Bitcoin ordinals are NFTs stored on the Bitcoin blockchain. These BRC20 tokens are unique and cannot be duplicated. Each token has a unique number that determines its identity. This number is called the “Ordinal”. The idea behind Bitcoin Ordinals is to create a unique digital identity for each asset created on the Bitcoin blockchain. By using ordinals, users can ensure that they own a real asset and have not traded with fake or duplicate tokens. Any type of byte can be stored on the blockchain – after all, everything you see on the Internet is nothing more than individual bits.
BRC20 tokens – a revolution or just spam?
An example of an asset created on the Bitcoin blockchain that uses an ordinal is the BRC20 tokens. In reality, these tokens are nothing more than JSON strings, i.e. text in a certain format with certain properties. This is how a few bright minds managed to develop altcoins on Bitcoin. These altcoins can now be created, mined and sent directly on the Bitcoin blockchain. Special bitcoin wallets compatible with the ordinals protocol are used for this. The problem with the BRC20 protocol, however, is that a large number of transactions are required on the Bitcoin blockchain, which is why transaction fees have risen sharply and a simple transaction can cost over 20 US dollars. Critics see nothing else in the BRC20 movement than spam on the Bitcoin blockchain and tokens, which are completely worthless. However, others see a new token standard and narrative for the coming bull run. In the end it shouldn’t matter where the truth lies. The market will decide that.
BingX: The first exchange with BRC20 futures
The first company in the world to offer BRC20 tokens for trading on the spot market and as futures is BingX. Since the BRC20 tokens can currently only be traded directly on the Bitcoin blockchain and this is very expensive, it makes sense to switch to central platforms and trade the respective BRC20 tokens there. It has been possible to buy and sell the first BRC20 tokens on BingX since March 7, 2023. From March 8th, you can now also trade them using futures with leverage. Currently on offer is the mother of all BRC20 tokens: ‘ORDI’. More will follow in the coming days.
If you also want to participate in the BRC20 hype and don’t want to miss this unique opportunity, take your chance and make use of the welcome bonus at BingX. Get up to 5125 USD when registering. No KYC required.