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ORDI (ORDI) is the first BRC-20 token created using Bitcoin’s ordinals protocol and has gained attention due to its integration as a memecoin on Bitcoin’s Blockchain. This token allows data writing and trading using Bitcoin’s existing infrastructure but has simpler functionality compared to Ethereum’s ERC-20 standard due to limited smart contract capabilities. In this article, you can find answers to two frequently asked questions: What is ORDI (ORDI) and how to buy ORDI (ORDI) with TRY.
What is ORDI (ORDI)?
ORDI is the first BRC-20 token launched in March 2023 using Bitcoin’s ordinals protocol. The ordinals protocol, developed by Casey Rodarmor, allows writing data such as text, images, audio, and video onto a Satoshi. This feature offers capabilities beyond Bitcoin’s original functionality and enables the creation and trading of NFTs and other digital assets directly on the Blockchain.
The BRC-20 standard is adapted to the Bitcoin network, inspired by Ethereum’s ERC-20 standard. While ERC-20 tokens are built on smart contracts, BRC-20 tokens work by writing data onto a Satoshi. This provides a new use case using Bitcoin’s existing infrastructure without needing external smart contract platforms. ORDI’s value and popularity have rapidly increased due to the project’s uniqueness and the new opportunities it brings to the Bitcoin network.
ORDI’s development expands the capabilities of derivative and leveraged trading on Bitcoin’s Blockchain while providing a secure and decentralized environment. ORDI coin offers advantages such as governance, staking, and reduced trading fees. Additionally, its listing on high-profile exchanges has expanded its reach and increased trading volume.
Technically, the BRC-20 token standard is supported by Bitcoin’s Taproot update, allowing the network to handle more complex data. BRC-20 tokens define token properties using JSON-based writing data, making token creation possible without technical knowledge. However, they have more limited programmability compared to ERC-20 tokens and are subject to Bitcoin’s network limitations.
Challenges faced by ORDI include the inability of the Bitcoin network to handle increasing data load and rising transaction fees. Additionally, speculative trading of ORDI can cause price fluctuations, posing risks for investors. While the BRC-20 standard lacks advanced smart contract capabilities, the limitations in Bitcoin’s design make it difficult to develop complex dApps directly using BRC-20 tokens.
How to Buy ORDI (ORDI) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy ORDI (ORDI). Over 100 cryptocurrencies, including ORDI, can be traded quickly on Binance TR. Follow these steps to buy ORDI (ORDI) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and continue from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, email/sms verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that need to be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” You will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap “Upload front side” to continue. After taking a photo of the front side of the document you selected, tap “Upload back side” and take a photo of the back side of the document. Make sure the images are clear and the information in the photos you take is easily readable.
Then tap the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible.
After completing all these steps correctly, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 via FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click “Deposit” from the drop-down menu.
Then a page like the one below will open, where you can select your preferred bank to continue the deposit process. If your preferred bank is not yet integrated with Binance TR, you should click “Other Banks” to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all banks. When you click the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST. All you need to do is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet on your Binance TR account.
How to Buy ORDI Coin with TL on Binance TR?
After depositing money, you can proceed to the TL to ORDI coin purchase step by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking this option, the page below will open. Type “ORDI” in the search bar on the right side of this page and click the ORDI/TRY option from the results to go to the TL to ORDI purchase page.
Now the ORDI purchase page will open as shown below. In the red box, enter the price at which you want to buy ORDI in the first box and the number of ORDI you want to buy in the second box. After entering the amount, click the “Buy ORDI” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) via direct banking channels and trade various cryptocurrencies with TRY pairs through Binance TR.
Users supported by Binance TR have access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance’s core functions.
