Ordinals (ORDI) is a protocol that stands out for offering Bitcoin users the opportunity to add extra value to their Satoshis. The protocol provides users with the ability to add data to their Satoshis and create Bitcoin-supported collections and NFTs, offering a unique service. In this article, you can find answers to many questions such as what Ordinals is and what ORDI coin is, which has recently been listed on the giant cryptocurrency exchange, Binance.
Ordinals is a protocol that allows for the addition of extra value to Satoshis, which is the smallest unit of Bitcoin that can be divided into 100 million parts and calculated. The protocol provides users with the ability to add data to their Satoshis and create Bitcoin-supported collections and NFTs, offering a unique service. To fulfill this task, the protocol allows everyone to create inscriptions, or in other words, ordinals, by adding texts to Bitcoin. This additional flexibility has the potential to significantly increase the usability of Bitcoin and help it regain lost market share.
The introduction of Bitcoin NFTs and collections became possible with the release of the BRC-20 token standard earlier this year. This standard works like others by providing guidelines for developers to create new assets within a larger ecosystem without compromising interoperability. Currently, there are over $900 million in assets in BRC-20 tokens. Ordinals aims to increase this figure even further. It is worth noting that there are already over 200,000 Ordinals minted at this point.
However, there are many problems that Ordinals helps solve in the Bitcoin ecosystem. One of these problems is to make it easier and possible to benefit from Bitcoin for NFTs. NFTs are unique tokens that can represent real-world items. The NFT sector is one of the fastest-growing areas in the market.
Ordinals allows everyone to create Bitcoin-supported NFTs without using a sidechain. This allows developers to create ordinals that represent on-chain and off-chain assets. Additionally, rare and exotic collection pieces can also be created as ordinals. As mentioned above, ordinals are Satoshis. Therefore, they can be easily accessed by any Bitcoin user. This makes the protocol more accessible to the masses.
One of the key benefits of Ordinals is that it does not require the use of an off-chain protocol. Networks like the Lightning Network help Bitcoin overcome scalability issues, but adding another network to a transaction also brings associated risks. Ordinals provides a stable and transparent way for Bitcoin to achieve these goals without needing a third party. This approach is ideal for many people as it reduces security risks by reducing the number of transactions. Furthermore, keeping everything on the Bitcoin main network increases transparency.
Another significant advantage brought by Ordinals is ease of use. Using off-chain networks to create digital assets can be a confusing process for many people. Ordinals offers a simplified process that works directly on the blockchain to achieve results. To start creating ordinals, users only need to link their wallets. In addition, the Ordinals project provides industry-level security. The network offers decentralized services from an audited platform. Additionally, the network operates as pure code, reducing human error. Moreover, the Ordinals project is self-financed, preventing external influence.
The main benefit of Ordinals is its ability to tokenize assets and bring them to the Bitcoin Blockchain. Ordinals adds another layer of value to the equation because they are collectible and tradable. Bitcoin users gain access to another layer of value without leaving the ecosystem by using this approach. Through Ordinals, users can add personality to their Satoshis, opening the door to a new collection market. Already, a growing community of digital artists has created NFTs using Ordinals. Most of these NFTs resemble the first Ethereum-based NFT projects with low-resolution images. One of the best things about Ordinals is that they are not officially recognized by the Bitcoin protocol.
ORDI coin is a cryptocurrency that acts as the service token for the Ordinals protocol. Although ORDI coin has various use cases, it is primarily used to pay transaction fees.
ORDI coin can be bought and sold quickly and securely through Binance, the world’s largest cryptocurrency exchange. To buy ORDI coin, you first need to open an account on Binance (if you don’t already have one) and then deposit fiat currency into your account. After depositing a fiat currency such as Turkish Lira, US Dollar, or Euro into your user account on the cryptocurrency exchange, you can perform the purchase transaction through the trading pairs offered for ORDI coin.
ORDI coin trading pairs are available on Binance as ORDI/BTC, ORDI/USDT, and ORDI/TRY starting from November 7, 2023.