- Bitcoin Runes is a new development in the Bitcoin ecosystem that emerged in early 2024 and is intended to extend Bitcoin's functionality beyond just buying and selling the token.
- The protocol applies Bitcoin's underlying UTXO (Unspent Transaction Output) system to create a fungible token standard, making creating and managing digital assets on the Bitcoin blockchain easier.
- Bitcoin Runes faces resistance because it's different from known token standards and deviates from Bitcoin's original purpose.
- The protocol introduces community-focused tokens and could increase miners' earnings.
- Bitcoin Runes is a new protocol that aims to be more efficient and user-friendly than current incumbents like BRC-20.