Bitcoin Runes Make Their Cryptocurrency Debut: Here’s What We Know About Them

2024 looks to be an exciting time for the Bitcoin ecosystem. Since January of this year, Bitcoin ETFs were recently approved for trading in the United States. In another latest development, a new name has entered the Bitcoin family. It is an innovative protocol called “Bitcoin Run” that aims to solve problems associated with Bitcoin-based token systems that rely on off-chain data and native tokens for operation.

Bitcoin Runes debuted in the cryptocurrency space on April 20, its release date coinciding with the event of Bitcoin’s fourth halving. Runes was created by Casey Rodermore, who also created the now popular Runes token number BTC-based protocol NFT.

Bitcoin runes are said to improve the management of unspent transaction outputs, or UTXOs, on the Bitcoin blockchain. A UTXO is a fraction of the Bitcoin value associated with a specific address on the blockchain and represents funds that have not yet been spent.

The protocol is able to directly use Bitcoin’s native functionality to reduce blockchain redundancy and improve user experience. In the process, Runes will ensure that each unit of Bitcoin in the transaction is properly accounted for. Thus, the possibility of coin counterfeiting is eliminated, allowing transparency and integrity in all transactions while mining. Notifying followers in X of the benefits associated with Rodarmor Runes.

The introduction of Runes is expected to expand the types of tokens that the Bitcoin blockchain can support and increase the overall utility quotient of Bitcoin. Additionally, the Runes protocol will simplify the process of creating NFTs based on the Bitcoin blockchain.

Runu released it saying it fluctuates in transaction fees.

Currently, the fee for a medium priority transaction is $8.48 (around Rs. 705), while the fee for a high priority transaction is $9.32 (around Rs. 775). That said, a significant drop compared to the previous metric. Before the Runes halving and launch, BTC was trading at $146 (roughly Rs. 12,167) for medium-priority transactions and $170 (roughly Rs. 14,167) for high-priority transactions.

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