Discover Bitcoin Ordinals with ElmonX and get ready for Crypto FREQ’s!
Introduction to the Ordinals protocol and assets on Bitcoin
The Bitcoin Ordinals Protocol is a relatively new innovation within the Bitcoin network that allows individual satoshis (the smallest unit of Bitcoin) to be uniquely identified and tracked. Developed by Casey Rodarmor and introduced in early 2023, this protocol enables the creation of “digital artefacts” by inscribing data onto individual satoshis, effectively turning them into non-fungible tokens (NFTs) on the Bitcoin blockchain.
Ordinals leverage the Segregated Witness (SegWit) and Taproot upgrades of the Bitcoin protocol, utilising the extra space provided by these enhancements to store arbitrary data directly on the blockchain. This allows for the creation of a wide variety of digital artefacts, including images, text, and other data types, which are permanently recorded and immutable.
The key innovation of Ordinals lies in their ability to inscribe metadata directly onto individual satoshis, thus allowing each satoshi to carry unique information. This transforms the fungible nature of Bitcoin into a platform for digital collectibles and other unique digital assets, similar to NFTs on other blockchains like Ethereum.
By enabling the creation and tracking of unique digital artefacts on the Bitcoin blockchain, the Ordinals Protocol opens up new possibilities for digital ownership and the creative use of Bitcoin beyond its traditional role as a digital currency. This development is significant as it leverages Bitcoin’s security and decentralisation to support a new form of digital asset.
Getting Started: Preparing for Ordinals
To begin your journey into creating or collecting Ordinals, the first essential step is setting up a wallet. There are many great options to choose from, including but not limited to Leather, Xverse, Unisat, Phantom, and Magic Eden.
Each wallet offers unique features, but we recommend Leather for its top-notch security, excellent support, and user-friendly interface. However, if mobile access is crucial for you, Xverse is the most popular choice as Leather currently lacks support for it. You can get started by downloading them from the links below:
Once you’ve set up your wallet, you’ll be ready to buy and trade Bitcoin, Ordinals, and other Bitcoin-related assets. It’s important to understand the difference between Segwit and Taproot addresses, which can vary depending on your chosen wallet. Generally, Segwit is your main Bitcoin wallet for holding funds, while Taproot is used for storing your Ordinals collectibles.
For instance, in the Leather wallet, you can find your Segwit Bitcoin address by clicking “Receive,” which will display it at the top. To locate your Taproot/Ordinals wallet, switch to the “Collectibles” tab and look for “Ordinal Inscription.”
Adding Bitcoin to Your Wallet
Both of the wallets mentioned above support purchasing Bitcoin directly from trusted on-ramps using various payment methods. You can also transfer Bitcoin from any exchange that supports it directly to your Segwit wallet. Additionally, you can bridge other cryptocurrencies, like ETH, into Bitcoin.
Check out this popular bridge: Rubic Exchange. However, please do your own research to ensure it supports your wallet and you’re comfortable with the process.
With Bitcoin in your wallet, you’re all set to inscribe or mint your very own Ordinals. Happy collecting!
Inscribing & Minting Process
In this guide, we’ll walk you through the minting process specifically for our upcoming release of Crypto Freq’s, using OrdinalsBot as our launchpad partner. As the first inscription service on Bitcoin, OrdinalsBot is a trusted and reliable platform in the space.
You can access their service here.
We will provide a custom mint URL before the mint event, where you can also verify if your wallet is allowlisted.
Once you reach the site, simply connect your wallet using the button in the top right corner. OrdinalsBot offers a user-friendly experience, guiding you smoothly through the minting process. It will automatically detect both your payment wallet and the wallet where your inscription will be sent. From there, it’s as easy as clicking the “Mint” button, selecting “Pay with Wallet,” and following the prompts.
For those who prefer a visual guide, we’ll post a video walkthrough of this process before the mint goes live. This will help anyone who might feel unsure or uncomfortable with the steps.
Please note that, unlike Ethereum, the Bitcoin network has some variables that may cause delays. For more details on these factors, check out the OrdinalsBot FAQ.
Secondary Sales
Shortly after the mint is completed, the set will be indexed on the major Ordinal marketplaces. The two key platforms to keep an eye on are:
● Gamma
These marketplaces will feature our collection, making it easy for you to explore and trade.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) to understand the risks and benefits before engaging with new digital assets or technologies.
