What is Ordi Coin? how to buy? Supported exchanges? future development potential

What is Ordi Coin?

Simply put, Ordi coin is a Bitcoin based on the BRC20 token standard, and BRC20 is a version of the Bitcoin Ordinals protocol.

 To compare with the example of Ethereum: ✔️BRC20 is similar in concept to ERC20 (but not exactly the same). ✔️Ordinals is similar to the Ethereum network, except that Ordinals can write content directly into Bitcoin itself, not another Layer 2.

Ordinals mainly uses the inscription function in the Bitcoin blockchain to allow users to attach various data to the smallest unit of Bitcoin "sats", such as pictures, text, music, videos, etc.

Read more: What is the Ordinals Coin Protocol? What’s the relationship with Bitcoin?

BRC20 is an experiment created by @domodata on Ordinals. It mainly hopes to test the "substitutability" of Bitcoin and explore whether the protocol can be used on the Bitcoin network to achieve an effect similar to Ethereum's issuance of ERC20 tokens, and in When it was founded, the Ordi coin was deployed, which was the first BRC20 token.

Since tokens are easier to speculate than NFTs, Ordi coins directly lead the trend of the Ordinals protocol and become the main target of public speculation.

Ordi is listed on Binance

At 8 pm on November 7, Ordi coin was officially listed on Binance. Before the listing on Binance , Ordi currency had been listed on major exchanges a few months ago, such as OKX , Bybit , Kucoin , and Gate . However, the price dropped significantly after the listing. It was not until Binance announced the listing of Ordi that the price rose. , the amplitude is as high as 50%.

At the same time, Binance has also recently begun testing the Binance Web3 wallet. From this perspective, the possibility of Binance Wallet supporting Ordinals in the future is very high, and it also represents a certain degree of optimism for the future of the Ordinals track.

How to buy and sell Ordi coins

There are currently two main ways to purchase Ordi coins:

• Centralized exchanges: Binance , OKX , Bybit , Kucoin , etc. all support Ordi coins.
• On-chain exchanges that support BRC20: Unisat, OKX Web3 market, etc.

If you do not have the above-mentioned centralized exchange account, you can directly click on the link to register. Users who use the invitation code will receive corresponding handling fee discounts or gifts.

If you want to trade directly on the chain, you need to use an exchange on the chain. However, it should be noted that the operation of the exchange on the chain is more complicated. Please refer to the detailed introduction in the next paragraph.

Tutorial on buying and selling on the Ordi currency exchange chain

The exchange markets that support BRC20 tokens on the Bitcoin blockchain network are mainly Unisat and OKX Web3 markets, while NFTs are mainly Magic Eden. To trade on the chain, you need a relevant wallet. Currently, Unisat, Xverse, OKX Web3 wallet is bulk.

The following are the steps for Ordi coin operation on the chain:

1. Prepare wallets that support Oridnals protocol and BRC20 tokens.
2. Deposit Bitcoins into this wallet.
3. Buy Ordi coins on Unisat, OKX Web3 markets.
4. Waiting for the rise.
5. When transferring BRC20, you need to cast the Transfer inscription first.
6. Transfer's inscription is listed on Unisat and OKX Web3 markets.
7. Waiting to sell.

Since the overall operation process is relatively complex, OKX Web3 wallet and market will be used as a demonstration teaching here.

Other BRC20 wallets and market operations:What is BRC20? Wallet tutorial and token purchase method?

Ordi Coin OKX Exchange Step-by-Step Tutorial

First, users must prepare the OKX Web3 wallet. Users who have not yet applied can refer to OKX Web3 wallet tutorial: security, features, step-by-step operation .

Go to the OKX Ordinals Market to find Ordi tokens and buy them.

Due to the recent lag in Bitcoin, when conducting on-chain transactions or minting, you can use mempool to query the current transaction fees of the Bitcoin network, because once your input is too low, you have to plan to be stuck for a long time (Bitcoin outgoing blocks are slow).

After completing the purchase, if the user wants to sell Ordi coins, they need to click on the "listing inscription" of the token.

And click to engrave, select the transfer quantity to be engraved.

Note that due to the high price of Ordi coins, it is recommended not to engrave too high a quantity at one time.

For example, if you want to sell 10,000 Ordi, at the current price of $10, the price is as high as $100,000. The amount of a single transaction is too high, so it is recommended to engrave it in ten or more times.

Suppose you want to divide it 10 times, each time it is 1,000 pieces of casting, divide it 5 times, each time it is 2,000 pieces, etc., and so on. After the casting is completed, it can be put on the shelves.

Ordi coin future, Ptt evaluation

The Ordi coin was initially just an experimental product of the BRC20 token without any functions. However, with market hype and the new narrative of the Bitcoin ecosystem, Ordi gradually transformed into a representative indicator leading the Ordinals protocol ecosystem.

On social media, Ptt and other platforms, netizens have very mixed opinions about Ordi. For technical people, it has no practical development applications and thinks it is just garbage; but for some netizens, Ordi represents bits. The new currency ecology is the new narrative of the future bull market, and there is bound to be a wave of gains.

Sats coins

In addition to the Ordi coin, the most popular BRC20 token is the Sats coin. Sats is the abbreviation of the satoshi unit of Bitcoin. To a certain extent, it represents Bitcoin itself.

Since the total amount of tokens deployed at the beginning was very large, it took several months for sats coins to be minted. Judging from the records on the chain, sats coins have the largest number of BRC20 token holders and the highest number of transactions so far. Tokens, some netizens even believe that sats currency will replace ordi currency and become the leader of BRC20.

in conclusion

In summary, the Ordi coin has been constantly questioned since its birth, and because its increase multiple is too exaggerated, it is considered by netizens in the community to be a leecher.

But one of the biggest features of Ordi coins is the fair casting sale model.

Since in the past few years, projects on blockchains such as Ethereum have been invested by institutions and funds before the tokens were officially launched, ordinary retail investors have no chance at all. Therefore, although the BRC20 token lacks practical application scenarios, it is still subject to Retail investors support it because it returns to the principle of "fairness".

How will Ordi coin develop in the end? Will it have the chance to drive the market like the DeFi Summer in 2020? Or is it just a flash in the pan like a meme about cutting leeks? Just wait for the market to verify it!