data in Ethereum are stored off-chain and are at risk of being modified, while the Bitcoin chain does not have this problem. Therefore, someone directly copied the monkey picture on the Bitcoin chain and minted it. The price on the secondary market has reached 0.5 Ethereum, which is equivalent to about 5,000 to 6,000 US dollars for a small picture.
In general, inscriptions are one such phenomenon. Even though there are people on the internet touting it as miraculous, I will try to summarize it for you as succinctly as possible.
Someone gave Inscription a good name - BRC-20, calling it a new token distribution method. There are no project parties, no escapes, and no rug pull risks, giving everyone equal opportunities. However, it is not.
The most profitable part of Inscription is the primary market casting, but which one to choose among the many Inscriptions? With the exception of Ordi, the purchase of other inscriptions often relies on the recommendations of others. This information gap makes the market unfair. In addition, the inscription trade is severely clogged and prices are high. do you know? Ethereum’s block time is 12 seconds, while Bitcoin’s is 10 minutes. In fact, inscription technology is still in its infancy, the relevant infrastructure is imperfect, and it is difficult for novices to get started.