What is Bitcoin Runes?
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🟢 The simple version
Plain English — no jargon. Start here.
Bitcoin Runes is a fungible token protocol launched by Casey Rodarmor (creator of Ordinals) at the April 2024 Bitcoin halving, using OP_RETURN outputs to store token data directly on-chain — making it more Bitcoin-native and UTXO-friendly than the earlier BRC-20 standard.
Runes vs BRC-20
BRC-20 tokens (the earlier Bitcoin fungible token standard) stored data in taproot witness data, which some argued "bloated" the Bitcoin UTXO set. Runes uses OP_RETURN — a standard Bitcoin script opcode that marks an output as unspendable, storing up to 80 bytes of data. This is more efficient and avoids UTXO set bloat. Runes launched at block 840,000 (the 2024 halving block), creating a historic coordination point.
Is trading Runes tokens legal in India?
Yes. Runes tokens are VDAs under Indian law. 30% tax and 1% TDS apply.
🟡 A bit more detail
For when you want to go a little deeper.
Runes etching and minting
"Etching" creates a new Rune (similar to deploying a contract). "Minting" issues tokens. Each Rune has a name (uppercase letters, e.g. DOG•GO•TO•THE•MOON), a symbol, and divisibility. Runes are traded primarily on Bitcoin marketplaces like Magic Eden and OKX. The largest Rune by market cap in 2024 was DOG•GO•TO•THE•MOON (DOG), launched by the team behind the original Doge NFT.
🟣 The full technical picture
For the technically curious.
Key facts
- Creator: Casey Rodarmor (also created Ordinals)
- Launch: April 2024 halving (block 840,000)
- Mechanism: OP_RETURN (vs BRC-20's taproot witness)
- vs BRC-20: More UTXO-efficient, Bitcoin-native design