Ordinals (ORDI) is a cryptocurrency built on the Ordinals Protocol, introducing NFT functionality to the Bitcoin network. This innovation allows text, images, audio, and video to be inscribed onto Satoshis—the smallest units of Bitcoin. With a total of 2.1 quadrillion Satoshi available for NFTs and tokens, the protocol unlocks novel use cases for Bitcoin.
Understanding the ORDI Token
ORDI is the pioneer token on the Bitcoin network adhering to the BRC-20 standard. While its name nods to Casey Rodarmor’s Ordinals protocol, ORDI operates independently.
👉 Discover how ORDI reshapes Bitcoin’s tokenomics
Key highlights:
- Market leader: ORDI boasts the highest market cap ($68M) among BRC-20 tokens.
- Exchange listings: Achieved a peak market value of $348M upon major exchange listings in May 2023.
- BRC-20 boom: Sparked a wave of similar tokens, now tracked by platforms like CoinGecko.
How ORDI and BRC-20 Tokens Function
BRC-20 tokens mimic Ethereum’s ERC-20 standard but leverage Bitcoin’s Ordinals Inscription protocol. Key mechanics:
- Inscriptions: Data (text, images) is embedded directly into Satoshis without smart contracts.
- Unique IDs: Each inscription ties to a specific Satoshi, ensuring immutability.
- Versatility: Supports NFTs, collectibles, and tokenized assets on Bitcoin.
Tokenomics (as of October 2023)
| Metric | Value |
|-----------------|-------------------|
| Price | $3.23 |
| Market Cap | $67.82M |
| Total Supply | 21 million ORDI |
Key Features of Ordinals
1. Decentralized Marketplace
- Trade tokens peer-to-peer in a non-custodial environment.
- Curate collections with transparent metadata.
👉 Explore secure NFT trading on Bitcoin
2. Asset Tokenization
- Bridge real-world assets to Bitcoin’s ecosystem.
- Enhances liquidity and interoperability.
3. Robust Security
- Fully audited, code-driven operations.
- Self-funded to prevent external influence.
4. Dual Fungibility
- Satoshis retain Bitcoin’s fungibility while enabling NFT-like traits.
5. Collectible Potential
- Artists mint unique Ordinal NFTs, reminiscent of early Ethereum NFT trends.
How to Buy ORDI Tokens: Step-by-Step
Sign Up
- Register on a supported exchange (e.g., OKX, Binance).
Deposit Funds
- Transfer crypto (e.g., USDT) or purchase via fiat gateways.
Trade ORDI
- Navigate to the ORDI/USDT pair.
- Choose limit/market orders and confirm.
Store Securely
- Hold in exchange wallets or transfer to hardware wallets like Ledger.
FAQs
1. Is ORDI mined like Bitcoin?
No. ORDI is minted via inscriptions on Satoshis, not through mining.
2. Can I store ORDI in any Bitcoin wallet?
Only wallets supporting Ordinals inscriptions (e.g., Sparrow Wallet) can display ORDI.
3. What distinguishes BRC-20 from ERC-20?
BRC-20 relies on Bitcoin’s base layer (no smart contracts), while ERC-20 operates on Ethereum’s VM.
4. Why is ORDI significant?
It pioneers tokenization on Bitcoin, expanding its utility beyond peer-to-peer transactions.
5. Are Ordinals NFTs expensive to create?
Yes. Inscriptions require Bitcoin transactions, incurring network fees.
6. How does Ordinals impact Bitcoin’s scalability?
Debated. Some argue inscriptions bloat the blockchain; others see it as organic growth.