Discovering Bitcoin Ordinals: Why’s Bitcoin Queen there?
In January 2023, a game-changer called “Bitcoin Ordinals” burst onto the scene, offering a completely new way to own unique digital collectibles directly on the Bitcoin blockchain. Enter Casey Rodarmor, a developer who shook things up with ordinal NFTs — a revolutionary approach that works directly with the Bitcoin network, opening up exciting possibilities for the future of digital ownership.
What is Bitcoin Ordinals?
For years, Ethereum and Solana held the torch for NFTs, their vibrant creations adorning digital walls. Bitcoin, although the undisputed titan of the cryptosphere, remained surprisingly uncharted territory. It is because, while Bitcoin is the world’s largest cryptocurrency by market capitalization, it is contrary to the applicability brought to users because of its inability to deploy Smart Contracts. This has led to the advent of Bitcoin Ordinals.
Bitcoin Ordinals is a protocol that allows users to create NFTs directly on the Bitcoin network by attaching, or “inscribing” data such as images, videos, and more, to individual Satoshis on the Bitcoin blockchain.
The Ordinals reside entirely on the blockchain and do not require a sidechain or separate token. In this sense, inscriptions on ordinals inherit the simplicity, immutability, security, and durability of Bitcoin itself.
How Bitcoin Ordinals Work
A single bitcoin can be divided into 100 million satoshis, each worth 0.00000001 BTC. Each satoshi has a unique ordinal number, which is assigned to it in the order that it is mined. The first satoshi in a block has an ordinal number of 0, the second satoshi has an ordinal number of 1, and so on.
Bitcoin Ordinals works by allowing full node operators to add data to each satoshi. This data can be anything, such as a piece of text, an image, or a video. Once the data is added, it is permanently stored on the Bitcoin blockchain.
Why’s Bitcoin Queen there?
According to a report by CryptoSlam as of December 22, 2023, Bitcoin has taken the lead in Blockchains by NFT Sales Volume with a 133.11% increase in sales over the past 30 days. Bitcoin’s Ordinal inscriptions have surpassed Ethereum’s sales by a margin of nearly double.
The arrival of the Ordinals has had its share of controversy within the Bitcoin community. Some argue that it resembles spam email and potentially increasing transaction fees. Others, however, view it as a positive development, bringing innovation and new use cases to Bitcoin. These discussions are crucial for the continuous progress of the network and for establishing a consensus within the community on crucial matters.
Despite the controversy, Ordinals have sparked enthusiasm in the NFT and Web3 space. The ability to leverage the inherent security and decentralization of Bitcoin attracts users looking for a more robust and censorship-resistant platform for their digital assets. This interest has led to a surge in Bitcoin NFT activity, making it one of the most popular blockchains for NFTs.
Conclusion
Despite the shadows of controversy, Bitcoin Ordinals stand as a testament to the tireless spirit of innovation within the Bitcoin community. The Queen’s arrival has not just crowned Bitcoin the NFT sales champion but also opened the door to a treasure trove of future possibilities. With the boundless creativity of developers and the inherent strength of the Bitcoin network, who knows what digital wonders may emerge from this new frontier?
Stay tuned for more updates, and join us in celebrating the coronation of the Bitcoin Queen!
