Is It Still Possible to Mine Bitcoin and Cryptocurrencies at Home? As? This is a question that many crypto enthusiasts have. We will answer that question in this post and also give you some solutions!
What Are Bitcoin Network Ordinals?
01/29/2024
Lately there has only been talk about Bitcoin Ordinals, but do you know what these NFT's are about? In this article we will cover exactly that! Check out the content below.
What Are Bitcoin Network Ordinals?
What is an Ordinal?
Bitcoin Ordinals are a technology that allows digital assets to be inscribed in 1 satoshi, which is the smallest unit of a bitcoin. This way, it is possible to register, for example, a work of digital art, text or information, which will be associated with that particular satoshi.
Ordinals were enabled through the Taproot update, introduced in 2021. They allow each satoshi to be transformed into unique assets by adding data to them, which is known to users as Inscription (or "inscription", in free Portuguese).
Registering an Ordinals can be quite an expensive task, due to Bitcoin's scarce block space. The larger the NFT to be registered on the blockchain, the higher the transaction fee paid for that registration will tend to be.
An Ordinal, basically, is an NFT exclusive to the Bitcoin network
Related:
New Trend or Blow: What are Bitcoin Runes?
05/20/2024
First we had the Ordinals and now the Runes! This cycle of 2024 /2025 is being of great development and speculation for Bitcoin. Understand better what these Runes are!
What Are Bitcoin Network Ordinals?
01/29/2024
Lately there has only been talk about Bitcoin Ordinals, but do you know what these NFT's are about? In this article we will cover exactly that! Check out the content below.
How to Buy Bitcoin Really Anonymously?
10/23/2023
How to Buy Bitcoin Anonymously? Few know, but often the P2P you use may not be as anonymous as you think. In this article we will explain this better to you.
What is Taproot update?
The Taproot update is an update to Bitcoin that aims to improve the privacy and efficiency of its network. It was activated in November 2021, after mining block number 709,632. The update consists of three main points: improving security, increasing privacy and improving the efficiency of the Bitcoin network.
The update makes it easier to create smart contracts, although they remain complex. One of the main new features of the update is the introduction of Bitcoin Ordinals, which allow the registration of digital assets in 1 satoshi, the smallest unit of a bitcoin.
As we mentioned above, this allows you to register, for example, a work of digital art, text or information, which will be associated with that particular satoshi. Registering an Ordinals can be quite an expensive task, due to Bitcoin's scarce block space. The larger the NFT to be registered on the blockchain, the higher the transaction fee paid for that registration will tend to be.
How are Ordinals different from other NFT's?
NFTs are non-fungible tokens that can be created on various blockchains, including Ethereum, Binance Smart Chain and Solana. They allow users to create unique digital assets such as digital artworks, music, videos, and other types of digital assets.
Each NFT is unique and can be bought, sold or traded like any other asset. NFTs are created using smart contracts, which are programs that automatically execute contract rules when certain conditions are met.
Smart contracts allow users to create NFTs with custom features such as royalties, which allow the NFT creator to receive a percentage of the sale price whenever the NFT is sold.
In summary, while Bitcoin Ordinals allow users to stake digital assets in 1 satoshi, NFTs allow users to create unique digital assets across multiple blockchains. Both types of digital assets have their own characteristics and limitations, and the choice of which to use will depend on the user's specific needs.
Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
Also check:
Be the first to read what's new!
Disclaimer:
Cryptocurrency investments are risky. The Bitcoin Lovers website is not responsible for the quality of the products or services presented on the pages and cannot be held responsible, directly or indirectly, for any damage or injury caused after the use of a good or service highlighted in this or any other article. Cryptocurrency related investments are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This page or any other article does not constitute investment advice.
AMF Recommendations: There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of that savings. Do not invest if you are not willing to lose all or part of your capital.