How to Buy Bitcoin Runes

Can I Buy Bitcoin Runes?

Yes, you can now purchase Bitcoin Runes. Following the recent Bitcoin halving event, the Runes protocol has been activated, and the tokens are available on the Bitcoin blockchain as fungible assets. Investors can acquire Runes through cryptocurrency exchanges and NFT marketplaces that support transactions on the Bitcoin network’s UTXO model, which the Runes protocol utilizes.

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How to Buy and Trade Bitcoin Runes

For investors looking to acquire Bitcoin Runes, the primary channels are platforms like Magic Eden or Unisat that support the Ordinals protocol. First, ensure you have a compatible Bitcoin wallet, such as Leather or Magic Eden's native wallet. Let’s walk through the purchase process on Magic Eden, noted for its high user traffic and trading volume:

1. Visit the Magic Eden website and link your Bitcoin wallet or download the Magic Eden wallet equipped for Runes.
2. Load your wallet with Bitcoin (BTC), which you'll use to buy Bitcoin Runes.
3. Search the Magic Eden marketplace for the specific Bitcoin Rune you wish to purchase.
4. Select your desired Bitcoin Rune, and follow the prompts to execute the purchase.

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What are the Fees?

When purchasing Bitcoin Runes on Magic Eden, you'll encounter a transaction fee structure that is tailored to ensure a favorable trading environment. Here’s a breakdown of the fees:

• Listing Fee: Magic Eden does not charge any fees for listing an NFT, including Bitcoin Runes.
• Transaction Fee: For every transaction completed on the platform, Magic Eden applies a 2% fee. This fee is calculated based on the total sale price of the Bitcoin Rune.
• Royalties: Royalties are additional costs paid to the creator of the Bitcoin Rune, set at varying percentages by the creators themselves. These royalties are automatically deducted and paid immediately following a transaction.
• Offer Fees: There are no fees for making or canceling offers on Bitcoin Runes on Magic Eden. However, the offered price is temporarily held in escrow by the platform during the offering period.

These fees ensure that creators are compensated for their work while maintaining a fluid market for buyers and sellers.

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What are Bitcoin Runes?

Bitcoin Runes, introduced during the Bitcoin halving on April 20, 2024, set a new standard for fungible tokens on the Bitcoin blockchain. Created by Casey Rodarmor, Runes leverage the UTXO model to produce tokens more efficiently, enhancing scalability and reducing congestion relative to prior standards like BRC-20s and Ordinals. 

The protocol directly integrates tokens into the blockchain via the OP_RETURN script, promoting streamlined operations and extensive usability across Bitcoin's ecosystem.

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Closing Thoughts

In conclusion, Bitcoin Runes offer a new and efficient way to engage with fungible tokens directly on the Bitcoin blockchain. Thanks to their launch coinciding with the recent Bitcoin halving on April 20, 2024, Runes are now accessible for trading on platforms that support the UTXO model, such as Magic Eden.

Whether you are buying, listing, or trading Bitcoin Runes, the process is supported by a straightforward fee structure that promotes ease of transaction while supporting creators through royalties.