Understanding Runes Tokens and BITMAP•BITMAP

Introduction to Runes and BITMAP•BITMAP

The Runes protocol is a new token standard on the Bitcoin blockchain, designed for creating fungible tokens efficiently. One such token is BITMAP•BITMAP, which operates under this protocol. Unlike other token standards, Runes aims to minimize on-chain clutter and improve transaction handling.

What is the Runes Protocol?

The Runes protocol was proposed by Bitcoin developer Casey Rodarmor in September 2023. It serves as an enhanced standard for issuing fungible assets on Bitcoin. Key features include a minimal on-chain footprint and responsible management of Unspent Transaction Outputs (UTXOs). UTXOs are units of Bitcoin value that haven't been spent and can be used in new transactions.

Runes differ significantly from the BRC-20 standard, which is complex and generates excessive junk UTXOs, leading to network congestion. By contrast, Runes seeks to replace BRC-20 and outperform other protocols like RGB and Taproot Assets, which rely on off-chain data.

BITMAP•BITMAP Token Overview

BITMAP•BITMAP is a Runes token issued on the Bitcoin chain. As of the latest data, its live price is $0.00, with a market cap of $0.00 USD. The 24-hour trading volume is $0.00 USD, and it has shown no price movement in the last day. The total supply is capped at 777.78 million tokens.

Market Data and Performance

Tracking the performance of BITMAP•BITMAP involves monitoring its price, market capitalization, and trading volume. These metrics are updated in real-time, providing investors with current insights. However, as a newer token, its market presence is still developing.

Price Calculator Tool

To convert BITMAP•BITMAP to USD, you can use online calculators. For instance, 1 BITMAP•BITMAP equals $0.00 USD. These tools help users understand the value of their holdings without manual calculations.

How to Buy BITMAP•BITMAP

Purchasing BITMAP•BITMAP requires a Bitcoin digital wallet and access to a trading market that supports Runes tokens. Here’s a step-by-step guide:

1. Acquire Bitcoin (BTC): First, purchase BTC from a reputable exchange and deposit it into your Bitcoin wallet, such as Unisat or Bitget Wallet.
2. Access a Runes Marketplace: Visit platforms like unisat.io/runes/market?tick=BITMAP•BITMAP to find BITMAP•BITMAP listings.
3. Execute the Trade: Select the token, specify the amount, and complete the transaction using your wallet.

👉 Explore step-by-step purchasing guides

Purchasing on Centralized Exchanges (CEXs)

Currently, top Runes tokens like DOG•GO•TO•THE•MOON are listed on centralized exchanges such as Bitget. While BITMAP•BITMAP isn’t yet available on major CEXs, it could be listed if it gains popularity. Stay updated on new listings through exchange announcements. Besides Runes tokens, you can also explore other inscription tokens like BRC-20, ARC-20, SPL-20, and ASC-20.

How to Etch and Mint BITMAP•BITMAP

Etching is the process of creating a Runes token, similar to deploying a BRC-20 token. To etch and mint BITMAP•BITMAP, follow these steps:

1. Prepare BTC: Purchase Bitcoin and deposit it into a compatible wallet like Unisat or Bitget Wallet.
2. Find Deployed Runes: Use Unisat’s Explorer (unisat.io/runes/list) to track tokens. Select BITMAP•BITMAP if it’s in progress but not fully minted.
3. Enter Token Details: Go to the token’s detail page (unisat.io/runes/detail/BITMAP•BITMAP) and click "Mint Directly" or use the inscribe interface.
4. Specify Minting Details: Enter the Rune name (BITMAP•BITMAP) and mint quantity. Input your bc1p address in the "To Single Address" field.
5. Adjust Gas Fees: Check the current mempool block and previous mining fees to set an appropriate gas fee. Increase it if necessary for faster processing.
6. Make Payment: Pay using "Pay with BTC" (scanning a code) or "Pay with Wallet" (using the connected wallet). Wait for block confirmation and check your wallet for the transaction.
7. Trading: Once minted, you can sell or buy BITMAP•BITMAP on marketplaces like unisat.io/runes/market. View transaction records under "Order."

👉 Learn advanced minting strategies

Popular Runes Tokens

The Runes ecosystem includes several popular tokens, such as DOG•GO•TO•THE•MOON and RUNES•X•BITCOIN. These tokens often gain traction due to their utility or community support. Monitoring trending tokens can provide insights into market dynamics and potential investment opportunities.

Glossary of Runes Protocol Terms

• Rune: A fungible token on Bitcoin, e.g., a memecoin or utility token.
• Etch: The process of creating a Rune, making its properties immutable.
• Rune Name: A unique ticker consisting of letters A-Z, 1-28 characters long. Initially, only names with 13+ characters are available.
• Spacer: An optional bullet (e.g., ·) added to a name for readability, but uniqueness is based on letters alone.
• Rune Number: A unique identifier indicating the creation order (e.g., Rune 0, Rune 1).
• Rune ID: A unique ID based on block and transaction index (e.g., 500:20 for block 500, transaction 20).
• Rune Symbol: A Unicode symbol (e.g., $, ⧉, 🧿) for the token; default is ¤.
• Divisibility: How finely a token can be divided (e.g., divisibility 2 allows hundredths).
• Premine: Tokens allocated to the creator during etching.
• Mint: Creating new units of a Rune while minting is open.
• Burn: Destroying Runes by sending them to an OP_RETURN output.
• Mint Terms: Rules for when minting opens/closes, e.g., based on block height or supply cap.
• Runestone: Protocol messages stored in Bitcoin’s OP_RETURN area.
• Edict: A message customizing Rune allocation in transactions.
• Cenotaph: A malformed Runestone that burns all involved Runes.

Frequently Asked Questions

What is BITMAP•BITMAP?
BITMAP•BITMAP is a Runes token on the Bitcoin blockchain, created using the Runes protocol. It represents a fungible asset with a fixed supply of 777.78 million tokens.

How does Runes differ from BRC-20?
Runes is more efficient and UTXO-based, reducing network congestion compared to BRC-20, which generates junk UTXOs. Runes also avoids off-chain data reliance, unlike RGB or Taproot Assets.

Can I buy BITMAP•BITMAP on major exchanges?
Not currently, but if it gains popularity, it may be listed on centralized exchanges like Bitget. For now, use supported marketplaces like Unisat with a Bitcoin wallet.

What is etching in the Runes protocol?
Etching is the process of creating a new Rune token, setting its immutable properties. It is similar to deploying a token in other standards but with optimized on-chain efficiency.

How do I avoid burning Runes accidentally?
Ensure your Runestone messages are properly formed to prevent cenotaphs, which burn tokens. Double-check transaction details and use reliable wallets for minting and transfers.

What are common uses for Runes tokens?
They can serve as memecoins, utility tokens, or digital assets for transactions. Their efficiency makes them suitable for various applications on Bitcoin without causing network strain.