[{"data":1,"prerenderedAt":332},["ShallowReactive",2],{"api/learn-center-post-en-GB-what-are-bitcoin-runes":3,"en-gb/learn/cryptocurrency-guide/what-are-bitcoin-runes-en-GB-seo":63,"footer-en-GB":68,"navigation-en-GB-learn-center":241,"api/learn-categories-en-GB":292},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":45,"title":5,"formattedPublishedAt":56,"geofencings":57,"category":58,"pagination":60,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What are Bitcoin Runes?","What are Bitcoin Runes? - Cryptocurrency Guide","What are Bitcoin Runes? How does the Runes protocol work? Read our guide to Bitcoin Runes. - Cryptocurrency Guide",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_are_Runes_1png_41d3700c28_b1c6f37832.png","image/png",".png",743,381,"What_are_Runes_1png_41d3700c28.png","",[],[20,23,26],{"pathname":21,"locale":22},"/learn/cryptocurrency-guide/what-are-bitcoin-runes/","en",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-are-bitcoin-runes/","es",{"pathname":27,"locale":28},"/en-gb/learn/cryptocurrency-guide/what-are-bitcoin-runes/","en-GB",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-are-bitcoin-runes",false,"\u003Cp>Runes is a Bitcoin-based protocol that allows for the creation of fungible tokens on the Bitcoin blockchain.\u003C/p>\n",{"url":39,"mime":40,"ext":41,"width":42,"height":43,"name":44,"alt":17},"bitstampImageUrl/What_are_Runessvg_613f3ffc9d_a301751fa1.svg","image/svg+xml",".svg",1676,858,"What_are_Runessvg_613f3ffc9d.svg",[46],{"component":47,"props":48,"content":49,"secondaryContent":53,"ctas":54,"secondaryCtas":55,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":50,"width":51,"align":52},"\u003Cp>Runes is a Bitcoin-based protocol that allows for the creation of fungible tokens on the Bitcoin blockchain.\u003C/p>\n\u003Cp>Perhaps the most well-known cryptocurrency token standard is Ethereum’s \u003Ca href=\"/en-gb/learn/crypto-101/what-is-erc20/\">ERC-20\u003C/a>, which was originally proposed in 2015. ERC-20 allowed developers to create fungible (\u003Cem>i.e.,\u003C/em> interchangeable) digital assets on top of Ethereum’s blockchain, and it standardized how these tokens could be created, managed, and used in smart contracts. Ethereum’s inherent computational ability made this functionality natural.\u003C/p>\n\u003Cp>However, Bitcoin was originally developed as a simple solution for storing and transferring digital value, making other functionality—like smart contracts and alternative token standards—less organic. Still, developers have been creative in their ways to build on Bitcoin. This ingenuity has brought multiple Bitcoin-based fungible token standards thanks to continued upgrades to the underlying code.\u003C/p>\n\u003Cp>Introduced in 2023, \u003Cstrong>Runes\u003C/strong> is a protocol for creating and managing fungible tokens on Bitcoin that uses Unspent Transaction Outputs (UTXOs)—a basic function of Bitcoin—rather than a more complex, secondary system (like Ordinals). It was introduced to be a resource efficient solution for creating and trading tokens on bitcoin (like \u003Ca href=\"/en-gb/learn/crypto-101/what-are-memecoins/\">memecoins\u003C/a>) without excessive on-chain “bloat”.\u003C/p>\n\u003Ch2>How was the Runes protocol developed?\u003C/h2>\n\u003Cp>When the Runes protocol was announced, the idea of alternative assets on the Bitcoin blockchain was not new. The earliest forms of Bitcoin-based \u003Ca href=\"/en-gb/learn/web3/what-are-nfts-non-fungible-tokens/\">non-fungible tokens\u003C/a> (NFTs) were first conceived between 2012 (Colored Coins) and 2014 (Counterparty). The latter most famously supported Spells of Genesis, a digital trading card game, and Rare Pepes, which some would argue were the first meme NFTs.\u003C/p>\n\u003Cp>Enter Casey Rodarmor, the Bitcoin developer who launched the \u003Ca href=\"/en-gb/learn/blockchain/what-are-bitcoin-ordinals/\">Ordinals\u003C/a> protocol in December 2022. Ordinals claimed to create true NFTs on Bitcoin by using a novel mechanism for tracking \u003Ca href=\"/en-gb/learn/crypto-101/what-is-a-satoshi/\">satoshis\u003C/a>. However, its design inherently creates a lot of new on-chain data, which made the Bitcoin network sluggish and expensive to operate. This quickly became problematic, as more than 1 million Ordinals had been created by April 2023.\u003C/p>\n\u003Cp>Colored Coins, Counterparty, and Ordinals all created ways to use NFTs on Bitcoin—but not \u003Cem>fungible\u003C/em> tokens. In March 2023, a pseudonymous developer named Domo announced \u003Ca href=\"/en-gb/learn/web3/what-is-brc-20/\">BRC-20\u003C/a>, a fungible token standard for Bitcoin based on Ordinals. Although this solved the fungible token problem, it was still based on a protocol that heavily taxed Bitcoin’s network.\u003C/p>\n\u003Cp>Therefore, in September 2023, Rodarmor—fresh off his launch of Ordinals only 10 months prior—proposed Runes, a UTXO-based fungible token protocol for Bitcoin. The first rune was created on Block 840,000 in April 2024, after the highly anticipated halving.\u003C/p>\n\u003Ch2>How do Runes work?\u003C/h2>\n\u003Cp>The Runes protocol uses the strong foundation of Bitcoin’s code and its most important upgrades to allow developers to create and manage fungible tokens on the blockchain. The main components include:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cp>\u003Cstrong>Bitcoin’s base code\u003C/strong> – Bitcoin transactions use a model called \u003Cstrong>Unspent Transaction Output (UTXO)\u003C/strong>. When a transaction is initiated, BTC in a user’s wallet are divided into 1) UTXOs to be sent to other parts of the network and 2) UTXOs to return to that user as “change.” UTXOs can contain any number of bitcoins/satoshis (or runes), and they can only be used once before being marked as \u003Cem>spent\u003C/em>. The \u003Cstrong>OP_RETURN\u003C/strong> “opcode” allows for more flexible storage of arbitrary data on Bitcoin, which is used by Runes to define tokens’ names, symbols, and other information. This information, stored in OP_RETURN script, is called the runestone.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>Segregated Witness\u003C/strong> – Launched in 2017, “\u003Ca href=\"/en-gb/learn/blockchain/what-is-segregated-witness-segwit/\">SegWit\u003C/a>” changed how transaction data is processed, ultimately decreasing the size of transactions and allowing more transactions per block.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>Taproot\u003C/strong> – Launched in 2021, the \u003Ca href=\"/en-gb/learn/blockchain/what-is-the-taproot-upgrade/\">Taproot Upgrade\u003C/a> also reduced the size and cost of transactions by simplifying signatures (using a new type called \u003Ca href=\"/en-gb/learn/blockchain/what-are-schnorr-signatures/\">Schnorr signatures\u003C/a>) and allowing for more complex scripts.\u003C/p>\n\u003C/li>\n\u003C/ul>\n\u003Cp>In sum, Runes uses the additional efficiency and functionality of Bitcoin transactions (from SegWit and Taproot) and the base code (UTXOs and OP_RETURN) to specify the parameters of fungible digital assets and allow them to be traded across the network.\u003C/p>\n\u003Cp>Other fungible token protocols on Bitcoin\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cp>\u003Cstrong>BRC-20\u003C/strong> – uses Ordinals as a base protocol, which creates more bloat on the blockchain.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>SRC-20\u003C/strong> – uses Bitcoin Stamps as a base protocol, which writes data directly onto UTXOs.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>\u003Cstrong>RBG\u003C/strong> – uses a smart contract system and is usable on Bitcoin’s \u003Ca href=\"/en-gb/learn/blockchain/what-is-the-lightning-network/\">Lightning Network\u003C/a>.\u003C/p>\n\u003C/li>\n\u003C/ul>\n\u003Ch2>How are Runes used?\u003C/h2>\n\u003Cp>Runes are created (etched) and then released (minted) into users’ wallets before being tradable on the Bitcoin network. Although they exist on Bitcoin’s mainnet, third party wallets and platforms may be necessary to etch, mint, trade, and interact with runes (like Xverse, or \u003Ca href=\"/en-gb/learn/web3/what-is-phantom/\">Phantom\u003C/a>). Despite this extra layer of complexity, runes otherwise operate like any other digital asset familiar to the crypto community.\u003C/p>\n\u003Cp>To date, runes have primarily been used to create and trade memecoins, which means they are primarily speculative assets.\u003C/p>\n\u003Ch2>Conclusion\u003C/h2>\n\u003Cul>\n\u003Cli>\u003Cp>Runes are fungible tokens on the Bitcoin blockchain introduced by the developer of Ordinals.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>Although there are other protocols for creating Bitcoin-based fungible digital assets, Runes are designed to minimize data use and blockchain congestion.\u003C/p>\n\u003C/li>\n\u003Cli>\u003Cp>Memecoins dominate the runes market, as the protocol was developed with this purpose in mind.\u003C/p>\n\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"July 29th, 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":231,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":232,"geofencings":233},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":235,"value":236,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":237,"geofencings":238},"+352 20 88 10 96","+35220881096",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"items":242,"ready":33,"platformButtonText":288,"backButtonText":289,"logInButtonText":290,"signUpButtonText":291},[243,248,254,257,261,266,271,274,279,284],{"headerName":244,"sidemenuName":125,"url":245,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":246,"submenu":247,"tag":17},"Institutions","/en-gb/institutional-trading/",{},[],{"headerName":249,"sidemenuName":249,"url":250,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":251,"submenu":252,"tag":253},"Derivatives","/perpetual-futures/",{},[],"NEW",{"headerName":140,"sidemenuName":140,"url":141,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":255,"submenu":256,"tag":17},{},[],{"headerName":258,"sidemenuName":258,"url":113,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":259,"submenu":260,"tag":17},"Mobile App",{},[],{"headerName":262,"sidemenuName":262,"url":263,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Markets","/markets/",{},[],{"headerName":267,"sidemenuName":267,"url":268,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":269,"submenu":270,"tag":17},"Earn Stake","/en-gb/crypto-staking/",{},[],{"headerName":117,"sidemenuName":117,"url":118,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":272,"submenu":273,"tag":17},{},[],{"headerName":275,"sidemenuName":275,"url":276,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":277,"submenu":278,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":280,"sidemenuName":280,"url":281,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":282,"submenu":283,"tag":17},"Learn","/learn/",{},[],{"headerName":285,"sidemenuName":285,"url":113,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":286,"submenu":287,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[293,297,301,305,309,313,316,320,324,328],{"title":294,"url":295,"geofencings":296},"Blockchain technology","/en-gb/learn/blockchain/",{},{"title":298,"url":299,"geofencings":300},"Company profiles","/en-gb/learn/company-profiles/",{},{"title":302,"url":303,"geofencings":304},"Crypto 101","/en-gb/learn/crypto-101/",{},{"title":306,"url":307,"geofencings":308},"Crypto definitions","/en-gb/learn/crypto-definitions/",{},{"title":310,"url":311,"geofencings":312},"Crypto trading","/en-gb/learn/crypto-trading/",{},{"title":32,"url":314,"geofencings":315},"/en-gb/learn/cryptocurrency-guide/",{},{"title":317,"url":318,"geofencings":319},"People profiles","/en-gb/learn/people-profiles/",{},{"title":321,"url":322,"geofencings":323},"Security","/en-gb/learn/security/",{},{"title":325,"url":326,"geofencings":327},"Tutorials","/en-gb/learn/bitstamp-tutorials/",{},{"title":329,"url":330,"geofencings":331},"Web3","/en-gb/learn/web3/",{},1777532327098]