Bitcoin

All about Bitcoin Ordinals

CoinWealthly

04 Oct 2023 — 1 min read

"Digital artifacts", aka #nfts on the Bitcoin chain.

What is a Bitcoin NFT ?

Bitcoin NFT refers to NFTs that are being created on the Bitcoin chain using the Ordinals protocol.

The Ordinals project refers to the Bitcoin NFT as a “digital artifact”.

How is it different from other NFTs?

- NFTs started in the Ethereum chain &have since found their way to Solana, Polygon & other chains.
- NFTs are implemented using smart contracts technology.
- Bitcoin NFTs are being implemented using the Ordinals protocol and are a part of the main Bitcoin chain.
- Bitcoin NFTs using the Ordinals protocol are referred to as digital artifacts.

NFTs can point to off-chain content, whereas all the content of a digital artifact is contained within the Bitcoin blockchain.

What is the Ordinals project?

- Ordinals is a protocol built to operate on the Bitcoin chain.
- Its aim is to convert an individual Satoshi into an NFT referred to as a digital artifact.
- In other words, a fungible Satoshi token is converted into a non-fungible NFT token.

What is an inscription ?

- An inscription refers to a stamp that is imprinted on a Satoshi.
- The stamp is typically an image or other content and is typically a part of an NFT collection.
- An inscription converts a Satoshi to a unique NFT or digital artifact within a collection.
- Ordinals provides the technology to inscribe an image onto a Satoshi thereby converting it into an NFT, referred to as a digital artifact.

How can I buy a Bitcoin NFT ?

Bitcoin NFTs are currently being sold in peer-to-peer transactions and can be bought by joining Bitcoin NFT discord groups.

How many Bitcoin NFTs have been minted ?

As of February 8th 2023, about 10,000 Bitcoin NFTs have been minted.

Concerns around Bitcoin #NFTs

- Several concerns have been raised regarding placing NFTs on the Bitcoin blockchain.
- Bitcoin maxis are worried that it takes away from the heart of Bitcoin’s intent of being sound money.

Other technical/logistic concerns include :
- Increased block size.

- Increased transaction costs.

- Censorship issues around the NFT content.

All about StepN NFT

StepN is a web3 lifestyle app that rewards users for walking and running. It is one of the first apps developed with the #move2earn concept where users are rewarded for moving around. Buy your sneaker. The first step into your StepN journey is to purchase a sneaker from the app

A beginner's guide to Solana

Solana is a rapidly growing Layer 1 blockchain that aims to provide high-performance, scalable, and low-cost solutions. It is a competitor to Ethereum and distinguishes itself through its unique consensus mechanism, called Proof of History (PoH), which operates on top of a PoS mechanism, low transaction or gas fees and

All about the Bitcoin Lightening Network

The Lightning Network is a second-layer scaling solution for Bitcoin and other blockchain-based cryptocurrencies. It was created to address some of the limitations of these blockchains, such as slow transaction speeds and high fees. This primer will help you understand the basics of the Lightning Network. 1. The Need for

Everything you need to know about Stablecoins

The inherent volatility of cryptocurrencies has often raised concerns for investors, businesses, and individuals. This is where stablecoins come into play. In this comprehensive guide, we'll explore what stablecoins are, how they work, their use cases, benefits, challenges, and the future of this fascinating innovation. What is a