Why You Should Know About Bitcoin Runes

Today we discuss Bitcoin Runes: what are they, how do they work, what is a Runestone, and what should we expect next?

➡️ If you missed my latest videos, be sure to give the following a watch:
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Timestamps:
0:00 Video Intro
0:43 BTC Trading Cards Commercial
1:44 Ordinals & BRC-20 Backstory
2:45 Bitcoin Runes Overview
4:58 How Runes Work
6:07 Implications For Fees
9:43 Implications For Mining
10:19 Implications For Bitcoin Nodes
12:14 Participating In Runes
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None of this is financial advice. Do your own research.

Materials Referenced:

#bitcoinrunes #runestone #ianmajor #allthingsbitcoin

[kevinguerrero]

Thanks Ian, great video. How did this Runes spam protocol get into Bitcoin core and what version? Is there a way to run a node with version of Bitcoin that filters this BS out ... knots perhaps?

[quaziz]

Feel sad to destroy Bitcoin by all these Runes and inscriptions

[TREWvids]

Great video! Thanks for the information and recommendations Ian!

[RalphButtigieg]

Can you do something useful with these rune coins? Like issue stable coins?

[ArcaneVerseUni]

Why is there an Ordi token? Shouldn't this be something like an NFT and therefore unique?

[Gregory-ov]

Runes is more garbage benefitting the miners.

[satoshidownunder]

Each cycle has a scam. ICOs, NFTs and de-fi, now runes and rare sats 😂

[DouglasPorter]

The only big name I can find talking about fees. And predictively?! This was the real action this time!

[pilotboba]

I belive Phoenix is doing splicing rather than opening new channels which incurs lower on-chain fees.

Correct me if I understand that wrong.

[osdias]

Won't the bitcoin trapped in these runes/ordinals UTXOs become unusable with high transaction fees? Aren't they basically burning bitcoin by creating these shit tokens with dust bitcoin inside them?

[morteza]

The mempool better become interesting. I'm staying up late for it. It's my first halving.

[jasonsellers]

When you said, "You may not be interested in runes, but runes is interested in you, " I was like "🤨Really? How?"

But then you explained about the higher on-chain fees with even more spam in the mempool. So...thanks for the warning, I guess.

[volodymyrmoisiuk]

watching this video 55 blocks before halving :)

[FRh]

Seems like Bitcoin somehow got cancer while I wasn't paying attention. 🤣
Thanks for the video 🫡