Ordinals aka “Bitcoin NFTs” Gain Momentum. How to Find, Buy and Store Them Safely?
Ordinals aka “Bitcoin NFTs” gain momentum as more than 100,000 inscriptions have been created to date!
Here is a brief summary and resources explaining Ordinals; How to find, buy, and store them safely:
Casey Rodarmor launched the Ordinals protocol on the Bitcoin mainnet on January 21st. It allows digital artifacts like images, text, programs, and even video games to be inscribed directly on the Bitcoin blockchain.
In Rodarmor’s estimation, NFTs are “incomplete” because many require off-chain data. On the other hand, Ordinals are “complete” since all the data is inscribed directly on-chain.
Bitcoin ordinals are unique identifiers assigned to each Bitcoin transaction, whereas NFTs are unique digital assets that can be bought, sold, and traded on different blockchain platforms. While both Bitcoin ordinals and NFTs are unique, the former is more closely tied to the Bitcoin blockchain, while the latter is a broader concept that can include a range of digital assets.
Bitcoin ordinals are generated through the mining process and are extremely unique. The ordinal theory concerns itself with satoshis, giving them individual identities and allowing them to be tracked and transferred.
Satoshi, not bitcoin, is the atomic, native currency of the Bitcoin network. One bitcoin can be subdivided into 100,000,000 satoshis, but no further.
The ordinal theory does not require a sidechain or token aside from Bitcoin and can be used without any changes to the Bitcoin network.
You can’t yet hold Ordinals in a browser wallet like MetaMask. You must set up a Bitcoin wallet, Sparrow, that allows enough customization to receive Ordinal inscriptions.
The Ordinals market is purely OTC or peer-to-peer trading right now.
To find ordinal projects, you can check Ordinal’s Discord Channel: https://discord.com/invite/ordinals
Rodarmor’s Ordinal Handbook explains the theory behind the protocol: https://docs.ordinals.com/introduction.html
If you want to learn how to trade ordinal inscriptions, here is an exhaustive list of steps and everything you need to know: https://twitter.com/nftnow/status/1625267446859939842?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1625267446859939842%7Ctwgr%5E939909356bee57a33b185080d82ea7352a47a23c%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fnftnow.com%2Fguides%2Fbitcoin-nfts-ordinals-inscriptions-explained-finding-buying-more%2F
Schedule the call with us today to learn more about NFTs, Metaverse, Smart Contracts, and anything web3: https://kordogroup.com/