BRC-20 tokens on Bitcoin might seem like the next hot thing in crypto issuance and trading. So why did their creator warn that they “will be worthless?' Opinion by DavidZMorris for The Node newsletter
But Domo, and most other experts, have issued strong warnings against financial speculation in the new token format. In fact, just after the experimental standard was launched,With a flood of new BRC-20 memecoins being
On the one hand, the BRC-20 standard is just a proposal at this point, and there’s no guarantee it will be widely integrated into blockchain tools like wallets and exchanges. Average users will probably have a hard time accessing BRC-20s for the foreseeable future. Wallets have to have special features to read ordinals, and even more special features to read the new BRC-20s.
But second, and more fundamentally, it remains unclear just where the economic value of tokens issued on Bitcoin might come from. For now, this means BRC-20s can’t serve as the backbone of decentralized autonomous organizations or other more complex systems that would give them utility and value. There are certainly possible use cases for simple tokens on Bitcoin, but their structure may wind up being radically different from tokens on Ethereum – a topic for a deep dive at another time.
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