What are Bitcoin Ordinals? All You Need to Knowby@anirudhchugh

What are Bitcoin Ordinals? All You Need to Know

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Bitcoin Ordinals, introduced in January 2023, are a game-changer in NFTs, uniquely creating them directly on the Bitcoin blockchain. They're distinct from prior methods, offering streamlined, secure NFT experiences. Early NFT-like projects paved the way, but Ordinals mark a fundamental shift. They assign unique numbers to satoshis, enabling diverse asset uses. Tools like CoinGecko facilitate trading. The system creates NFTs by inscribing data onto satoshis, enhancing Bitcoin's security. Pre-dating Ordinals, Colored Coins and Counterparty set the stage. Ordinals, categorized by rarity, involve intricate mining-order-based numbering, making each satoshi distinct. Despite controversy, Ordinals open doors for varied digital asset uses within Bitcoin's ecosystem.

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@anirudhchugh

Anirudh Chugh

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Anirudh Chugh HackerNoon profile picture
by Anirudh Chugh @anirudhchugh.I'm a content writer. I'm passionate about creating content that is engaging, informative, and entertaining.
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