Recently, I've seen quite a few people discussing inscriptions, claiming 100x or 1000x returns, but is it really that simple? I think it's necessary to clarify this matter.

First, let's talk about what inscriptions actually are. Simply put, it's writing data into Bitcoin's smallest unit, satoshis, using the Ordinals protocol, which can be text, images, or even videos. If we compare Bitcoin to digital gold, then inscriptions are like gold jewelry—same essence, but due to craftsmanship and design differences, their value varies greatly. This analogy is quite vivid, no wonder so many people want a piece of the pie.

In the Bitcoin ecosystem, creating such things is called "inscribing," and the resulting items are called "inscriptions." The community often refers to it as "engraving" (打铭文), which means the same.

Regarding the profit effect, indeed some people have made money. The Ordi project was popular for a while; you could mint 100k units for $3,000, and the price soared to $4.50 each, with an incredible increase. But this is precisely the problem—everyone wants to find the next Ordi, leading to all kinds of bizarre projects popping up in the market.

Someone gave inscriptions a new name called BRC-20, claiming it's a new token distribution method with no project team and no risk of rug pulls, and that everyone is equal. Sounds great, but what about reality? BRC-20 is indeed decentralized, anyone can mint, but the problem is—Bitcoin's block time is 10 minutes, Ethereum's is only 12 seconds. Network congestion, high fees, infrastructure still not perfect, and the entry barrier for newcomers is very high. Besides Ordi, most other inscriptions rely on information asymmetry—those who get recommendations make money. This isn't a fair market at all.

Looking at the data makes it clear. The total transaction volume of sats has reached over $100k, with more than 40k addresses holding coins, and rats also have over $40k in 24-hour trading volume. But these projects are essentially meme coins; after the hype fades, funds flow out, and no one knows if they can avoid going to zero. It’s a bit like the animal coins in 2021—hot for a moment, then cooling off quickly.

Currently, 85% of inscriptions on the Bitcoin chain are BRC-20, most of which are meaningless, just speculators gambling repeatedly. The real solution came later with ERC-20, which significantly lowered gas fees, increased transaction speed, and perfectly compensated for BRC-20's shortcomings. So, in this inscription track, only these two have real value; the rest are mostly riding the wave of hype.

To sum up: the inscription market is indeed full of opportunities but also full of risks. In this era of digital gold, choosing the right "gold jewelry" can make you big money, but choosing the wrong one can trap you. Rational analysis and careful research are essential; investment should be cautious, and risks are on your own. We all stand at a crossroads of opportunity, but no one can guarantee which path leads to wealth and which leads to zero.